Taxes
  • A security camera hangs near a corner of the Internal Revenue Service (IRS) building in Washington

    IRS Cites Big Improvement in Customer Service

    By Michael Rainey

    The average wait time for callers looking for help from the IRS has fallen to four minutes this year, the Treasury Department said Monday. The average wait time was 27 minutes last year, when the tax...

  • The Inflation Reduction Act Was Projected to Reduce Deficits. It May Not.

    Clean energy tax credits enacted as part of the Inflation Reduction Act last year “are likely to be far more popular than anticipated,” The Wall Street Journal’s Richard Rubin reports . That could be...

  • A security camera hangs near a corner of the Internal Revenue Service (IRS) building in Washington

    The IRS Unveils Its $80 Billion Plan

    By Michael Rainey

    The Treasury Department on Thursday released a “strategic operating plan” for the IRS that includes new details on how the tax agency will use $80 billion in extra funding over 10 years provided by...

  • The deadline is approaching to report large foreign bank accounts to the IRS.

    $4 Trillion in U.S. Wealth Held Offshore: Report

    By Michael Rainey

    Wealthy U.S. households hold trillions of dollars in offshore accounts, with a substantial portion of the money residing in tax havens and shielded by complex partnerships, according to a new study...

  • Former U.S. President Bush speaks during the Milken Institute Global Conference in Beverly Hills

    GOP Tax Cuts Are Driving US Debt Ratio Higher: Analysis

    By Michael Rainey

    Although they are struggling to come up with a budget proposal of their own, Republicans are unified behind the idea that the federal deficit is the product of excess spending and therefore a problem...