IRS

The profit you make when selling a home may be taxable. Here's how sellers can reduce their capital gains tax bill.

Although required minimum distributions, or RMDs, were waived in 2020, they are back in effect this year.

A Louisiana man pleaded guilty today to conspiracy to defraud the IRS. Lackey worked as an employee for two commercial construction companies, SES Construction Consulting Group (SES) and Global Technical Solutions (GTS). To hide his income from the IRS, Lackey had his SES and GTS wages paid to R&O Renovations and Reconstructions (R&O), a company he owned. For the 2012 through 2017 tax years, Lackey did not file corporate income tax returns for R&O or personal income tax returns with the IRS. Lackey’s co-conspirators furthered the scheme by falsely classifying Lackey as a contractor of SES and GTS rather than an employee.

A Philadelphia man was sentenced today to seven years in prison for conspiring to defraud the IRS and assisting others in filing false income tax returns. As part of the scheme, Thompson and Upshur formed the Yolonda Denise Thompson Living Trust (the Thompson Trust). In reality, the tax returns that Thompson prepared and participants filed with the IRS fraudulently claimed income tax refunds that the scheme participants were not entitled to receive. The false tax returns collectively sought fraudulent IRS refunds of more than $300 million. The defendants also continued to file false tax returns for themselves and others after the IRS assessed civil penalties against them and notified them that they were under criminal investigation.

For those who plan on donating to a charitable organization for Giving Tuesday, there could be some opportunities to receive money back when filing taxes next year.

Cryptocurrency investors may face higher taxes as the infrastructure bill cracks down on future IRS reporting, financial experts say.

Families who want to update or change payment information for the last child tax credit check of the year must do so by Nov. 29, according to the IRS.

A paperwork issue is the latest snag keeping some small businesses from receiving COVID-19 disaster aid.

A paperwork issue is the latest snag keeping some small businesses from receiving COVID-19 disaster aid.

It includes funding for universal pre-K, the extension of the child tax credit, and paid family and medical leave. Under the bill, expansion to Medicare would include covering hearing benefits and extending Medicaid coverage for an estimated four million individuals. The legislation also includes the president’s $1.9 trillion spending and climate change initiatives that the administration has touted since its early days in January. For media and newspapers like the many in the National Newspaper Publishers Association, the Build Back Better Act includes tax credits for local print, online, and broadcast news outlets to employ journalists. Florida Democratic Rep. Val Demings called the measure one of the most extensive middle-class tax cuts in U.S. history.

There's still time to make year-end moves to slash your tax bill or boost your refund, according to experts. Here are some options to consider.

A federal jury convicted two Nevada men, Saud Alessa and Jeffrey Bowen, yesterday for conspiring to defraud the IRS. The jury also convicted Alessa today of tax evasion and filing false tax returns. Hayes and Bowen then submitted tax forms and filings to the IRS that falsely reported Hayes had earned the income. This scheme allowed Alessa to evade IRS collection efforts and the payment of his outstanding federal tax debt. All three face a maximum penalty of five years in prison for the conspiracy charge.

Embedded in the infrastructure spending package signed into law by U.S. President Joe Biden was language increasing the tax reporting requirements for cryptocurrency transactions. That change was heavily opposed by the digital currency industry, which has in its corner a bipartisan group of senators that still hopes to amend the law. Regardless, more struggles are ahead as Washington grapples with how Bitcoin and other cryptocurrencies should be regulated and taxed.

The Build Back Better Act would let same-sex married couples file a joint tax return for years before 2010, which might yield a net tax benefit.

The United States filed a complaint in the U.S. District Court for the Northern District of Illinois today seeking to bar a Chicago area tax return preparer from preparing federal income tax returns for others. According to the complaint, in a substantial number of these tax returns, the defendants significantly overstated the customers’ tax refunds by falsely reporting inflated Form W-2 federal income tax withholdings. Return preparer fraud is one of the IRS’s Dirty Dozen Tax Scams and taxpayers seeking a return preparer should remain vigilant. The IRS has information on its website for choosing a tax return preparer and has launched a free directory of federal tax preparers. In the past decade, the Department of Justice Tax Division has obtained injunctions against hundreds of unscrupulous tax preparers.

