Report: Trump may face a $100 million-plus tax bill if he loses IRS audit fight over Chicago tower
A report by The New York Times and ProPublica says former President Donald Trump may face an IRS bill in excess of $100 million after a government audit indicates he double-dipped on tax losses tied to a Chicago skyscraper.
3 tax prep firms shared 'extraordinarily sensitive' data about taxpayers with Meta, lawmakers say
Some congressional Democrats say three large tax preparation firms sent โextraordinarily sensitiveโ information on tens of millions of taxpayers to Facebook parent company Meta over at least two years.
EXPLAINER: What's the debate over releasing Trump's taxes?
Now that the Democratic-controlled House Ways and Means Committee has voted to release former President Donald Trumpโs tax returns, there's the potential of additional revelations in the coming days related to the finances of the longtime businessman.
Feds launch website for claiming part 2 of child tax credit
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 yearโs pandemic relief bill claim the second half of the payment they were due.
Leak of billionaires' tax data draws GOP outcry over privacy
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.
IRS extends tax filing deadline to May 17
On Tuesday, more than 100 lawmakers, including four representatives from Virginia, signed a letter asking the IRS to extend the deadline to July 15. With the IRS handling a third-round of stimulus checks and fewer tax service aides available because of the coronavirus pandemic, agencies are feeling the pressure. AdEvery year, Total Action for Progress (TAP) offers free tax filing services. โWith a pandemic still hanging over our heads, I would love to get some more time.โTo meet in the middle, the IRS set the new deadline date for May 17. But more than 150 million tax returns are expected to be filed this year and with the new deadline, tax refund checks may not arrive until 6 to 8 weeks after filing.
How to track your $1,400 stimulus payment from the IRS
How to track your stimulus paymentWondering where your $1,400 stimulus check is? The IRS has a tool that you can use to track the status of your relief payment. Hereโs how you can track your $1,400 checkYou can click here and use the IRS Get My Payment tool here. When you put in your information, youโll see the following payment statuses:A payment has been processedA payment date is available and payment is to be sent either by direct deposit or mail Note: mail means you may be issued an EIP Card or a check. Youโre eligible, but a payment has not been processed and a payment date is not yet availableYou may also see โPayment Status Not Available,โ meaning the IRS has not yet processed your payment or youโre not eligible for a paymentAnother status you might see is โNeed More Information,โ meaning your payment was returned to the IRS because the USPS was unable to deliver itAs a note, you will receive payments quicker if youโre set up for direct deposit with the IRS.
2021 brings new tax identity theft threats, BBB advises to file early
Tax filings start Friday, Feb. 12 and the Better Business Bureau recommends you file sooner rather than later. Thereโs a risk that comes with waiting and the BBB calls it tax identity theft. Someone could use your social security number to file a phony tax return and collect your refund. You wonโt know the identity theft happened until you file and the IRS rejects it as a duplicate filing. Another way someone can fall victim to tax identity theft is IRS impersonation scams.
IRS delays start of 2020 tax filing season to Feb. 12
FILE - This April 13, 2014, file photo shows the Internal Revenue Service (IRS) headquarters building in Washington. David Ake, File)Americans have more time to prepare for tax filing season. The IRS announced Friday that the start of the 2020 tax filing season will be delayed to Feb. 12 compared to the usual opening in late January. The IRS anticipates that EITC and ACTC taxpayers who file electronically with direct deposits and have no issues with their tax returns will receive a refund the first week of March. The deadline for filing 2020 tax returns is still April 15.
IRS gets more relief payments out after delays
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.
Stimulus checks on the way for TurboTax customers after snafu that sent money to wrong bank accounts
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. The IRS and the Treasury Department began issuing the Economic Impact Payments last week of Jan. 1, 2021. (AP Photo/Eric Gay, File)TurboTax customers who have yet to receive their second round of relief payments due to a snafu with bank account numbers should expect to start seeing their checks on Friday, the tax preparation service announced. The delay in the direct deposits came after a number of taxpayers who used TurboTax said their second relief payments were sent to the incorrect bank account. You could be eligible to receive a Recovery Rebate Credit on your 2020 taxes if you did not receive the full amount of the economic stimulus payments.
Didn't get your relief payment yet? You aren't alone
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 โPayment Status #2 โ Not Availableโ message, then you will not receive the payment and instead need to claim it on your tax return.
Some taxpayers find relief payments sent to wrong account
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. The IRS and the Treasury Department began issuing the Economic Impact Payments last week of Jan. 1, 2021. (AP Photo/Eric Gay, File)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. However, many people said that they checked the IRS site and found their payments were sent to an account they did not recognize. The IRS has said that there is no action required by eligible individuals to receive this second payment.
Stimulus money started heading to bank announced Tuesday night
FILE - In this April 23, 2020, file photo, President Donald Trump's name is seen on a stimulus check issued by the IRS to help combat the adverse economic effects of the COVID-19 outbreak, in San Antonio, Texas. 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 ruling from U.S. District Judge Phyllis J. Hamilton late last month gives the IRS until Oct. 24 to reconsider the payments for those who were denied or had their money intercepted solely because of their incarceration. (AP Photo/Eric Gay, File)(Copyright 2020 The Associated Press. All rights reserved.)
Like everything else 2020, taxes will be like no other year
Itโs 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.
The IRS has made changes to the tax bracket -- hereโs what it will mean for you
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.
Audit likely gave congressional staff glimpse of Trump taxes
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 Trumpโs taxes, said the Timesโ reporting is proof that the documents should be given to Congress.
US judge: IRS can't keep coronavirus money from inmates
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.
Trump business deductions: sketchy, normal or in-between?
