Tax Day reveals a major split in how Joe Biden and Donald Trump would govern
Tax Day reveals a major split in how Joe Biden and Donald Trump would govern: The presidential candidates have conflicting ideas about how much to reveal about their own finances and the best ways to boost the economy through tax policy.
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.
Advance child tax credit payments from IRS might not be available for parents of kids who were born in 2021
Another round of child tax credit payments from the Internal Revenue Service is set to hit accounts of qualifying families on Monday but for people who had a baby in 2021, there might not be any advance payments at all.
The art of filing taxes: What could go wrong?
With tax season now well underway, we thought weโd offer up some tax filing basics, along with answers to common misconceptions regarding filing. Filers owed a refund based on the taxes theyโve paid throughout the year typically receive their refund within about three weeks of filing. Tax fraud and evasionTax fraud convictions are rare, however, the penalties are severe for those caught committing tax evasion or fraud. Often, those convicted of tax fraud must repay the taxes with a penalty and might serve up to five years of jail time. Donโt let your desire to get a tax refund lead to errors or missed opportunity.
Need some extra time to file your taxes? You got it
The Internal Revenue Service says itโs delaying the traditional tax filing deadline from April 15 until May 17. The new deadline does not apply to estimated tax payments that are due on April 15; those remain due by that day. The pandemic hit in the middle of last yearโs tax filing season, setting the agency back in terms of processing. A number of lawmakers and professionals from the tax community have urged the tax filing season be extended to accommodate for these pressures. Rettig is expected to speak to the committee tomorrow about how the IRS is managing this filing season and the need for this extension.
IRS will delay tax filing due date until May 17
The IRS will delay the traditional April 15 tax filing due date until May 17, 2021, to cope with added duties and provide Americans more flexibility. 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. 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.
No stimulus check yet? Hereโs what you should do in the meantime.
The first batch of the $1,400 stimulus checks are being sent out this weekend. While youโre waiting to receive your stimulus check in the mail, hereโs what you can do in the meantime:Track your stimulus payment onlineThe IRS has launched its โGet My Paymentโ website so residents can track the status of their stimulus check. In other words, if the IRS has already received your 2020 tax return, your third stimulus check will be based on that. Just wait it out, be patientThere are millions of stimulus checks in the process of being distributed across the nation. The IRS said the payments will be automatic and that you wonโt need to take any action to ensure your stimulus check arrives.
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.
Stimulus checks could land in bank accounts as early as this weekend
The IRS said that after initial problems, it is getting more of the second round of relief payments to taxpayers. White House officials announced shortly after Bidenโs approval that some Americans could receive their stimulus checks as early as this weekend. AdIf youโre still unsure if you qualify to receive a stimulus check, hereโs what you need to know:The stimulus checks will be up to $1,400 per individual and dependent. The payments will again be sent out through direct deposit, just like the other two stimulus checks. To learn more, or to track your stimulus check, visit the IRSโs website here.
Beware of these scams during tax season
Tax season is about more than just refunds or determining how much you will owe. Some of the tips to avoid scams are as follows:Understand how the IRS gets in touch. Donโt respond to phone messages, text messages, social media messages or email from those claiming to be the IRS or demanding payment. By law, anyone who is paid to prepare or assist in preparing federal tax returns must sign the return and include a Preparer Tax Identification Number. Beware of direct deposit/wire transfer scams.