IRS expects to collect hundreds of billions more in overdue and unpaid taxes thanks to new funding
The 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 Democratsโ Inflation Reduction Act.
The IRS is launching a direct file pilot program for the 2024 tax season โ here is how it will work
As 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.
Ex-IRS contractor gets five years in prison for leak of tax return information of Trump, rich people
A 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 countryโs wealthiest people was sentenced to five years in prison on Monday.
Ex-IRS contractor pleads guilty in leak of tax return information of Trump, wealthy people
A former contractor for the Internal Revenue Service charged with leaking tax information to news outlets about former President Donald Trump and thousands of the countryโs wealthiest people pleaded guilty Thursday in an agreement with prosecutors.
IRS steps toward a new free-file tax return system have both supporters and critics mobilizing
Plans 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.
Republicans get their IRS cuts; Democrats say they expect little near-term impact
While Republicans seek to make good on campaign promises to cut IRS funding through the proposed debt ceiling and budget cuts package now moving through Congress, Democrats are offering assurances that the spending cuts will have little impact on the federal tax collector.
Treasury sends out additional 37 million in stimulus payments
The second batch of payments sent out this week followed an initial 90 million payments made in the week after President Joe Biden signed the $1.9 trillion COVID relief measure on March 11. The first group of 90 million payments totaled $242 billion. The second batch of 37 million payments totals about $83 billion. Of the second amount, 17 million payments were direct deposits into bank accounts totaling $38 billion and nearly 15 million paper checks with a total value of nearly $34 billion. In addition, 5 million prepaid debit cards were mailed out in the second batch with a total value of around $11 billion.
IRS will delay tax filing due date until May 17
The 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. Additionally, the extension gives the IRS time to issue guidance on recent tax law changes. AdโNever before has the law changed so substantially in the middle of tax filing season," Patrick Thomas, director of Notre Dame Law Schoolโs 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.
Nightside Report March 16, 2021: How to track your $1,400 stimulus payment, Social workers will go with Livonia police on mental health crisis calls
Officials at the Treasury Department and Internal Revenue Service said Friday, March 12, 2021 that processing the new round of stimulus payments has already begun, with the aim of having the first payments start showing up in bank accounts this weekend. (AP Photo/Matt Rourke, File)When will you get your stimulus payment? Hereโs how to track the $1,400DETROIT โ Stimulus checks started rolling into bank accounts over the weekend but there are still a lot of people with questions about their stimulus payment. There is an online tracking tool that will give you an idea of when youโll receive your payment. On Tuesday, a group of business and health leaders laid the groundwork to answer that very question.
IRS says new round of COVID relief payments on the way
โThe payments will be delivered automatically to taxpayers even as the IRS continues delivering regular tax refunds,โ 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. The 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. AdOfficials 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.
The IRS has started accepting 2020 tax returns: What to know
DETROIT โ Friday is the first day you can submit your tax information to the IRS. Financial expert Tom Hakim said you should do a review of last year, get all your paperwork together. When you file make sure you update your personal information and banking information -- that way if another stimulus check is issued you will get it without delay. AdThe IRS has made changes to the tax bracket -- hereโs what it will mean for youEarlier 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.
Taxing time: How the pandemic will affect filing your taxes
(AP Photo/Keith Srakocic, File)The pandemic has made everything a bit trickier โ 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.