How did the Inflation Reduction Act of 2022 affect the IRS’s budget? Q.How did the Inflation Reduction Act of 2022 affect the IRS’s budget? A.In 2022’s Inflation Reduction Act (IRA), Congress provided the IRS with additional funding of nearly $80 billion through 2031. Nine months later, however, Congress and the White House agreed to reduce the IRA funds by $21.4 billion. Read more about How did the Inflation Reduction Act of 2022 affect the IRS’s budget?
How did the Tax Cuts and Jobs Act change business taxes? Q.How did the Tax Cuts and Jobs Act change business taxes? A.The Tax Cut and Jobs Act made significant changes to the corporate income tax and taxes on pass-through businesses. While the individual income tax provisions and pass-through provisions expire after 2025, many of the other business tax provisions are permanent. Read more about How did the Tax Cuts and Jobs Act change business taxes?
How did the major COVID-19 pandemic relief bills affect taxes? Q.How did the major COVID-19 pandemic relief bills affect taxes? A.The onset of the COVID-19 global pandemic in early 2020 prompted a sharp and severe global recession, as health authorities urged individuals to isolate as much as possible to slow the spread of the disease. To help keep businesses afloat during this period and aid people who lost work as layoffs surged, Congress adopted a series of measures, including tax cuts, to mitigate the economic damage and promote a faster recovery. Read more about How did the major COVID-19 pandemic relief bills affect taxes?