WEATHER ALERT
The number of Americans filing for jobless benefits falls as labor market remains sturdy
Read full article: The number of Americans filing for jobless benefits falls as labor market remains sturdyApplications for U.S. jobless benefits fell last week as the labor market remains sturdy ahead of an expected purge of federal government employees.
IRS workers involved in 2025 tax season can't take buyout until after the taxpayer filing deadline
Read full article: IRS workers involved in 2025 tax season can't take buyout until after the taxpayer filing deadlineIRS employees involved in the 2025 tax season will not be allowed to accept a buyout offer from the Trump administration until after the taxpayer filing deadline.
Elon Musk creates confusion about IRS' Direct File โ but the free tax program is still available
Read full article: Elon Musk creates confusion about IRS' Direct File โ but the free tax program is still availableBillionaire tech mogul Elon Musk posted on his social media site that he has โdeletedโ 18F, a government agency that worked on technology projects such as the IRS's Direct File program.
Scott Bessent confirmed as treasury secretary, giving him a key role in extending Trump's tax cuts
Read full article: Scott Bessent confirmed as treasury secretary, giving him a key role in extending Trump's tax cutsThe U.S. Senate has confirmed billionaire investor Scott Bessent as President Donald Trumpโs treasury secretary.
IRS announces January 27 as the start of the 2025 tax season
Read full article: IRS announces January 27 as the start of the 2025 tax seasonThe IRS on Friday announced January 27 as the official start date of the 2025 tax season, and expects more than 140 million tax returns to be filed by the April 15 tax deadline.
A million taxpayers will soon receive up to $1,400 from the IRS. Who are they and why now?
Read full article: A million taxpayers will soon receive up to $1,400 from the IRS. Who are they and why now?Approximately 1 million taxpayers will automatically receive special payments of up to $1,400 from the IRS in the coming weeks.
Treasury recovers $1.3 billion in unpaid taxes from high wealth tax dodgers
Read full article: Treasury recovers $1.3 billion in unpaid taxes from high wealth tax dodgersThe IRS has collected $1.3 billion from high wealth tax dodgers since last fall, the agency says, crediting spending that has ramped up collection enforcement through President Joe Biden's signature climate, health care and tax package signed into law in 2022.
Report: Trump may face a $100 million-plus tax bill if he loses IRS audit fight over Chicago tower
Read full article: Report: Trump may face a $100 million-plus tax bill if he loses IRS audit fight over Chicago towerA 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.
IRS acts to address wide disparity in audit rates between Black taxpayers and other filers
Read full article: IRS acts to address wide disparity in audit rates between Black taxpayers and other filersThe IRS says it's taken steps to address a wide disparity in audit rates between Black taxpayers and others filers.
How freelancers can prepare for changing tax requirements
Read full article: How freelancers can prepare for changing tax requirementsIf youโre a freelancer or gig worker who receives payments via apps like Venmo, Zelle, Cash App or PayPal, your tax reporting requirements will change for the 2024 tax year.
Janet Yellen is heading to Mexico after Treasury launches a new fentanyl trafficking strike force
Read full article: Janet Yellen is heading to Mexico after Treasury launches a new fentanyl trafficking strike forceTreasury Secretary Janet Yellen is heading to Mexico this week, a trip announced shortly after her agency created a new strike force to help combat illicit fentanyl trafficking.
Treasury's Yellen calls Republican effort to cut IRS funding for Israel 'damaging and irresponsible'
Read full article: Treasury's Yellen calls Republican effort to cut IRS funding for Israel 'damaging and irresponsible'The IRS commissioner says for the agency to keep building on its customer service and enforcement priorities it needs a reliable funding stream.
Democrats accuse tax prep firms of undermining new IRS effort on electronic free file tax returns
Read full article: Democrats accuse tax prep firms of undermining new IRS effort on electronic free file tax returnsCongressional Democrats are accusing big tax preparation firms including Intuit and H&R Block of undermining the federal governmentโs upcoming electronic free file tax return system.
