Tax Strategies

The Internal Revenue Service has raised tax brackets and the standard deduction by about 7% for 2023 as the soaring cost of food, energy and housing continues to batter Americans.

Inflation adjustments to tax brackets mean many Americans will owe less money to the IRS. But persistent inflation may erode the boost.

An extra $80 billion over 10 years will have major repercussions — though not necessarily the expected ones.

The three lawmakers vying to chair the powerful Ways and Means Committee — Vern Buchanan of Florida, Jason Smith of Missouri and Adrian Smith of Nebraska — embody the ideological tension within the Republican Party.

Eric Adams released his 2021 tax returns on Friday, six months after he pledged to provide the public with the information.

Benefits will be going up the most in 40 years as part of the annual cost of living adjustment in response to inflation.

While many new tax provisions don't take effect until 2023, tax advisors will be expected to alert their clients to issues affecting them.

Banks and other financial institutions are starting to look at "embedded tax" to give people more control over their taxes.

Beneficiaries won't get hit with a 50% penalty for not making withdrawals in 2021 and 2022 — an unexpected move by the IRS. But questions still remain.

The Internal Revenue Service's streamlined application process for tax-exempt status could be allowing corrupt charities to claim exemptions before the IRS has enough information.