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IRS announces pension and retirement plan contribution adjustments for 2025
Read full article: IRS announces pension and retirement plan contribution adjustments for 2025The IRS has announced an increase to the amount individuals can contribute to their 401(k) plans in 2025, to $23,500, up from $23,000 in 2024.
Taxpayers will get bigger standard deductions in 2025, but with smaller boosts than recent years
Read full article: Taxpayers will get bigger standard deductions in 2025, but with smaller boosts than recent yearsU.S. taxpayers will again see higher standard deductions for 2025, allowing them to shield more of their money from taxation on future returns.
Coca-Cola to pay $6 billion in IRS back taxes case while appealing judge's decision
Read full article: Coca-Cola to pay $6 billion in IRS back taxes case while appealing judge's decisionCoca-Cola Co. says it will pay $6 billion in back taxes and interest to the Internal Revenue Service while it appeals a federal tax court decision in a case dating back 17 years.
IRS collects milestone $1 billion in back taxes from high-wealth taxpayers
Read full article: IRS collects milestone $1 billion in back taxes from high-wealth taxpayersThe IRS has collected $1 billion in back taxes from high-wealth tax cheats ā a milestone meant to showcase how the agency is making use of the money it received as part of the Biden administrationās signature climate, health care and tax package signed into law in 2022.
IRS delays in resolving identity theft cases are 'unconscionable,' an independent watchdog says
Read full article: IRS delays in resolving identity theft cases are 'unconscionable,' an independent watchdog saysAn independent watchdog within the IRS reports that while taxpayer services have vastly improved, the agency is still too slow to resolve identity theft cases.
IRS says 'vast majority' of 1 million pandemic-era credit claims show a risk of being improper
Read full article: IRS says 'vast majority' of 1 million pandemic-era credit claims show a risk of being improperThe Internal Revenue Service said Thursday a review of 1 million claims for the Employee Retention Credit representing $86 billion shows the āvast majorityā are at risk of being improper.
The IRS wants to end another major tax loophole for the wealthy and raise $50 billion in the process
Read full article: The IRS wants to end another major tax loophole for the wealthy and raise $50 billion in the processThe Internal Revenue Service plans to end another major tax loophole that could raise more than $50 billion in revenue over the next decade.
The $230 billion donor-advised fund industry gets an IRS hearing
Read full article: The $230 billion donor-advised fund industry gets an IRS hearingCongress and the Biden administration are considering what, if anything, should be done to tighten restrictions on donor-advised funds, an increasingly popular way for donors to set aside money to spend on charitable causes.
140,000 people did their taxes with the free IRS direct file pilot. But program's future is unclear
Read full article: 140,000 people did their taxes with the free IRS direct file pilot. But program's future is unclearThe IRS says more than 140,000 taxpayers filed their taxes through its new direct file pilot program.
Tax Day reveals a major split in how Joe Biden and Donald Trump would govern
Read full article: Tax Day reveals a major split in how Joe Biden and Donald Trump would governTax Day reveals a major split in how Joe Biden and Donald Trump would govern: The presidential candidates have conflicting ideas about how much to reveal about their own finances and the best ways to boost the economy through tax policy.
IRS claws back money given to businesses under fraud-ridden COVID-era tax credit program
Read full article: IRS claws back money given to businesses under fraud-ridden COVID-era tax credit programThe IRS says itās making progress with initiatives to claw back money improperly distributed under the Employee Retention Credit.
The IRS launches Direct File, a pilot program for free online tax filing available in 12 states
Read full article: The IRS launches Direct File, a pilot program for free online tax filing available in 12 statesAfter weeks of testing, an electronic system for filing returns directly to the IRS is now available for taxpayers from 12 selected states.
A new IRS program is helping its first users file their income taxes electronically. And it's free
Read full article: A new IRS program is helping its first users file their income taxes electronically. And it's freeThe government's new free electronic filing system for income tax returns is getting its first users this filing season.
IRS watchdog: Contractors who failed background checks maintained access to sensitive agency systems
Read full article: IRS watchdog: Contractors who failed background checks maintained access to sensitive agency systemsA new IRS inspector general report says the agency continued to give 19 contractors access to sensitive systems despite failing background reports as recently as last July.
IRS expects to collect hundreds of billions more in overdue and unpaid taxes thanks to new funding
Read full article: IRS expects to collect hundreds of billions more in overdue and unpaid taxes thanks to new fundingThe IRS says it expects to collect hundreds of billions of dollars more in overdue and unpaid taxes than previously anticipated using funding provided to the agency by the Democratsā Inflation Reduction Act.
