GOP fires warning shot at IRS Destruction of taxpayer filings is ripe for congressional oversight' HEAD TOPICS

GOP fires warning shot at IRS Destruction of taxpayer filings is ripe for congressional oversight'

10/22/2022 7:00:00 AM

GOP fires warning shot at IRS Destruction of taxpayer filings is ripe for congressional oversight'

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FOX Business

GOP fires warning shot at IRS: Destruction of taxpayer filings is ‘ripe for congressional oversight' Republicans are asking the IRS to preserve all documents related to its decision to destroy 30 million taxpayer documents in 2021, and indicated more oversight is on the way. destroy millions of taxpayer filingsThe IRS claimedCharles P. Rettig, commissioner of the Internal Revenue Service, is under pressure to explain why millions of taxpayer files were destroyed."Committee Republicans have repeatedly sought this document and information," wrote Ways and Means Committee Ranking Member Kevin Brady, R-Texas, has asked the IRS to preserve all documents related to its decision to destroy millions of taxpayer files."This blanket refusal from the IRS based on a perceived risk to the agency is unacceptable," they wrote. "Congressional oversight does not stop whenever the executive branch identifies a perceived risk." Read more:
FOX Business » IRS ups standard deductions, tax brackets due to inflation What IRS adjustments for inflation mean for taxpayers New IRS Income Tax Brackets for 2023: You May Owe Less Taxes Next Year IRS Adjusting Tax Brackets Due to High Inflation

