IRS

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.

If you work for a private company, one of the easiest ways to save for retirement is a company-sponsored 401(k) plan. Here's how you can take advantage of the retirement plan that's offered by many employers.

A Utah man was sentenced today to five years in prison for evading more than $1.8 million in federal income tax and obstructing the IRS’s efforts to collect the money he owed. According to court documents and evidence presented at trial, Derald Wilford Geddes, of Ogden, was a dentist who owned and operated Mount Ogden Dental PC. From approximately 1998 through 2014, Geddes took repeated steps to evade the federal income taxes he owed and obstruct the IRS’s efforts to collect his tax debt. Among other efforts, Geddes filed false liens against his own properties, submitted to the IRS bogus “bonds to discharge debt” that he claimed were from the account of the former Treasury Secretary and filed false corporate income tax returns. In March 2022, Geddes was convicted at trial by a federal jury of tax evasion, filing false tax returns and impeding the IRS.

The IRS is working to increase its audit rates for the wealthiest Americans, according to a statement released by the agency.

A federal grand jury in Central Islip, New York, returned an indictment last week charging a New York businessman with filing false business and individual tax returns with the IRS. According to the indictment, Pawel Bartoszek, of Lake Grove, owned and operated Mega State Inc., a construction company. Bartoszek then allegedly used some of this cash to fund an “off the books” cash payroll for Mega State. As a result, Bartoszek allegedly filed false tax returns with the IRS for Mega State and himself for each of those years. If convicted, Bartoszek faces a maximum of three years in prison for each of six counts of filing a false tax return.

A Florida woman pleaded guilty today to filing a false tax return with the IRS, whereby she obtained a refund she was not entitled to receive. According to court documents and statements made in court, Rebecca Cyphers, 65, of Winter Springs, participated in and helped facilitate a nationwide tax fraud scheme. As part of her plea, Cyphers admitted she filed a false 2013 amended income tax return claiming a refund she was not entitled to receive. Cyphers also admitted to helping others promote the tax fraud scheme and recruit additional participants, even though she knew the scheme was illegal. Cyphers is scheduled to be sentenced on Aug. 24 and faces a maximum penalty of three years in prison for filing a false tax return.

The complaint, filed in the U.S. District Court for the Eastern District of Texas, alleges that these tax return preparers prepared more than 1,300 returns in 2021 and over 3,100 returns in 2022. Return preparer fraud is one of the IRS’ Dirty Dozen Tax Scams and taxpayers seeking a return preparer should remain vigilant. The IRS also has a checklist of things to remember when filing income tax returns in 2022. In the past decade, the Tax Division has obtained injunctions against hundreds of unscrupulous tax preparers. An alphabetical listing of persons enjoined from preparing returns and promoting tax schemes can be found this page.

If you're still waiting for a tax refund, you may receive 5% interest starting July 1, 2022, according to the IRS. Here's what else to know.

Five House Democrats are still fighting for relief on the $10,000 limit on the federal deduction for state and local taxes through the appropriations process.

With soaring prices and record home equity, you may expect a profit when selling your property. Here's how to lessen the tax bite.

Filers won't be affected by the IRS decision to destroy 30 million so-called paper information returns, the agency said.

The IRS destroyed an estimated 30 million so-called paper-filed information returns in March 2021, sparking anger from the tax community.

The IRS has announced inflation-adjusted health savings account limits for 2023.

If you filed an accurate tax return online, most refunds are arriving within 21 days, according to the IRS.

If you missed the April 18 tax deadline, you may cut back on penalties by filing your return promptly. Here's everything late filers need to know.

Here's what can happen if someone steals your Social Security number and finds employment using your name and personal information.

The tax deadline has passed but the frustration hasn't for many taxpayers who file for an extension, couldn't file electronically, never did reach anyone by phone to address their issues, or who are still waiting for their 2020 refunds from the IRS.

Millions of Americans file returns after the Tax Day deadline. If you're in that group, here's what determines how much you'll owe.

