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.

The IRS has released draft guidance for cryptocurrency and other digital asset reporting for 2022 tax returns.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 released higher federal tax brackets and standard deductions for 2023 to adjust for inflation. Here's what filers need to know.

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.

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."

Some of the biggest changes in at least a decade are in store as the IRS adjusts brackets and contributions for inflation.

Tax agency has been plagued by understaffing and poor customer service, with many taxpayer calls going unanswered.

Treasury Secretary Janet Yellen is laying out her vision for a modernized, responsive, tech-savvy tax collection agency equipped to manage 21st century challenges.

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.

10 News political analyst, Edward Lynch explains how the name, Inflation Reduction Act could be misleading as the bill makes no promises to reduce inflation for Americans anytime soon.

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 deadline is Monday, 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 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.