IRS Reaches Digital Milestone | Tax Policy Center
IRA funding is accelerating the digitization of the IRS. More of taxpayer services and tools are now online, supported by Inflation Reduction Act (IRA) funding. Improvements include six new features to help taxpayers using their Individual Online Account, a new Spanish version of the Business Tax Account tool, and amended business forms that can be filed electronically. The IRS also hit a one-million-submissions milestone through the Document Upload Tool.
GOP Senators want to slash OECD funding due to global minimum tax plan. Republican Sen. Steve. Daines (R-MT) and other Republican lawmakers want to cut funding of the Organization for Economic Cooperation and Development (OECD). Politico reports on their letter to Senate appropriators, where they argue the OECD has strayed too far from its mission by brokering a tax plan for large corporations that includes a 15 percent global minimum tax and rules for allocating profits to different jurisdictions.
Bipartisan support for the Strengthening State and Tribal Child Support Enforcement Act. TaxNotesreports (paywall) House Ways & Means Committee passage of the bill. It would give tribal communities the same direct access as states and localities to tax information used to collect past-due child support under the Treasury Offset program.
Next week on Capitol Hill. The Senate Finance Committee will hold a hearing next Tuesday on tax policies that can help stimulate local economic development. One of the panelists will be Shay Hawkins, a former advisor to Sen. Tim Scott (R-SC) who helped develop the Opportunity Zone (OZ) provisions of the 2017 Tax Cuts and Jobs Act. The law provides capital gains tax incentives for investors supporting businesses in certified OZs.
After tax protests, Kenya has a new finance minister. Kenya’s President William Ruto named John Mbadi, and accountant and member of the opposition party, to lead the Treasury and advocate for proposed tax changes. Mbadi has served in the legislature since 2008 and chairs the Orange Democratic Movement party, which has criticized the government for its level of borrowing.
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