Truth. I am watching that SCOTUS case challenging “Chevron Deference” very closely. There is an opportunity to shake this nonsense to its very foundation IF the SCOTUS has the guts to make the tough decision. I think they are going to rule very narrowly so as to deliberately avoid turmoil, to our loss.
Probably. My guess is that they will have an AI program figure out what we owe and leave it to us to prove that we don't.
Time for a National Sales Tax...except then the IRS won't be collecting all that data about us (income, mortgage interest paid, real estate taxes paid, number of dependents, etc.)
"If you make a bit of extra money by selling goods or services online, you can breathe a little easier for the moment, now that the IRS has postponed a plan that would have set off a “tsunami of 1099-K” tax forms. For the second year in a row, Uncle Sam delayed a new tax rule that will lower the income threshold for Form 1099-K, which is used to report third-party business payments to the IRS." https://www.yahoo.com/finance/news/victory-common-sense-irs-stalled-113000400.html
IRS needs the time to set up the system for the 44 million taxpayers. No way they were not aware of this 'new' rule. They put it on the backburner when there was delays when they should have been developing a system for it.
Has everyone taken their RMD if appropriate? The IRS just put out a warning. Apparently there are a large number of older folks who are still working past mandatory retirement and don't realize the must take their RMDs if they are old enough, even if they are still working. Those AI agents will get you.