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 Trumpโs returns, to decide whether the deductions are legitimate. The agency defines an ordinary expense as one thatโs common and accepted in a companyโs 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.
Watchdog: Millions in danger of missing virus relief payouts
(Graeme Jennings/Pool via AP)WASHINGTON โ Millions of Americans are in danger of missing coronavirus relief payments of up to $1,200 per individual because of incomplete government records, a government watchdog said in a report issued Monday. But GAO said Treasury and the IRS have still failed to update information on how many eligible recipients have yet to receive funds. The lack of "such information could hinder outreach efforts and place potentially millions of individuals at risk of missing their payment,โ the GAO said in its report. The IRS then reported as of July 31 that 5.3 million individuals had used an online IRS tool for nonfilers to help them receive 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.
Tax day: What you need to know to avoid penalties
ROANOKE, Va. Wednesday, July 15 is Tax Day. If youre a procrastinator and this deadline snuck up on you, Kembel Tax Services in Roanoke have advice for you. If you need more time you have to get an extension by Wednesday to avoid paying penalties with interest. Kembel said, The biggest thing they need to understand is the extension only extends the paperwork, it only extends a tax return. If you end up paying the IRS too much, once you file your taxes youll get a refund.
No more delays: What to know about the July 15 deadline
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.
US inmates got virus relief checks, and IRS wants them back
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.
IRS warns against coronavirus fraud, other scams
WASHINGTON, D.C. The IRS is reminding taxpayers to be on the lookout for coronavirus fraud and other scams. According to a release from the IRS, criminals continue to use the coronavirus relief payments as a cover to steal personal information and money. Below are some coronavirus schemes the IRS is urging taxpayers to look out for:Using relief payments as a cover to get personal information and moneySelling fake at-home test kitsSelling fake cures, vaccines, pills and adviceSelling large quantities of medical supplies through fake shops, websites, social media accounts and email addressesSetting up fake charitiesOffering opportunities to invest early in companies working on a vaccine for the diseasePhishing scams using emails, letters, texts and linksScams should be reported to the National Center for Disaster Fraud hotline at 1-866-720-5721 or submitted through the web complaint form.
Still havenโt gotten your stimulus check? Some things you can check on in the meantime
Important question: Have you gotten your stimulus check yet? In fact, most people donโt need to take any action, and will automatically receive the payment. Letโs talk through the tools available to investigate what might be holding up your check, prepaid debit card or direct deposit. Youโre eligible for the Economic Impact Payment, right? Hereโs a detailed list you should triple-check just to make sure youโre eligible for the payment, and see how much you should receive.
Car wash worker returns stimulus check discovered in trash
GREENVILLE, N.C. A car wash worker in North Carolina found treasure amid the businesss trash when he discovered a $1,200 IRS stimulus check mixed in with the garbage. Antonio Hernandez was taking out the trash at the Greenville car wash when he spotted the payment in the can, WITN-TV quoted his daughter, Michelle Alvarado, as saying. Hernandez and Alvarado were able to track down recipient Charles Thompson, who said he was not even expecting to get a check after recently moving to a new address. I was behind on rent, I work construction so I work by the day, and I just try to keep going and going as best I can, Thompson told the news station. It was very important for him to receive that check, especially in these uncertain times," Alvarado said.
Some banks reporting online banking outages as customers look for stimulus check
ROANOKE, Va. โ At least two major banks have reported online banking outages on Wednesday. PNC Bank let customers know that some of them may have issues as they look to check their accounts. Some customers are experiencing access issues with mobile and online banking at this time. Weโre working to quickly resolve the mobile banking & 800# issues that some clients are experiencing. โ BB&T (@BBT) April 15, 2020Also on Wednesday, the IRS launched a tracking tool, allowing taxpayers to check when their stimulus money will arrive and confirm how they want to be paid.
Check your balance: Coronavirus stimulus money starts to flow into bank accounts
โ#IRS deposited the first Economic Impact Payments into taxpayersโ bank accounts today. #IRS deposited the first Economic Impact Payments into taxpayersโ bank accounts today. We know many people are anxious to get their payments; weโll continue issuing them as fast as we can. For those who do not have direct deposit information registered with the IRS, it could take months for checks to be mailed. The IRS is expected to roll out an online tool to help those that have not registered direct deposit do so.
IRS plan: 50 million Americans to receive first stimulus payout today
The much-awaited stimulus payouts will begin flooding into millions of bank accounts starting today, according to an internal plan circulated by IRS Treasury Secretary Steven Mnuchin. The first payout is estimated to cover at least 50 million Americans, according to our sister station WJXT. The next wave of money will be paid no later than the week of April 20. [Social security recipients will NOT need to file a tax return to get a stimulus check]Groups of checks would be then mailed over the next several weeks. To ensure you receive your money as soon as possible, make sure the IRS has your bank account information on file.
Social security recipients will NOT need to file a tax return to get a stimulus check
ROANOKE, VA. โ The IRS has reversed its decision requiring those on social security to file tax returns in order to receive a stimulus check. Now, they will not have to file a return to receive the money the government is sending out automatically to most people. โWe want to make sure these direct deposit payments to Virginians get out with the least amount of bureaucracy as possible. The idea that folks on social security were going to have to go through and file a form made no sense,โ said Warner. Social security recipients with direct deposit will have the money automatically deposited into their accounts, others will be mailed a check.
IRS releases new info on stimulus checks: What to know
Who is eligible for the economic impact payment? The IRS will calculate and automatically send the economic impact payment to those eligible. For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. The economic impact payment will be deposited directly into the same banking account reflected on the return filed. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment.