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Taxes & Budget

Coverage of the national budget and your taxes.

Trump Organization senior vice president and controller Jeffrey McConney returns to the courthouse after a break in the company's trial on Nov. 1, 2022, in New York. On Thursday, Nov. 10, 2022, McConney admitted to breaking the law to help fellow Trump Organization executives avoid taxes on company-paid apartments and other perks, including by preparing misleading tax returns and failing to report the benefits to tax authorities. (AP Photo/Seth Wenig, File)

Trump Org. executive says he helped colleagues dodge taxes

- Associated Press

One of Donald Trump’s top moneymen admitted Thursday to breaking the law to help fellow Trump Organization executives avoid taxes on company-paid apartments and other perks, including by preparing misleading tax returns and failing to report the benefits to tax authorities.

The exterior of the Internal Revenue Service (IRS) building in Washington on March 22, 2013. The IRS said Thursday, Oct. 27, 2022, that it has hired an additional 4,000 customer service representatives who are being trained to answer taxpayer questions during the 2023 tax filing season. (AP Photo/Susan Walsh, File)

Supreme Court weighs foreign account fines

- The Washington Times

The Supreme Court on Wednesday heard arguments in a Romania-born U.S. citizen’s challenge of a more than $2 million IRS fine for not reporting his foreign accounts in a timely manner — a case that could impact individuals’ tax burden if the Biden administration fulfills its plan to beef up the agency.