The IRS is launching a direct file pilot program for the 2024 tax season ā here is how it will work
Read full article: The IRS is launching a direct file pilot program for the 2024 tax season ā here is how it will workAs tax filing season officially starts Monday, a limited number of taxpayers in 12 states will soon be eligible for a program that will allow them to calculate and submit their returns directly to the IRS without having to pay for commercial tax preparation software.
Tax season is under way. Here are some tips to navigate it.
Read full article: Tax season is under way. Here are some tips to navigate it.Tax season starts today and for many people filing U.S. tax returns ā especially those doing it for their first time ā it can be a daunting task thatās often left to the last minute.
Ex-IRS contractor gets five years in prison for leak of tax return information of Trump, rich people
Read full article: Ex-IRS contractor gets five years in prison for leak of tax return information of Trump, rich peopleA former contractor for the Internal Revenue Service who pleaded guilty to leaking tax information to news outlets about former President Donald Trump and thousands of the countryās wealthiest people was sentenced to five years in prison on Monday.
A COVID-era program is awash in fraud. Ending it could help Congress expand the child tax credit
Read full article: A COVID-era program is awash in fraud. Ending it could help Congress expand the child tax creditCongress is racing to wind down a tax break meant to encourage businesses to keep workers on the payroll during the COVID-19 pandemic.
IRS says it collected $360 million more from rich tax cheats as its funding is threatened yet again
Read full article: IRS says it collected $360 million more from rich tax cheats as its funding is threatened yet againThe IRS says it has collected an additional $360 million in overdue taxes from delinquent millionaires.
For IRS, backlogs and identity theft problems remain, but there is 'cautious optimism' watchdog says
Read full article: For IRS, backlogs and identity theft problems remain, but there is 'cautious optimism' watchdog saysThe IRS is still too slow to process amended tax returns, answer taxpayer phone calls and resolve identity theft cases, according to an independent watchdog within the agency.
NIL nonprofits can't lose in College Football Playoff championship
Read full article: NIL nonprofits can't lose in College Football Playoff championshipNo matter who takes home the College Football Playoff championship Monday night in Houston, a rare nonprofit from the murky, still-developing world of Name, Image, Likeness programs is set to come out on top.
IRS to waive $1 billion in penalties for people and firms owing back taxes for 2020 or 2021
Read full article: IRS to waive $1 billion in penalties for people and firms owing back taxes for 2020 or 2021The IRS says it's going to waive penalty fees for people who failed to pay back taxes that total less than $100,000 a year for tax years 2020 or 2021.
IRS plans limited rollout of free e-file tax return system with invitations to select taxpayers
Read full article: IRS plans limited rollout of free e-file tax return system with invitations to select taxpayersThe IRS plans to invite a select group of taxpayers across 13 states to try out the agencyās pilot electronic free file tax return system, beginning this January.
Ex-IRS contractor pleads guilty in leak of tax return information of Trump, wealthy people
Read full article: Ex-IRS contractor pleads guilty in leak of tax return information of Trump, wealthy peopleA former contractor for the Internal Revenue Service charged with leaking tax information to news outlets about former President Donald Trump and thousands of the countryās wealthiest people pleaded guilty Thursday in an agreement with prosecutors.
The IRS says Microsoft may owe about $29 billion in back taxes. Microsoft disagrees
Read full article: The IRS says Microsoft may owe about $29 billion in back taxes. Microsoft disagreesThe Internal Revenue Service says Microsoft owes the U.S. Treasury $28.9 billion in back taxes, plus penalties and interest.
IRS contractor charged with leaking tax return information of Trump, wealthy people
Read full article: IRS contractor charged with leaking tax return information of Trump, wealthy peopleA former contractor for the Internal Revenue Service has been charged with leaking tax information to news outlets about thousands of the countryās wealthiest people.
IRS will pause taking claims for pandemic-era tax credit due to an influx of fraudulent claims
Read full article: IRS will pause taking claims for pandemic-era tax credit due to an influx of fraudulent claimsThe Internal Revenue Service said Thursday it will pause accepting claims for a pandemic-era tax credit until 2024 due to rising concerns that an influx of applications are fraudulent.
The IRS plans to crack down on 1,600 millionaires to collect millions of dollars in back taxes
Read full article: The IRS plans to crack down on 1,600 millionaires to collect millions of dollars in back taxesThe IRS is launching an effort to crack down on 1,600 millionaires and 75 large business partnerships that owe hundreds of millions of dollars in past due taxes.
IRS aims to go paperless by 2025 as part of its campaign to conquer mountains of paperwork
Read full article: IRS aims to go paperless by 2025 as part of its campaign to conquer mountains of paperworkMost taxpayers will be able to digitally submit a slew of tax documents and other communications to the IRS next filing season and the agency plans to go completely paperless in 2025.