The fifth advance child tax credit payment hit bank accounts Monday. Parents can expect to receive one more this year.

November 15 is the deadline to register for the monthly advanced payment of the expanded tax credit.

After the November 15 payment, there's only one check remaining — unless lawmakers renew the benefit.

The top tax rate remains 37%, but married taxpayers will need to earn almost $20,000 more to enter the bracket.

After the November 15 payment, there's only one check remaining — unless lawmakers renew the benefit.

The top tax rate remains 37%, but married taxpayers will need to earn almost $20,000 more to enter the bracket.

The top tax rate remains 37%, but married taxpayers will need to earn almost $20,000 more to enter the bracket.

Electronic payment apps will now have to report transactions totaling more than $600 a year.

The IRS released the federal marginal tax rates and income brackets for 2022 on Wednesday, as well as the new standard deduction for filers.

The legislation includes tax reporting provisions that apply to digital assets like cryptocurrency and nonfungible tokens, or NFTs.

The IRS is issuing monthly payments of the enhanced child tax credit through 2021. Scammers are posing as government agents to steal money and personal data.

November 15 is the deadline to register for the monthly advanced payment of the expanded tax credit.

A federal court in the Eastern District of Michigan has permanently enjoined a Detroit-area tax return preparer from preparing federal income tax returns for others and from owning or operating any tax return business in the future. According to the court’s order entered Nov. 5, Abdou Ndiaye and Ndiaye’s LLC, dba Pro Tax Services, consented to entry of the injunction, with permits the United States to conduct post-judgment discovery to monitor compliance. The order requires that Ndiaye and Pro Tax Services send notice of the injunction to their prior customers. These improper adjustments caused those individuals to claim earned income tax credits to which they were not entitled. Return preparer fraud is one of the IRS’ Dirty Dozen Tax Scams and taxpayers seeking a return preparer should remain vigilant.

A Virginia man was arraigned today on an indictment charging tax fraud that was returned by a federal grand jury in Roanoke, Virginia, on Aug. 20, 2020. According to the indictment, from approximately 1987 through at least 2010 James C. Jones Jr., of Christiansburg, owned Lifeline Ambulance Service Inc. (Lifeline). The indictment also charges that Jones submitted false individual tax returns each year from 2013 to 2018. In addition to tax fraud, the indictment further alleges that Jones submitted false applications to the Social Security Administration that omitted his domestic and foreign rental income. Jones is charged with tax evasion, filing false individual tax returns, corruptly endeavoring to obstruct the IRS, obstruction of justice and making a false statement regarding Social Security benefits.

A Louisiana man who owns construction and building inspection businesses, along with his brother and sister who were employed by the construction businesses, pleaded guilty today to conspiracy to defraud the IRS. Randy Farrell also conspired with Matthew Reck, who pleaded guilty to conspiring to defraud the IRS on July 7. Since 2007, Randy Farrell has also co-owned a building inspection business, IECI & Associates LLC (IECI). To help conceal the income he received from IECI, Randy Farrell directed IECI to issue checks payable to nominees in amounts under $10,000 and then cashed the checks, keeping the funds for himself. Randy Farrell, David Farrell and Ruiz are scheduled to be sentenced at a later date.

The IRS has announced 2022 retirement contribution limits, with a boost to $20,500 for workers with a 401(k) plan.

Some 270 ultra-wealthy people who received the checks had reported negative net incomes on their tax returns, according to ProPublica.

A West Virginia woman pleaded guilty today to willfully failing to pay over to the IRS employment taxes withheld from employees’ wages. Clark was responsible for collecting and paying over to the IRS Social Security, Medicare and income taxes withheld from the wages of Alpha Associates employees. Despite knowing the firm withheld payroll taxes from its employees’ paychecks, Clark did not pay over these taxes to the IRS. Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and U.S. Attorney William J. Ihlenfeld II of the Northern District of West Virginia made the announcement. Trial Attorney Kevin Schneider of the Justice Department’s Tax Division and Assistant U.S. Attorney Danae DeMasi-Lemon of the Northern District of West Virginia are prosecuting the case.

The grand jury, which will meet for six months, could consider how Trump’s company valued its assets.

The clock is ticking for families who haven't signed up for their enhanced child tax credit payments yet.

