IRS

The IRS on Tuesday warned taxpayers about the new $600 threshold for receiving Form 1099-K for third-party payments. Here's why you may receive one.

If the GOP wins the House, the next likely chairman of the Ways and Means Committee will drop the effort to obtain former President Donald Trump's tax returns.

IRS officials say 9 million Americans are still eligible for stimulus aid, but clock is ticking to claim funds.

Despite a rough year for cryptocurrency, including the recent FTX collapse, there may be tax opportunities for investors. Here's what to know before year-end.

Simplified filing tools that enable individuals and families to submit their information to claim 2021 tax credits will close this week.

Social security taxes delayed in 2020 due to Covid must be paid by early January. And that's just one of the income tax risks business owners face into 2023.

Former President Donald Trump reportedly wanted the IRS to investigate several of his perceived political foes, including ex-FBI director James Comey. The U.S. Labor Department is investigating a Wisconsin company for allegedly hiring 31 children for dangerous jobs, and Marvel’s “Wakanda Forever” stormed the box office on its opening weekend, raking in about $180 million globally.

President Joe Biden intends to nominate Danny Werfel to become the next IRS Commissioner, overseeing the plan for the agency's nearly $80 billion in funding.

Former President Donald Trump as a candidate and occupant of the White House broke decades of precedent by not publicly releasing his income tax returns.

Individuals and families who missed out on the $1,400 stimulus checks, child tax credit and earned income tax credit in 2021 still have time to claim.

The IRS has sent letters to 9 million people to alert them that they have only days to claim thousands in stimulus funds.

The House Ways and Means Committee has sought federal income tax returns of Donald Trump from the IRS. The Supreme Court now could hear an appeal of the case.

The GOP Texas senator's declaration aroused suspicion and jokes on social media.

Treasury and IRS officials have said they want to put an end to poor customer service​.

Twenty states have or will dole out financial relief to certain residents. Find out if your state is sending out stimulus money and who is eligible.

A federal grand jury in Detroit has charged six people with drug, gun, and money laundering crimes.

A tax attorney from Oakland County who was accused of wiring $6.5 million of his client’s money to a Swiss bank account has been found not guilty of all charges.

The IRS has released draft guidance for cryptocurrency and other digital asset reporting for 2022 tax returns. Here's what investors need to know.

A record high Social Security cost-of-living adjustment will mean bigger monthly benefit checks in 2023. Here's how to gauge the size of your increase.

The tax agency said it is also boosting the contribution threshold for IRAs due to inflation.

Americans will be allowed to contribute more of their money to 401(k) and similar retirement saving plans next year. The IRS said Friday that the maximum contribution that an individual can make in 2023 to a 401(k), 403(b) and most 457 plans will be $22,500. The IRS also raised the 2023 annual contribution limits on individual retirement arrangements, or IRAs, to $6,500, up from $6,000 this year.

The IRS has increased the 401(k) contribution limits to $22,500 and individual retirement account limits to $6,500 for 2023. Here's what investors need to know.

Tax agency wants to avoid "bracket creep," or when workers get pushed into higher tax brackets due to inflation.

The hottest inflation in 40 years is likely to impact everything from your taxes to your retirement contributions.

A major federal union is urging the removal of election campaign advertisements “that deliberately lie about the IRS and its employees.”

Tax agency wants to avoid "bracket creep," or when workers get pushed into higher tax brackets due to inflation.

The IRS has revised its income tax brackets in 2023 due to inflation, which will likely reduce the amount of money you will owe in taxes.

All seven tax bracket levels will be revised upwards in 2023, allowing filers to shield more of their money from taxes.

Starting in 2023, individuals can transfer up to $12.92 million to heirs, during life or at death, without triggering a federal estate tax bill.

The IRS has unveiled federal income tax brackets and other tax changes for the 2023 tax year. The agency tweaks multiple tax provisions annually to account for inflation, including tax brackets. While tax rates remain the same, the income limits that apply to each rate have been adjusted. The 2023 changes generally apply to tax returns filed in 2024, the IRS said. You can get more information about all of the inflation-related tax changes on the IRS website.

The IRS has released higher federal tax brackets and standard deductions for 2023 to adjust for inflation. Here's what filers need to know.

You could be keeping more of your money next year, thanks to inflation and tax adjustments announced by the IRS for the 2023 tax year.