IRS is ending unannounced visits to taxpayers to protect worker safety and combat scammers
Read full article: IRS is ending unannounced visits to taxpayers to protect worker safety and combat scammersThe IRS says it is ending its decades-old policy of making unannounced home and business visits ā in a an effort to keep its workers safe and combat scammers who pose as IRS agents.
IRS steps toward a new free-file tax return system have both supporters and critics mobilizing
Read full article: IRS steps toward a new free-file tax return system have both supporters and critics mobilizingPlans by the IRS to test a new electronic free-file tax return system next year have got supporters and critics of the idea mobilizing over whether the government should set up a permanent program to help people file their taxes without needing to pay somebody else to figure out what they owe.
IRS says it collected $38 million from more than 175 high-income tax delinquents
Read full article: IRS says it collected $38 million from more than 175 high-income tax delinquentsThe IRS is showcasing its new capability to aggressively audit high-income tax dodgers as it makes the case for sustained funding and tries to avoid budget cuts sought by Republicans who want to gut the agency.
IRS reduces tax return backlog by 80% and is doing better job answering the phone
Read full article: IRS reduces tax return backlog by 80% and is doing better job answering the phoneThe IRS has processed tens of millions of tax returns faster this year compared with years past, and getting through to customer service on the phone is slowly improving.
Debt limit bill gives Republicans IRS cuts, but Democrats say they expect little near-term impact
Read full article: Debt limit bill gives Republicans IRS cuts, but Democrats say they expect little near-term impactRepublicans are seeking to make good on campaign promises to reduce IRS funding through the proposed debt ceiling and budget cuts package passed by Congress.
IRS takes steps to protect identity of workers in effort to deter personal threats
Read full article: IRS takes steps to protect identity of workers in effort to deter personal threatsThe IRS is taking steps to protect the identity of its workers in an effort to deter personal threats aimed at the tax agency's employees.
IRS nominee Werfel faces questioning on 'thankless' job
Read full article: IRS nominee Werfel faces questioning on 'thankless' jobSenators who have been arguing over how much money to give the IRS and how it should be spent found at least one point of unanimity as they considered President Joe Bidenās nominee to lead the agency on Wednesday.
IRS: Florida Taxpayer Assistance Centers to open Saturday in Miami-Dade, Broward counties
Read full article: IRS: Florida Taxpayer Assistance Centers to open Saturday in Miami-Dade, Broward countiesThe Internal Revenue Service announced Tuesday that Florida Taxpayer Assistance Centers (TAC) will be open on Saturday in Miami-Dade, Broward and Orange counties for customers who are unable to visit during the week.
Watchdog sees 'light at the end of the tunnel' for the IRS
Read full article: Watchdog sees 'light at the end of the tunnel' for the IRSThe IRS is beginning to see āa light at the end of the tunnelā of its customer service struggles, thanks to tens of billions of new money from the Democratsā climate and health law and the authority to hire more people.
IG: Tax audits in years of Comey, McCabe reviews were random
Read full article: IG: Tax audits in years of Comey, McCabe reviews were randomA watchdog investigation initiated after the tax returns of two former FBI directors had been subjected to intensive audits during the Trump administration has concluded that the reviews from those years were conducted at random.
IRS contractor gets more scrutiny in congressional report
Read full article: IRS contractor gets more scrutiny in congressional reportHouse investigators say a federal contractor that provided identity verification services for the Internal Revenue Service overstated its capacity to perform its services.
Expanded IRS free-file system one step closer in Dems' bill
Read full article: Expanded IRS free-file system one step closer in Dems' billThe flagship climate change and health care bill passed by Democrats and soon to be signed by President Joe Biden will bring U.S. taxpayers one step closer to a government-operated electronic free-file tax return system.
Tougher IRS enforcement central to Dem economic package
Read full article: Tougher IRS enforcement central to Dem economic packageOne of Washingtonās favorite punching bags, the Internal Revenue Service, may finally get the resources itās been asking Congress for if Democrats get their economic package focused on energy and health care over the finish line.
Most Americans could file their taxes for free, but don't
Read full article: Most Americans could file their taxes for free, but don'tA new government watchdog report finds that while most Americans are eligible to file their taxes for free, only a fraction use the services provided through the government.
5 situations in which pets can be used for tax breaks
Read full article: 5 situations in which pets can be used for tax breaksFor 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 canāt.
IRS plans to hire 10,000 workers to relieve massive backlog
Read full article: IRS plans to hire 10,000 workers to relieve massive backlogThe IRS is announcing plans to hire 10,000 new workers to help reduce a massive backlog that the Biden administration says will make this tax season the most challenging in history.
