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IRS May Owe Taxpayers Refunds for COVID-19 Era Penalties Due to Court Ruling

IRS May Owe Taxpayers Refunds for COVID-19 Era Penalties Due to Court Ruling

The IRS may owe refunds to taxpayers penalized during the COVID-19 pandemic for late tax filings, following a federal court ruling. The case, Kwong v. U.S., determined that emergency laws extended tax filing deadlines, potentially entitling taxpayers to refunds for penalties assessed between January 2020 and July 2023. The national taxpayer advocate is urging taxpayers to review their situations and file claims for refunds or abatements by the July 10 deadline. The IRS had imposed over 120 million penalties during this period. The ruling is still under litigation, and the Treasury Department, under President Trump's administration, argues the decision misinterprets statutory language.
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Understanding Bitcoin Tax Obligations for U.S. Investors

Understanding Bitcoin Tax Obligations for U.S. Investors

Understanding Bitcoin Tax Obligations for U.S. Investors
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IRS Clarifies Bitcoin Tax Obligations for Cryptocurrency Holders

IRS Clarifies Bitcoin Tax Obligations for Cryptocurrency Holders

IRS Clarifies Bitcoin Tax Obligations for Cryptocurrency Holders
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Aide to U.S. Rep. Danny Davis Indicted on COVID-19 Fraud Charges

Aide to U.S. Rep. Danny Davis Indicted on COVID-19 Fraud Charges

Gerard Moorer, an aide to U.S. Representative Danny Davis, has been indicted on federal charges of COVID-19 fraud. Moorer is accused of falsely claiming unemployment to collect nearly $32,000 in pandemic-related benefits while employed as Davis's deputy district director. The indictment includes three counts of wire fraud, each carrying a potential 20-year prison sentence. Moorer's arraignment is scheduled for May 14. This case is part of a broader effort by the U.S. attorney's office to address fraud in federal entitlement programs, following similar charges against a Chicago police sergeant.
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Congressional Aide Indicted for COVID-19 Fraud in Chicago

Congressional Aide Indicted for COVID-19 Fraud in Chicago

Gerard Moorer, a congressional aide to U.S. Representative Danny Davis, has been indicted on charges of COVID-19 fraud. Moorer, who served as Davis' deputy district director, is accused of falsely claiming unemployment to receive nearly $32,000 in pandemic-related subsidies. The indictment includes three counts of wire fraud, each carrying a potential 20-year prison sentence. This case highlights ongoing efforts to address fraudulent claims made during the pandemic, as authorities continue to investigate and prosecute individuals who exploited relief programs.
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US imposes sanctions on Iraq's deputy oil minister, militias over Iran support

US imposes sanctions on Iraq's deputy oil minister, militias over Iran support

WASHINGTON, May 7 (Reuters) - The United States imposed sanctions on Thursday on Iraq's deputy oil minister and militias over support for Iran, the Treasury Department said.
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Federal Judge Criticizes ICE's Warrantless Arrest Guidance

Federal Judge Criticizes ICE's Warrantless Arrest Guidance

A federal judge in Washington, D.C., has ruled that the guidance provided to Immigration and Customs Enforcement (ICE) officers for making warrantless arrests does not meet the required probable cause standards. U.S. District Judge Beryl A. Howell extended a preliminary injunction against the use of these guidelines, which were issued by a former acting director of ICE. The ruling is part of a lawsuit filed by four noncitizens and the nonprofit CASA, challenging their arrests during immigration sweeps under a law-enforcement surge ordered by President Trump. The judge highlighted the lack of instructions for officers to assess community ties before determining if an individual is a flight risk.
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US employers expected to add a solid 65,000 jobs in April despite soaring energy costs from Iran war

US employers expected to add a solid 65,000 jobs in April despite soaring energy costs from Iran war

The Iran war has caused the biggest disruption of global oil supplies in history and sent average U.S. gasoline prices surging past $4.50 a gallon this week
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Aide to U.S. Rep. Danny Davis Indicted for COVID-19 Fraud

Aide to U.S. Rep. Danny Davis Indicted for COVID-19 Fraud

Gerard Moorer, an aide to U.S. Representative Danny Davis, has been indicted on charges of COVID-19 fraud. Moorer allegedly lied about being unemployed to collect nearly $32,000 in pandemic-related benefits. The indictment accuses him of submitting fraudulent claims to the Pandemic Unemployment Assistance program while employed as Davis' deputy district director. Moorer faces three counts of wire fraud, each carrying a potential 20-year prison sentence. An arraignment is scheduled for May 14.
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IRS Offers Potential Refunds for COVID-19 Era Tax Penalties with July Deadline

IRS Offers Potential Refunds for COVID-19 Era Tax Penalties with July Deadline

The Internal Revenue Service (IRS) may owe refunds to tens of millions of taxpayers who were penalized during the COVID-19 pandemic for late tax payments or filings. A federal court ruling in the case of Kwong v. U.S. determined that emergency laws during the pandemic extended tax filing deadlines, potentially entitling taxpayers to refunds for penalties incurred between January 2020 and July 2023. However, the relief is not automatic, and taxpayers must file a claim by July 10 to be eligible. The national taxpayer advocate has highlighted the urgency of this deadline, noting that many affected taxpayers may not be aware of their eligibility. The IRS had imposed over 120 million penalties during this period, affecting a broad range of taxpayers, particularly those with low to moderate incomes.
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IRS may owe you a refund for coronavirus-era fines. Here's how to apply

IRS may owe you a refund for coronavirus-era fines. Here's how to apply

Millions of taxpayers penalized by the IRS during the coronavirus pandemic for late payments or filings may qualify for refunds or penalty terminations
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Wealthy Families Regret Accelerated Gifting After Tax Law Changes

Wealthy Families Regret Accelerated Gifting After Tax Law Changes

Wealthy Families Regret Accelerated Gifting After Tax Law Changes