Millions of Americans file returns after the Tax Day deadline. If you're in that group, here's what determines how much you'll owe.

Millions of Americans file returns after the Tax Day deadline. If you're in that group, here's what determines how much you'll owe.

April 18 is the 2021 federal tax deadline for most Americans. Here's what to know before filing an extension or sending your return.

As of April 9, some 50 million Americans had yet to file their returns. Here's what to do if you need more time.

Taxes, 401(k) plans and IRAs are complicated. Here's everything you need to master the fundamentals of both your personal taxes and retirement options.

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.

The iconic band’s upcoming North American tour brings singer Roger Daltrey and guitarist/songwriter Pete Townshend back after their 2019 tour.

The IRS estimates that more than 3 million tax returns are still being processed from 2021.

Third stimulus payments worth up to $1,400 are still available if you haven't received them already.

If you're scrambling to finish your taxes, it's easy to overlook the forms needed for a complete and accurate return. Here are some of the most common mistakes.

Residents of Wyoming, Connecticut and New York lead the nation in getting bigger checks from the IRS. Here's why.

Millions of Americans file their tax returns in the last week of tax season. Here's how to do it without spending a dime.

Millions of Americans file their tax returns in the last week of tax season. Here's how to do it without spending a dime.

As of April 1, some 70 million Americans had yet to file their returns. Here's what to do if you need more time.

The House probe marks an escalation of years of controversy over the government’s growing reliance on facial recognition, which boiled over earlier this year after the IRS said it would require Americans to scan their faces in order to access their IRS tax accounts.

As the April 18 tax filing deadline nears, here are some tips for reducing what you owe or landing a bigger refund.

As of April 1, some 70 million Americans had yet to file their returns. Here's what to do if you need more time.

Ten people were shot and another 13 injured in the attack on a subway train Tuesday morning.

Investors should keep track of their crypto and NFT transactions for tax purposes, though there are exceptions.

Are you still working on your tax return? Here are some things to keep in mind as the April 18 deadline looms.

1 in 4 taxpayers has yet to submit their tax return this year. Here's how to do it without spending a dime.

For everyone who bet big on last year’s NFT boom, Uncle Sam’s bill is coming due.

Experts say there are a number of things people can do to lower the chance of getting audited by the IRS.

The deadline is Monday, April 18.

As of April 1, some 70 million Americans had yet to file their returns. Here's what to do if you need more time.

The deadline for first-quarter estimated tax payments is approaching for the self-employed, contract workers and retirees. Here's what to know.

There are 10 days until April 18, the tax deadline for most Americans. Here's the average refund so far.

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.

Tax filing season is here but so are the scammers looking to take your money.

If you need help filing your taxes, Total Action for Progress (TAP) in Roanoke is ready to help.

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.

How to prepare for the upcoming tax season and when you expect your refund.

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.

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.

Two key U.S. senators introduced legislation Wednesday designed to spur faster payouts from donor-advised funds and foundations, giving new momentum to an effort that has deeply divided philanthropy.

A local tax expert gives advice about what to do if you still need to file your taxes and might miss the deadline.

A U.S. tax court has handed a major victory to the estate of Michael Jackson in a years-long battle.

Neely has nearly 40 years of experience and said from more people filing unemployment to PPP loans and stimulus checks, this tax season is unique. Make sure you have a tax preparer caught up with all the changes.

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.

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. “With a pandemic still hanging over our heads, I would love to get some more time.”To 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 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. Here’s 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, you’ll 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. You’re eligible, but a payment has not been processed and a payment date is not yet availableYou may also see ‘Payment Status Not Available,’ meaning the IRS has not yet processed your payment or you’re not eligible for a paymentAnother status you might see is ‘Need More Information,’ meaning your payment was returned to the IRS because the USPS was unable to deliver itAs a note, you will receive payments quicker if you’re set up for direct deposit with the IRS.

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.

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.

Tax filings start Friday, Feb. 12 and the Better Business Bureau recommends you file sooner rather than later. There’s 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 won’t 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.

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.

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.

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.

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. 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.

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.)

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.