Tax News Update - 11th Edition
IRS hires 4,000 employees to help with upcoming tax season
The Internal Revenue Service is preparing for the upcoming 2023 tax season by hiring 4,000 new customer service representatives to help answer phones and provide other services. These new employees are part of a much wider IRS improvement effort tied to the Inflation Reduction Act funding approved by Congress this summer.
Proposed Tax Legislation
The following is an overview of several recent tax proposals discussed or introduced in Congress over the past several weeks. It is important that you not treat these proposals as passed legislation. Many hurdles remain before any of these legislative ideas become law. In the meantime, it is useful to see what types of tax laws may be affecting you in the future.
Stop Wall Street Landlords Act of 2022 (House of Representatives Bill 9246): This bill, introduced Oct. 28, proposes to amend the Internal Revenue Code of 1986 to disallow the deduction of certain expenses relating to ownership of single-family homes by specified large investors, to impose an excise tax on the sale of such homes by such investors, to establish the neighborhood homes tax credit, and to prohibit Federal mortgage assistance relating to certain large investors.
Family and Small Business Taxpayer Protection Act (House of Representatives Bill 9160): This bill, introduced Oct. 7, proposes to amend the Internal Revenue Code of 1986 to create health freedom accounts available to all individuals.
Family and Small Business Taxpayer Protection Act (House of Representatives Bill 9092): This bill, introduced Sept. 30, proposes to amend the Internal Revenue Code of 1986 to rescind certain balances made available to the Internal Revenue Service.
SHORT Act (House of Representatives Bill 9033): This bill, introduced Sept. 29, proposes to amend the Internal Revenue Code of 1986 to remove short-barreled rifles, short-barreled shotguns, and certain other weapons from the definition of firearms for purposes of the National Firearms Act.
The above are proposals. There are many steps each bill must go through before they are signed into law. Information retrieved from: GovTrack.us https://www.govtrack.us/congress/bills/subjects/taxation/6342