IRS

The IRS skipped advanced child tax credit payments for millions and mistakenly sent payments to filers who didn't qualify. But aid was 98% accurate overall.

While millions of individuals and families benefitted from expanded tax credits last year, some have yet to file for the money.

The IRS is chasing unpaid cryptocurrency taxes with a new court order to obtain customer records. Here's what it means for digital currency investors.

House Minority Leader Rep. Kevin McCarthy on the details of the Republicans' 'Commitment to America' plan which is designed to usher in a 'new direction' if elected in November.

About two-thirds of bettors have been wiped out of one of the largest 'survivor' pools in Las Vegas. The IRS lets them deduct their losses — with a few caveats.

There are immediate steps to take in order to meet the tax extension deadline.

With soaring prices, experts predict larger-than-usual IRS inflation adjustments for 2023. Here's how it will affect your taxes.

Some of the biggest changes in at least a decade are in store as the tax agency raises the income thresholds for tax rates.

Fox News host Dan Bongino called out the left's "unprecedented" abuse of power posed by the Biden administration, claiming America is a police state on "Unfiltered."

Some of the biggest changes in at least a decade are in store as the IRS adjusts brackets and contributions for inflation.

Tax agency has been plagued by understaffing and poor customer service, with many taxpayer calls going unanswered.

Treasury Secretary Janet Yellen is laying out her vision for a modernized, responsive, tech-savvy tax collection agency equipped to manage 21st century challenges.

The deadline for third-quarter estimated tax payments is Sept. 15. Here's what filers need to know.

You may be eligible for IRS late penalty relief if you skipped tax returns during the pandemic. But you must file missing returns by Sept. 30 to qualify.

The IRS is refunding penalties it charged taxpayers for filing their 2019 and 2020 tax returns late, as a form of COVID-19 relief. The refunds don't apply to penalties for failing to pay your taxes.

An NPR investigation has raised questions about whether the nonprofit Conservative Partnership Institute may be violating a legal ban on participating in political campaign activities.

The Inflation Reduction Act includes a directive to the IRS to study a free tax filing program for all Americans. Major tax preparation firms hate the idea.

At a midterm campaign rally in Maryland on Thursday night, President Biden attacked "MAGA Republicans." "They don’t believe in democracy,” he said, and are “destroying America.”

The IRS will waive penalties for many Americans who late-filed tax returns during the pandemic. Here's how to know if you qualify.

Case of Robert Brockman shows it's "shockingly easy" to avoid foreign-reporting laws, report finds.

Borrowers who will benefit from student loan forgiveness won't need to worry about getting hit with a federal tax bill. But they may see other tax consequences.

The IRS has $80 billion coming. The agency plans to use a lot of the money to improve taxpayer service, including answering its toll-free help lines.

The IRS could be on the cusp of revolutionizing the way that Americans file their taxes. The Inflation Reduction Act signed into law by President Biden on Tuesday provided $80 billion in funding for the agency, including $15 million to deliver a report on a free, government-run tax e-filing system that tax simplification advocates have…

A New York woman was arrested today, following an indictment returned by the grand jury earlier this week charging her with filing false tax returns, obstructing the IRS, and willful failure to file tax returns. According to the indictment, Ehrenfriede Kauapirura, of Brooklyn, filed a false 2015 amended tax return and a false 2016 tax return. On both returns, Kauapirura allegedly reported hundreds of thousands of dollars in fictitious tax withholdings, which purportedly entitled her to refunds of approximately $250,000 for each year. To thwart the IRS’s collection efforts, Kauapirura allegedly transferred money from her personal bank account to a bank account owned by a trust that she controlled. In addition, Kauapirura allegedly did not timely file individual tax returns with the IRS for the years 2017 through 2020.

Treasury Secretary Janet Yellen has outlined four priorities for the $80 billion in IRS funding and requested a plan within six months.

Treasury Secretary Janet Yellen has directed the IRS to develop a plan within six months outlining how the tax agency will modernize its technology, customer service and hiring.

Now that President Joe Biden signed Democrats' expansive climate, tax and health care bill into law, Treasury Secretary Janet Yellen has directed the IRS to develop a plan within six months outlining how the tax agency will overhaul its technology, customer service and hiring processes. In part, the improvements are meant to “end the two-tiered tax system, where most Americans pay what they owe, but those at the top of the distribution often do not," Yellen said in a Tuesday memo to IRS Commissioner Chuck Rettig, whose term ends in three months. Yellen has called for the IRS to “fully resolve the inventory backlog and make significant improvements in taxpayer services," “to overhaul an information technology system that is decades out of date” and invest and train employees “so they can identify the most complex evasion schemes by those at the top."

Starting your first job after college and making your own money is exciting. Paying taxes — not so much. Here are a few tips to help ease the pain.

President Joe Biden signed Democrats’ landmark climate change and health care bill into law on Tuesday.

If you’re still waiting on a tax refund, you may be earning interest on your unpaid balance, and the rate jumps to 6% on Oct. 1, according to the IRS.

President Joe Biden has signed Democrats’ landmark climate change and health care bill.

Florida Republican Matt Gaetz continues to stoke fear over recent IRS job postings for agents who can carry firearms, as well as funding for arms for IRS agents included in recent legislation. Is Nancy Pelosi trying to start a nuclear war in Asia? Is there an effort by the National Security State to stoke violence in a civil war here at home?