It had only $715,000 COH on Jan. 1, 2020, though gave Unlock Michigan $1.78 million in 2020. “MCFR and MMM made 15 separate contributions to Unlock Michigan and – within days of those deposits – Unlock Michigan made 11 payments to an outside signature-gathering firm,” LaBrant said Monday. The PAC had only $172,00 COH on Jan. 1, 2020, but gave Unlock Michigan $550,000 in 2020. A total of 85% of Michigan Citizens for Fiscal Responsibility grants went to Unlock Michigan, while 95% percent of Michigan! grants went to Unlock Michigan.

Individuals and families could be leaving thousands of dollars on the table by not claiming 2021 tax credits. Here's how to get started.

Failing to pay your tax bill can lead to penalty fees and accrued interest, increasing the amount you'll have to repay. That's why it makes sense to get help now.

About 19 million people asked the IRS for an additional six months to submit their returns. The clock is ticking.

Some Americans, especially those who don't pay taxes, may still be due some pandemic money, a government report says.

The feds say a truck driver from Allen Park who drove all across the country set fires along the way, causing millions of dollars of damage in an attempt for revenge.

If you're burdened by tax debt don't despair. There are many paths for tax relief and a tax expert can help you navigate them to find the best route for you.

If you inherited a retirement account in 2020 or 2021, the IRS is waiving penalties for some heirs who needed to start taking required minimum distributions.

Senate Finance Committee Chairman Ron Wyden, D-Ore., has outlined five priorities for nearly $80 billion in new IRS funding. Here's a breakdown of each one.

If you're racing to meet the Oct. 17 tax extension deadline, don't skip these easy-to-miss forms. Here are common mistakes, according to experts.

Where did this idea originate, and is there any truth to it? Here's what to know about whether 87,000 tax men cometh.

About 19 million people asked the IRS for an additional six months to submit their returns. The clock is ticking.

If you're wrestling with tax debt, you may have options like an installment agreement or a penalty abatement through the IRS. Here's what filers need to know.

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."

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 Inflation Reduction Act provides $15 million for the IRS to study how it could create a program that allows Americans to file their taxes for free.

Crowdfunding has gained popularity, making it important to understand how it's connected to taxes and the IRS.

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.

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

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

A tax attorney from Oakland County was hired by a business owner to help her settle an IRS investigation, but he convinced her she owed $6.5 million more than she actually did so he could put that money in his own Swiss bank account, federal officials said.

Former Detroit Mayor Kwame Kilpatrick’s name is back on a federal court docket after prosecutors opened an investigation into whether he’s been paying the nearly $2 million he owes to the city and the IRS.

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.

Tax Day generally falls on April 15, but this year, most Americans will have to file their individual income taxes by April 18.

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 upon us, and you probably have some questions about filing this year.

Michigan residents waiting for their tax forms from the Michigan Unemployment Agency can now get them online.

A Dearborn husband and wife have been charged by federal officials for declaring a false bankruptcy, wrongly receiving food stamps and evading taxes, authorities said.

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.

We're sharing important information about how thieves are trying to trick you as you work to file your taxes right now.

There’s an important update for the thousands of people who took advantage of the child tax credit last year.

There’s an important update for the thousands of people who took advantage of the child tax credit last year.

It’s free money for families that need it and Detroit Mayor Mike Duggan is working to make sure Detroit residents get in on it.

Each year, tax payers get conned by tax-related schemes meant to steal money and personal information from people.

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.

This week’s Tech Time takes a closer look at why the IRS is asking people to file online this year.

Did you know that you might be able to file your federal and taxes for free online?

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.

It’s always a good thing to reacquaint ourselves with the issues that can prevent scammers from taking money from us.

The Internal Revenue Service announced the tax year 2022 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.

The Internal Revenue Service announced the tax year 2022 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.

Healthcare savings accounts (HSA) are one of the most useful but misunderstood, and rarely used, healthcare financing options.

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.

If you have children under the age of 17, you might want to check your bank balance Thursday night -- there may be a little extra cash in there as part of the American Rescue Plan.

Despite the May filing deadline, millions of Americans still have yet to receive their federal tax returns.

Thursday at 6:30 a.m. on Local 4 News Today.

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The child tax credit can be considered a game changer for families and can be worth hundreds of dollar a month for parents.

IRS Criminal Investigation is working to recruit special agent candidates.

The first child tax credit payments go out next week, and experts are already warning that along with the money comes the threat of scam artists trying to take it.