Some 270 ultra-wealthy people who received the checks had reported negative net incomes on their tax returns, according to ProPublica.

Some 270 ultra-wealthy people who received the checks had reported negative net incomes on their tax returns, according to ProPublica.

Bogus e-mails about the $1,400 third round of stimulus checks lure unsuspecting victims to click a malicious link, according to the Federal Trade Commission.

In March, after a two-week retrial, a federal court jury found Snyder guilty of soliciting bribes. Snyder’s sentencing was moved to October in August.

REAL ESTATE MATTERS | The IRS will not go along with the idea that you “sold” the home when you end up controlling the home on the other end of the transaction.

The richest Americans would pay a surtax, and big companies would see a new corporate minimum tax.

A North Carolina tax return preparer was sentenced today to 20 months in prison for conspiring to defraud the IRS. Returns prepared by the conspirators claimed false education credits or dependents or manipulated the clients’ income to qualify for larger earned income tax credits. Based on an analysis of the falsely claimed education credits, the conspirators caused a tax loss of approximately $1.2 million. Jones and Odom also pleaded guilty to conspiracy to defraud the IRS and were sentenced earlier this year to 22 months and 15 months in prison, respectively, for their roles in the conspiracy. Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and Acting U.S. Attorney Sandra J. Hairston for the Middle District of North Carolina made the announcement.

The Biden administration has reversed course after the previous regime denied the congressional requests.

President Joe Biden and progressive Democrats have failed to get the votes for a proposed major overhaul of the tax code and are now being forced to cut the size and scope of their planned infrastructure and social welfare legislative package as well.

A federal jury convicted a North Carolina woman on Oct. 22 of employment tax fraud. Anglin faces a maximum penalty of five years in prison for each count of employment tax fraud plus payment of restitution to the IRS. A federal district court judge will determine any sentence after considering the U.S. Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and Acting U.S. Attorney Robert J. Troester for the Western District of Oklahoma made the announcement. Assistant U.S. Attorney William Farrior of the U.S. Attorney’s Office for the Western District of Oklahoma and Trial Attorney Ahmed Almudallal of the Tax Division are prosecuting the case.

At the time Garvin filed his false tax returns, he was employed as a Supervisory Associate Advocate with the IRS’s Taxpayer Advocate Service in Philadelphia. The indictment also alleges that after the IRS began an audit of Garvin’s 2013 and 2014 tax returns, Garvin submitted fraudulent documents to the IRS revenue agent conducting the audit. Garvin allegedly submitted the fraudulent documents to the IRS to prevent the IRS from assessing additional taxes against him for 2013 and 2014. Finally, the indictment alleges that after the IRS notified Garvin that he was under criminal investigation for filing false tax returns, Garvin provided the same fraudulent documents to IRS Criminal Investigation that Garvin previously provided to the IRS revenue agent. IRS Criminal Investigation is investigating the case.

The Democrats’ proposal was never that intrusive and now is much more limited.

The White House is contending opposition to its tax enforcement proposals, targeting amounts as small as $600, is based on banks being too lazy to deal with the extra paperwork.

Three individuals were arrested this week in the District of Hawaii on conspiracy to defraud the IRS and other fraud charges. Marciaminajuanequita Dumlao, Elvah Miranda and Daniel Miranda were arrested and made their initial appearances before U.S. Magistrate Judge Wes Reber Porter of the U.S. District Court for the District of Hawaii. A federal grand jury in Honolulu, Hawaii, returned a 45-count superseding indictment on Sept. 9 charging Rosemarie Lastimado-Dradi, Dumlao, Elvah Miranda, Daniel Miranda, Lazerrick Lawrence and Danitta Ross Morton with conspiring to defraud the United States. The superseding indictment also charged Lastimado-Dradi, Dumlao and Elvah Miranda with money laundering. Lastimado-Dradi, Dumlao and Elvah Miranda each face a maximum sentence of 10 years in prison for each count of money laundering.

Critics say small business owners and independent contractors would be caught in a "dragnet" of surveillance.

Millions of families receiving their October payment. Here's what to know about the CTC.

Don't focus on the bottom line.

What does Bitcoin have to do with roads and bridges.

A Republican senator who helped negotiate a nearly trillion-dollar bipartisan infrastructure bill says a proposal to strengthen IRS enforcement to raise money to help pay for the bill's spending is officially off the table.

Vice President Kamala Harris is visiting a child care center to highlight the Biden administration’s efforts to expand child care and relieve the financial pressures of parenthood.

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.

A U.S. tax court has handed a major victory to the estate of Michael Jackson in a years-long battle.

President Joe Biden is scheduled to deliver a speech about the $2 trillion American Jobs Plan at 1:45 p.m. on Wednesday from the White House. Vice President Kamala Harris is also scheduled to attend.

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.

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.

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.

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.

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.

Earlier this week, the IRS announced the 2021 tax year annual inflation adjustments for more than 60 tax previsions. Those include tax rate schedules and other tax changes. The following are the 2021 tax rates, which will be used when filing taxes in 2022 for the previous year of income. Taxpayers with lower incomes with have lower federal tax rates. Click or tap here to learn about more changes that have come with tax inflation adjustments for tax year 2021.

When JCT staffers disagree with the IRS on a decision, the review is typically kept open until the matter is resolved. Even acknowledging that Trump's taxes were before the panel is verboten. Representatives for the Trump Organization did not respond to messages seeking comment and confirmation that the Joint Tax Committee had reviewed Trump's taxes. Former JCT staffers would not comment on whether they remembered the dispute with Trump, citing confidentiality rules. Neal, the lead force behind a Democratic lawsuit to expose Trump’s taxes, said the Times’ reporting is proof that the documents should be given to Congress.

A federal judge says the IRS can't keep withholding coronavirus relief payments from incarcerated people, potentially clearing the way for at least 80,000 checks totaling more than $100 million to be sent to people behind bars across the United States. The legislation passed in March that authorized the payments of up to $1,200 per person during the pandemic doesn't specifically exclude jail or prison inmates. Still, that's exactly the claim that the IRS made a couple of weeks after the coronavirus rescue package passed. Prison officials in Maryland and California are working to notify all lock-up facilities. Some inmates may be reluctant to apply even if they hear about the ruling in time, Dermody said.

A key question is whether those deductions reported by The New York Times were excessive and possibly illegal; they enabled Trump to avoid millions of dollars in taxes. It would be up to the IRS, which is auditing some of Trump’s returns, to decide whether the deductions are legitimate. The agency defines an ordinary expense as one that’s common and accepted in a company’s trade or type of business. According to the Times, Trump has treated some of his residences as businesses, in the process deducting millions of dollars. Moreover, under the tax legislation Trump signed into law in 2017, he would have been limited to $10,000 a year in property tax deductions for 2018.

(Graeme Jennings/Pool via AP)WASHINGTON – A government watchdog says millions of Americans are in danger of missing coronavirus relief payments of up to $1,200 per individual because of incomplete government records. The lack of "such information could hinder outreach efforts and place potentially millions of individuals at risk of missing their payment,” the GAO said in its report. The IRS ten report as of July 31 that 5.3 million individuals had used an online IRS tool for non-filers to help them receive payments. But the agency told GAO it was working on an effort to notify around 9 million individuals that they may be eligible for the payments. In addition to the problem of missing individuals eligible for the payments, an earlier GAO report found that nearly 1.1 million in coronavirus relief payments totaling some $1.6 billion went to dead people.

When all that hard work is finished and your return is finally filed, the last thing you want to think about is your taxes. Keep in mind that your big tax refund was actually a year-long interest-free loan to the government. Boost your 401(k) contributionTax filing season is the perfect time to revisit your 401(k) contribution, especially if you have not done so for a while. Invest your tax refund in an IRAIf you are in line for a big tax refund, why not make it work as hard as you do? If you already adjusted your 401(k) contribution, you will be that much closer to the new limit.

As the coronavirus pandemic took hold this spring, the federal government postponed the traditional April 15 filing deadline until July 15. In most cases, you must file and pay your taxes by July 15. Those were originally due on April 15 and June 15 respectively. One worth noting is that July 15 is also the deadline to claim a refund for 2016 tax returns. An estimated $1.5 billion refunds for 2016 are sitting unclaimed because people failed to file tax returns.

