Internal Revenue Service (IRS)

5:00am

Fri April 11, 2014
Business

Colorado's Marijuana Industry Seeks Income Tax Reform

Erica Freeman, owner of Choice Organics, stands in her new retail shop she opened April 9.
Grace Hood

1:29pm

Tue March 25, 2014
Technology

IRS Says It Will Treat Bitcoins As Property, Not Currency

A photo of tokens representing bitcoins.
Rick Bowmer AP

In a new rule released on Tuesday, the Internal Revenue Service says it will treat bitcoin and other virtual currencies as property.

The Wall Street Journal reports this means any profits made on the currency will be taxed at the capital-gains rate and that investors will have to keep extensive records.

The Journal adds:

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1:50pm

Mon February 17, 2014
Politics

Same-Sex State Tax Bill Passes House, Heads To Governor

A newly married couple following the legalization of same-sex marriage in New York.
Jose Antonio Navas Flickr-Creative Commons

Having passed its third and final reading in the Colorado House, Senate Bill 19 now only awaits the Governor’s signature.  The bill allows same-sex couples residing in Colorado and married in one of the 17 states and the District of Columbia where same-sex marriage is legal to file joint state taxes.

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2:29pm

Mon September 23, 2013
Politics

IRS Official At Center Of Political Scandal Will Retire

Originally published on Mon September 23, 2013 3:20 pm

Lois Lerner, the head of the IRS division that handles applications for tax-exempt status, listens to opening statements during a hearing before the House Oversight and Government Reform Committee before refusing to testify on May 22.
Chip Somodevilla Getty Images

Lois Lerner, the Internal Revenue Service official who ran the division engulfed in a scandal over special scrutiny of Tea Party and patriot groups seeking tax exemption, will retire.

The IRS announced Monday that Lerner would step down after being placed on paid leave in May. She refused that month to answer questions at a congressional hearing, citing the Fifth Amendment right not to incriminate herself.

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10:24am

Thu September 5, 2013
Business

IRS To Count Automatic Gratuities As Wages, Not Tips

Originally published on Thu September 5, 2013 12:51 pm

A waiter serves patrons at Tony's Restaurant, part of the Casablanca Hotel in New York's Times Square. The custom at some restaurants of automatic gratuities for larger parties might change because of an IRS rule change.
Don Emmert AFP/Getty Images

Gratuity included? A new IRS rule could end, or at least curtail, the practice.

The Internal Revenue Service will soon begin classifying automatic gratuities as service charges that are taxable as regular wages and subject to payroll tax withholding. Currently, they're considered tips, and it's up to the wait staff to report them as income.

The Wall Street Journal says:

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