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SEATTLE (AP) — With Hollywood producer Jerry Bruckheimer as part of the ownership group, the Seattle Kraken were always going to have a cinematic element to their video productions. When the Kraken decided to revamp their pregame introductions during the offseason, Bruckheimer was involved to go over ideas. Read more >> Just remember when you are looking over your ballots to remind yourself of what a mess this country is in and the only way to fix it is to vote on every Republican up and down that ballot. Send Democrats packing in DC for good. Vote on that Republican.🇺🇸IRS ups standard deductions, tax brackets due to inflationThe adjustments come as inflation accelerated in September. It is up 8.2% for the past 12 months. What IRS adjustments for inflation mean for taxpayers“How much you save will be relative to your personal situation,” Andrew Poulos, with Poulos Accounting & Consulting, said. “So, it’s not going to be the same for every household, but certainly could have nice little savings come tax time.” New IRS Income Tax Brackets for 2023: You May Owe Less Taxes Next YearThe IRS has revised its income tax brackets in 2023 due to inflation, which will likely reduce the amount of money you will owe in taxes. I'm almost at 12G for my fed and social taxes this year alone and I won't even clear 75,000. Next year with my raise I'm looking at 20+G. I'm going to assume this won't apply to me. IRS Adjusting Tax Brackets Due to High InflationThe changes could bring relief to many people hit hard by the rising cost of living, reports NBC 7’s Kelvin Henry. Biden risks 'failure' on beefing up IRS for one big reason, former chiefs sayFormer IRS commissioners are urging President Joe Biden to nominate a replacement to lead the agency before the term of current chief Charles Rettig expires next month, warning that a void at the top risks harming the agency’s performance at a sensitive time. Inflation Causes IRS to Raise 2023 Contribution Limits for 401(k)s, IRAsThe employee contribution limit for 401(k)s will jump to $22,500 for 2023, the largest increase ever due to inflation adjustments look at my boobs😘 This has NOTHING to do with 'inflation adjustments' and EVERYTHING to do with forcing sheeple/normies to hold the bags of the Greatest Ponzi Scam in history so the elites can walk away unscathed. TruthBomb A semi bailout for Wall Street. Lawmakers press IRS on why 30 million taxpayer documents were destroyed National Taxpayers Union Executive Vice President Brandon Arnold examines the potential fallout for taxpayers following a head-scratching move by the IRS on 'The Evening Edit.Last week, the Social Security Administration announced a 8.“How much you save will be relative to your personal situation,” Andrew Poulos, with Poulos Accounting & Consulting, said.If your income doesn't rise in 2023, some tax relief is on the way. ' Republicans on the House Ways and Means Committee asked the IRS this week to keep all documents related to its 2021 decision to destroy millions of taxpayer filings , and indicated a deeper congressional inquiry is coming if Republicans take control of the House. During the first few months of the Biden administration, the IRS destroyed 30 million paper-filed "information returns," which must be filed by small business and others to inform the IRS of various transactions. The cost-of living adjustment — the largest in more than 40 years — means the average recipient will receive more than $140 extra a month beginning in January, the Social Security Administration said. The IRS claimed that "software limitations" prevented it from processing those returns, and a decision was made to destroy them. “Some people will see a savings of $1,000 during tax time on your tax return,” he said. The IRS insisted that no taxpayers would be penalized as a result of its decision, but tax professionals were outraged at the decision to wipe out documents that took time and expense to file, and Republicans demanded more information about what happened. Copyright 2022 The Associated Press. Charles P. has a progressive, or graduated, tax system, so income isn't taxed a flat rate. Rettig, commissioner of the Internal Revenue Service, is under pressure to explain why millions of taxpayer files were destroyed. Most Read. The standard deduction will go up by $900 for single people and by $1,800 for married couples filing jointly. (Tom Williams / POOL / AFP via Getty Images/Photo Illustration) The IRS so far has refused to hand over the decision memorandum that outlined the rationale for destroying the paper files, and Republicans this week asked for it in a letter Thursday to IRS commissioner Charles P. Rettig obtained by FOX Business. "Committee Republicans have repeatedly sought this document and information," wrote Ways and Means Ranking Member Kevin Brady, R-Texas , and Oversight Subcommittee Ranking Member Tom Rice, R-S. The adjustments are for 2023, so taxpayers won’t get those returns until 2024.C. Get the NBC 7 San Diego app for. "The Administration’s refusal to respond to the Committee, engage in a substantive discussion with staff about the request, and ultimately deny access to the decision memorandum obstructs the Congress’ important role to conduct oversight." Ways and Means Committee Ranking Member Kevin Brady, R-Texas, has asked the IRS to preserve all documents related to its decision to destroy millions of taxpayer files. Most Read. (Drew Angerer/Getty Images / Getty Images) While the IRS has said it destroyed the documents because of software limitations, Republicans have argued that its failure to hand over the decision memo is raising suspicions that there may be other factors at play. In May of this year, the IRS told Republicans that releasing the decision memo would pose a "significant risk to the agency," a position that Brady and Rice rejected this week. "This blanket refusal from the IRS based on a perceived risk to the agency is unacceptable," they wrote. "Congressional oversight does not stop whenever the executive branch identifies a perceived risk." Just weeks ago, Democrats on the Ways and Means Committee rejected a GOP resolution of inquiry (ROI) that would have acted as a formal request from Congress for the decision memo. But Brady and Rice indicated in their letter that Republicans would keep pressing the issue next year if they win a majority in the House in the midterm election. President Biden's IRS destroyed 30 million taxpayer documents in March 2021, a decision Republicans have vowed to investigate. (Chip Somodevilla/Getty Images Alex Wong/Getty Images / Getty Images) "Although Democrats voted to unfavorably report the ROI, Republicans remain committed to our duty to conduct oversight of the agency’s processing and destruction of the paper-filed returns," they wrote. "The decision to destroy information returns diligently prepared by millions of American taxpayers is ripe for congressional oversight," they added. CLICK HERE TO GET THE FOX BUSINESS APP The letter asked the IRS to collect and preserve all records related to the destruction of taxpayer files, and asked the IRS to respond to the letter by Nov. 3. The IRS declined to respond to a request for comment for this story. In May, the IRS said it processed 3. 2 billion information returns in 2020, and that just 1% of those returns were destroyed. The IRS said it priorized getting refunds to taxpayers over inputting a relatively small amount of information that was submitted on paper, and said that decision reflects the "significant issues posed by antiquated IRS technology." Markets .