Please hold: Pricey way to jump IRS phone line at tax time
Read full article: Please hold: Pricey way to jump IRS phone line at tax timeAt a time when calls to the IRS have reached record levels, a private company lets those who are willing to pay jump to the front of the line to get their phone calls answered.
IRS to end use of facial recognition to identify taxpayers
Read full article: IRS to end use of facial recognition to identify taxpayersThe IRS sys it will stop using facial recognition technology to authenticate people who create online accounts after the practice came under criticism from privacy advocates and lawmakers.
IRS provides temporary benefit on some cash donations to qualifying charities
Read full article: IRS provides temporary benefit on some cash donations to qualifying charitiesA temporary coronavirus pandemic-related tax law allows married couples who file jointly to deduct up to $600 in cash donations and $300 for individual taxpayers, according to The Internal Revenue Service.
Complaint alleges group funneled data from RNC to lawmakers
Read full article: Complaint alleges group funneled data from RNC to lawmakersA complaint filed with the IRS alleges that a conservative group is violating its nonpartisan and nonprofit status by using a voter data system linked to the Republican party.
Justice Department sues Roger Stone over $2M in unpaid taxes
Read full article: Justice Department sues Roger Stone over $2M in unpaid taxesThe Justice Department has sued Donald Trump's ally Roger Stone, accusing the conservative provocateur and his wife of failing to pay nearly $2 million in income tax.
IRS warns of phishing scam targeting colleges, universities
Read full article: IRS warns of phishing scam targeting colleges, universitiesThe Internal Revenue Service issued a warning Tuesday about a phishing scam targeting students and staff at educational institutions who have an .edu email address. The IRS said it has received complaints about the scam aimed at students at both public and private, profit and non-profit institutions. People who receive this scam email should not click on the link in the email, but they can report it to the IRS. The IRS said taxpayers who believe they may have provided identity thieves with their information should consider immediately obtaining an Identity Protection PIN. An IP PIN is a six-digit number that helps prevent identity thieves from filing fraudulent tax returns in the victimās name.
Estados Unidos prorroga fecha lĆmite para declaraciĆ³n de impuestos
Read full article: Estados Unidos prorroga fecha lĆmite para declaraciĆ³n de impuestosThis file photo shows multiple forms printed from the Internal Revenue Service web page that are used for 2018 U.S. federal tax returns. (Copyright 2019 The Associated Press. All rights reserved)
IRS will delay tax filing due date until May 17
Read full article: IRS will delay tax filing due date until May 17The Internal Revenue Service says it's delaying the traditional tax filing deadline from April 15 until May 17. The pandemic hit in the middle of last year's tax filing season, setting the agency back in terms of processing. AdāNever before has the law changed so substantially in the middle of tax filing season," Patrick Thomas, director of Notre Dame Law Schoolās Tax Clinic, said in a statement. A number of lawmakers and professionals from the tax community have urged the tax filing season be extended to accommodate for these pressures. Rettig is expected to speak to the committee tomorrow about how the IRS is managing this filing season and the need for this extension.
Taxes: Answers to top FAQs about Social Security income
Read full article: Taxes: Answers to top FAQs about Social Security incomeEven 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.
IRS says new round of COVID relief payments on the way
Read full article: IRS says new round of COVID relief payments on the wayAdāThe payments will be delivered automatically to taxpayers even as the IRS continues delivering regular tax refunds,ā IRS Commissioner Chuck Rettig said in a statement. The relief measure, which passed on party-line votes in both the House and Senate, contains the third round of economic-impact payments. The first round passed last spring provided up to $1,200 per individual, and a second round of payments in December provided up to $600 per individual. AdThe latest round of relief payments will provide households with $1,400 for each adult, child and adult dependent, such as college students or elderly relatives. Officials said they wanted to handle the payments this way rather than waiting for the 2020 tax return to be filed in the interest of speeding payments to taxpayers.
Taxing time: How the pandemic will affect filing your taxes
Read full article: Taxing time: How the pandemic will affect filing your taxes(AP Photo/Keith Srakocic, File)The pandemic has made everything a bit trickier ā tax filing season is no exception. Additionally, unemployment benefits are always subject to federal taxes, but a handful of states do not tax it. AdSide note: It won't affect your federal taxes but if you relocated to a different state during the pandemic, you may owe state taxes in more than one location. The provision allows taxpayers to use either their 2019 or 2020 income when claiming the Earned Income Tax Credit or Child Tax Credit. And if you are a higher income household, you may also face a net investment income tax on capital gains and other investment income.