Now that the IRS is set to receive nearly $80 billion through the “Inflation Reduction Act,” the agency has the means to develop new systems.

The House used a party-line 220-207 vote to pass the legislation.

Democrats have pushed their landmark climate and health care bill through Congress, handing an election-year victory to President Joe Biden.

Inflation Reduction Act's $80 billion in IRS funding would come as the risk of getting audited is at a decade-long low.

The Senate approved nearly $80 billion in IRS funding with $45.6 billion for "enforcement." Here's who may be affected by more audits.

If your family has significant wealth, it's now easier to avoid federal estate taxes, thanks to recent changes from the IRS. Here's what to know.

Democrats are pushing the IRS to create its own free tax filing system, including a return-free option. But some tax professionals are skeptical.

While some retirees rely on the so-called 4% rule, another approach involves the required minimum distributions that come with 401(k) plans and non-Roth IRAs.

As the cost of living surges, Americans wrestle with higher prices on day-to-day costs. But higher taxes can be a sneaky added expense, especially for retirees.

U.S. Tax Commissioner Charles Rettig, who was appointed by President Trump in 2018, will face questions behind closed doors from lawmakers in the House and Senate before the end of the month.

Ex-FBI heads James Comey and Andrew McCabe were subjected to rigorous checks during Trump's presidency.

Two former FBI officials targeted by Trump were also targeted by the FBI. How unlikely is that? Very.

Former FBI director James Comey and his deputy Andrew McCabe were both axed during Donald Trump's presidency.

REAL ESTATE MATTERS | For 2022, the estate tax cutoff is $12.06 million. This means that if you die and your estate is valued at an amount lower than the $12.06 million limit, you owe no federal estate taxes at all.

REAL ESTATE MATTERS | The IRS has a rule that states that a homeowner may keep up to $250,000 (up to $500,000 if you’re married) in profits from the sale of a primary residence, as long as the owner has lived in the home for two of the past five years.

It is taking over a year for some people to get their refunds amid a shaky economy.

The IRS backlog of tax returns has swelled to over 21 million, despite efforts to clear the pileup, according to a watchdog report.

The IRS has expanded artificial intelligence-driven voice bots to tackle payment plans, according to the agency. But tax professionals remain skeptical.

The IRS will boost the standard mileage rate by 4 cents, to 62.5 cents per mile, starting on July 1. The midyear change is due to soaring gas prices.

The last chance to avoid late penalties for second-quarter tax payments is June 15, applying to income from self-employment, small businesses and more.

Millions of people received billions in aid through three rounds of checks after the onset of Covid-19. A look back at the government's giant relief effort.

The notices, called CP14 letters, are sent to people whom the IRS believes owe more in taxes.

Monday is Tax Day, the federal deadline for individual tax filings and payments.

Millions of Americans wait until the last minute to file their taxes, and this year is no exception.

For those animal lovers who spend so much money on their pets and hope to recoup some of that cash spent when tax season arrives, this is the cold, hard reality: For the most part, you can’t.

The IRS criminal investigation arm tasked with tracking down sanctioned Russian oligarchs' property failed to receive an infusion of money in the Ukraine aid package.

You likely know what “income” means, and of course you’re aware of federal and state taxes, and the fact that we have to do them (or have them prepared for us, in some cases), every year. But how much do you know about income tax overall?

Congress is racing to pass a mammoth $1.5 trillion legislative package that would fund the government for the rest of the year.

Whether you’re new to owning your own business or a seasoned vet, taxes can be so stressful. It’s easy to overlook things or simply forget an item here and there.

Tax season is officially here, meaning you have the next couple months to get those returns filed! This year’s IRS deadline is April 18.

Alternative finance has captured the attention of investors across the U.S. As the 2022 tax season approaches, traders who are new to cryptocurrency taxation will have to contend with the IRS’ rules for reporting on taxable events.

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.

U.S. taxpayers, brace yourselves because tax filing season starts Monday and you can expect the task to be more cumbersome than usual this year.

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.

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.

If you already anticipate needing some extra time to file your federal tax return, there’s some good news. You can always file for an extension.

If you grew up watching your parents get stressed around tax season, then you're probably not looking forward to filing yourself for the first time.

Even for those of us who think we have some knowledge about anything tax related, it can be a stressful time. And it's certainly not a time when you want to play a guessing game.

Even if we think we have some knowledge about anything tax-related, it can be a stressful time. And it's certainly not a time when you want to play a guessing game.

Tax season can be a reason to laugh, as these famous TV episodes showed.

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.

A common aspect of the COVID-19 pandemic over the past two or so years has been more employees working remotely, but that doesn’t necessarily mean all those people were working from their homes.

Willie Nelson owed millions in taxes, so the IRS came up with an idea to help.

Tax season is busier than usual for professional athletes and the people they put in charge of their taxes.

These 10 celebrities found out the hard way not to mess with the IRS.

Are you knee-deep in receipts, 1099 forms and W2s? Or are you all done?

If you’ve finally gotten your taxes filed, you’re probably ready to put it all away and move on. Have you considered which documents you should keep? And for how long?

When it comes to tax write-offs, many people will stretch the limits to see what they can get away with.

It is easy to put off doing your taxes until the last minute. No one likes to deal with the IRS, and sometimes, procrastination happens as a result.

Regardless of whether you’ve paid someone for help or tried to do it on your own, even just gathering all the data you need for filing your federal income taxes can seem daunting.

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.

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.