The legislation authorizing the payments during the pandemic doesnt specifically exclude jail or prison inmates, and the IRS has refused to say exactly what legal authority it has to retrieve the money. While the IRS says checks sent to jail inmates also should be returned, the sheer number of jails and detention centers across the U.S. makes it difficult to tell if many are following those instructions. She says prison officials are accustomed to intercepting tax documents to screen for potential scams, priming them to follow this request. Intercepting relief checks may also have a disproportionate impact on Black and Hispanic inmates, who are incarcerated at a higher rate than white Americans. Prison officials nationwide have been trying to intercept the checks, with varying results.

Important question: Have you gotten your stimulus check yet? In fact, most people don’t need to take any action, and will automatically receive the payment. Let’s talk through the tools available to investigate what might be holding up your check, prepaid debit card or direct deposit. You’re eligible for the Economic Impact Payment, right? Here’s a detailed list you should triple-check just to make sure you’re eligible for the payment, and see how much you should receive.

WASHINGTON – The income tax filing date has been pushed back from April 15, to July 15, Treasury Secretary Steven Mnuchin said late last week. Mnuchin announced the decision in a tweet Friday, saying that at President Donald Trump’s direction, “We are moving Tax Day from April 15 to July 15. The delay is available to people who owe $1 million or less and corporations that owe $10 million or less. It is expected that many states will follow the lead of the federal government and delay their tax filing deadlines as well but that will be a state by state decision. The administration is working with Congress to develop a $1 trillion support package and Mnuchin has said the IRS payment delay will add $300 billion to that effort.

Tax season and credit cards seem to go hand-in-hand like peanut butter and jelly, at least if you believe the findings of a recent study conducted by Credit Card Insider. Using SurveyMonkey to conduct an online survey of 3,114 adults from Feb. 3-5, Credit Card Insider found out the following information when it comes to how important credit cards are for people during tax season. 14% of respondents who expected to owe this year planned on using a credit card to pay their taxes. Of those expecting a tax refund, 40% had credit card debt. 75% of those with debt plan to use their tax refund toward paying it off.

But listen, if you’re thinking you might be getting a refund, that’s pretty good incentive to get it taken care of. If IRS accepts return by: Direct deposit sent (or paper check mailed one week later): Feb. 3 Feb. 14 (Feb 21) Feb. 10 Feb. 21 (Feb 28) Feb. 18 Feb. 28 (Mar. 6) Feb. 24 Mar. 10) March 29 Apr. Are you currently waiting on a refund?

(CNN) - The Democrat-led House Ways and Means Committee filed a lawsuit on Tuesday to enforce subpoenas and obtain President Donald Trump's tax returns, an escalation in a fight for the President's personal financial information. The lawsuit was filed in D.C. District Court against Treasury and the IRS and their respective leaders, Steve Mnuchin and Charles Rettig. Neal initially made his request for Trump's tax returns on April 3. The complaint argues that the committee is not required to justify its reasons for seeking tax returns under Section 6103, but states that the panel "is investigating the IRS's administration of various tax laws and policies relating to Presidential tax returns and tax law compliance by President Trump, including whether the IRS's self-imposed policy of annually auditing the returns of sitting Presidents is working properly." The Democrats on Neal's committee have argued that they need access to the President's tax returns in order to understand how the IRS administers the presidential audit program.

By Kevin Hagen, Contributing writerIf you can't pay your taxes, you should file your return anyway to avoid a late filing penalty. If after preparing your tax return you find that you owe taxes and don't have the money to pay, you have some options. File Your Return When you can't pay your taxes, you should file your return anyway. If you don't, you will be charged a late filing penalty in addition to late payment penalties and interest. There is a fee for requesting an installment agreement, and late payment penalties and interest accrue on the balance.

PEMBROKE PARK, Fla. – South Florida continues to be a hotbed for impostor scams. Every day, many South Floridians receive phone calls from people claiming to be from the IRS or a debt collection agency. In one case, a viewer played an audio recording of the call he received from a man claiming to be from the IRS. The message warned the viewer that it was his final notice to pay a certain amount of money before he received a lawsuit. Local 10 News investigative reporter Christina Vazquez sat down with Cindy Liebes, director of the Southeast Regional Office of the Federal Trade Commission, who said impostor scams are on the rise.