House GOP passes repeal of IRS funding boost as its first bill in the majority
House Republicans fulfilled a key campaign promise on Monday, passing legislation to rescind the bulk of an IRS funding boost signed into law last year, marking the first bill passed by the GOP-controlled House this Congress. The bill, which is unlikely to see action in the Democratic-controlled Senate, passed in a party-line 221-210 vote on…
news.yahoo.comTrump’s Taxes Are the Best Case Yet for Putting Him in Prison
Photo Illustration by Luis G. Rendon/The Daily Beast/GettyDon’t let the cynics who know little about our tax system trick you into thinking there was nothing all that new or important in the six years of Donald Trump’s taxes released Friday by the House Ways and Means Committee.In fact, even if some of it was previously teased by the committee, the dump includes a cornucopia of information that affects your wallet—including powerful evidence of criminal tax evasion.Among other things, Trump’s ta
news.yahoo.comHouse panel releases Trump tax returns in another setback for former president
The Democratic-led panel released the financial documents for six years, capping a protracted legal and political battle that could have been prevented had former president Donald Trump followed presidential precedent and released his returns voluntarily.
washingtonpost.comEXPLAINER: What's the debate over releasing Trump's taxes?
Now that the Democratic-controlled House Ways and Means Committee has voted to release former President Donald Trump’s tax returns, there's the potential of additional revelations in the coming days related to the finances of the longtime businessman.
Feds launch website for claiming part 2 of child tax credit
The White House and Treasury Department launched a revamped Child Tax Credit website meant to help people who were eligible for the expanded tax credit under last year’s pandemic relief bill claim the second half of the payment they were due.
Leak of billionaires' tax data draws GOP outcry over privacy
Republicans in Congress are alarmed by the leak of confidential IRS data to ProPublica that has enabled the investigative news organization to reveal that famous billionaires including Warren Buffett, Bill Gates and Mark Zuckerberg paid little in U.S. income tax at times.
Will you get a stimulus check and if so, when?
How do I know if I quality for the American Rescue Plan stimulus check? Will I get a $1,400 check? Third Stimulus Check Calculator - American Rescue Plan Who won’t get a $1,400 check? You should automatically qualify to receive a third stimulus check, most notably if you received a first and second round of payments. If you receive your income tax payment through direct deposit, your check will be deposited in that account.
IRS gets more relief payments out after delays
The IRS said that after initial problems, it is getting more of the second round of relief payments to taxpayers. (AP Photo/Eric Gay)The IRS said that after initial problems, it is getting more of the second round of relief payments to taxpayers. A number of tax preparation companies said that they were able to resolve the issues. The IRS said Tuesday that it worked over the weekend to help a smaller set of impacted taxpayers and is reissuing payments for eligible taxpayers whose accounts may have been closed. No action is needed for most eligible taxpayers to get the payment.
Didn't get your relief payment yet? You aren't alone
The U.S. Treasury and IRS have sent out the bulk of the second economic impact payments, which are intended to provide some relief to Americans. However, frustration is high among millions of people who did not receive payments yet and must wait for the mail or file their taxes before they receive it. If you are eligible, check the IRS Get My Payment tool on its website to find out the status of you payment. However, some people may find that they get their payment in a different form this time than last. If you get the “Payment Status #2 – Not Available” message, then you will not receive the payment and instead need to claim it on your tax return.
Some taxpayers find relief payments sent to wrong account
A number of taxpayers who use tax preparation services, such as H&R Block and TurboTax, say their second relief payments were sent to the incorrect bank account, forcing them to wait longer for their money. Some payments are also being sent via paper check or debit cards during the month of January. However, many people said that they checked the IRS site and found their payments were sent to an account they did not recognize. “We are partnering with the IRS to help taxpayers receive their payments as quickly as possible." The payments are automatic, and people should not contact their financial institutions or the IRS with payment timing questions.
Like everything else 2020, taxes will be like no other year
It’s worth noting that unemployment benefits are all subject to federal taxes but not all states tax it. As such, people who did not receive their payment or only got a partial payment can resolve this issue on their 2020 taxes when they file. Another big issue is for those who relocated or moved during the pandemic, which could complicate where they need to report and pay state taxes, Pyron said. Workers may need to file taxes in multiple states. The IRS continues to urge taxpayers to file their taxes online and use other online tools whenever possible.