Thursday, October 7, 2021
Social Security is a pay-as-you-go system, which means today’s workers are paying taxes for the benefits received by today’s retirees. However, demographic trends such as lower birth rates, higher retirement rates, and longer life spans are causing long-run fiscal challenges. There are simply not enough U.S. workers to support the growing number of beneficiaries. Social Security is not in danger of collapsing, but the clock is ticking on the program’s ability to pay full benefits.
Thursday, September 30, 2021
Computer and laptop hard drives that aren’t properly scrubbed could allow exposure of private taxpayer data.
A report from the U.S. Treasury Inspector General for Tax Administration found flaws regarding how the IRS sanitizes—or gets rid of—taxpayer data contained on agency-owned desktop computers and laptop hard disks.
Read more at NextGov - 2 min. read
WASHINGTON — The Internal Revenue Service has awarded new contracts to three private-sector collection agencies for collection of overdue tax debts. The new contracts begin Thursday following today's expiration of the old contracts.
Monday, September 27, 2021
As Democrats get closer to raising taxes, financial advisors and their well-off clients are taking steps now to avoid some of those steeper levies later. “Our clients are concerned,” said Michael Nathanson, CEO and chair of The Colony Group. “This would be among the largest tax increases in history.”
Read more at CNBC - 4 min. read
The IRS is acknowleding the delays for some child tax credit payments, some stimulus checks and some refunds but it essentially says its doing the best it can ...
Read more at KDKA2 CBS Pittsburgh - 2 min. read
Sunday, September 26, 2021
A fourth stimulus check could help those still struggling to make ends meet. A few places, including California, have recognized that need for additional help and stepped up with additional payments. But will the Internal Revenue Service (IRS) provide another stimulus check in 2021?
Read more at 62CBS Detroit - 6 min. read