House Republicans subpoena IRS and FBI agents involved in Hunter Biden case
Read full article: House Republicans subpoena IRS and FBI agents involved in Hunter Biden caseHouse Republicans have subpoenaed several FBI and IRS agents involved in the federal investigation into Joe Bidenโs son Hunter Biden.
IRS whistleblowers air claims to Congress about 'slow-walking' of the Hunter Biden case
Read full article: IRS whistleblowers air claims to Congress about 'slow-walking' of the Hunter Biden caseHouse Republicans are raising unsubstantiated allegations against President Joe Biden over his familyโs finances.
3 tax prep firms shared 'extraordinarily sensitive' data about taxpayers with Meta, lawmakers say
Read full article: 3 tax prep firms shared 'extraordinarily sensitive' data about taxpayers with Meta, lawmakers saySome 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.
GOP releases testimony of whistleblowers claiming interference in Hunter Biden case
Read full article: GOP releases testimony of whistleblowers claiming interference in Hunter Biden caseHouse Republicans have released testimony from two IRS whistleblowers who allege that the Justice Department interfered with their yearslong investigation into President Joe Bidenโs son, Hunter.
IRS agent alleges Hunter Biden probe is being mishandled
Read full article: IRS agent alleges Hunter Biden probe is being mishandledAn IRS special agent is seeking whistleblower protection to disclose information regarding what the agent contends is mishandling of an investigation into President Joe Bidenโs son, Hunter Biden.
New push on US-run free electronic tax-filing system for all
Read full article: New push on US-run free electronic tax-filing system for allItโs that time of year when throngs of taxpayers are buckling down to file their income tax returns before Tuesdayโs filing deadline, and many often pay to use software from private companies such as Intuit and H&R Block.
New IRS leader promises faster, easier tax filing process
Read full article: New IRS leader promises faster, easier tax filing processThe Internal Revenue Serviceโs new commissioner promises that with billions in new funding, the agency will be faster, more service-focused and tech- savvy and will provide โreal-world improvementsโ to taxpayers.
For donors, wartime Ukraine aid creates blurry ethical line
Read full article: For donors, wartime Ukraine aid creates blurry ethical lineSince Russia invaded Ukraine a year ago, U.S. companies, nonprofits and individuals have responded with donations, including of equipment like bulletproof vests and drones.
EXPLAINER: What's the debate over releasing Trump's taxes?
Read full article: 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.
Yellen tells IRS to develop modernization plan in 6 months
Read full article: Yellen tells IRS to develop modernization plan in 6 monthsTreasury 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.
5 situations in which pets can be used for tax breaks
Read full article: 5 situations in which pets can be used for tax breaksFor 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 canโt.
IRS unit gets no funds to enforce sanctions on rich Russians
Read full article: IRS unit gets no funds to enforce sanctions on rich RussiansThe IRS criminal investigation arm tasked with tracking down sanctioned Russian oligarchs' property failed to receive an infusion of money in the Ukraine aid package.
Quiz: How much do you know about income tax?
Read full article: Quiz: How much do you know about income tax?You likely know what โincomeโ means, and of course youโre 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?
9+ deductions you should be making if you are self-employed
Read full article: 9+ deductions you should be making if you are self-employedWhether youโre new to owning your own business or a seasoned vet, taxes can be so stressful. Itโs easy to overlook things or simply forget an item here and there.
Traded cryptocurrency in 2021? Here's how to approach taxes
Read full article: Traded cryptocurrency in 2021? Here's how to approach taxesAlternative 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 IRSโ rules for reporting on taxable events.
Feds launch website for claiming part 2 of child tax credit
Read full article: Feds launch website for claiming part 2 of child tax creditThe 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.
Giving Tuesday: How these 4 tax break changes for 2021 can enhance contributions
Read full article: Giving Tuesday: How these 4 tax break changes for 2021 can enhance contributionsFor 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.
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Senator: Bipartisan infrastructure bill loses IRS provision
Read full article: Senator: Bipartisan infrastructure bill loses IRS provisionA 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.
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Leak of billionaires' tax data draws GOP outcry over privacy
Read full article: Leak of billionaires' tax data draws GOP outcry over privacyRepublicans 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.
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Senators push measure to accelerate DAF, foundation giving
Read full article: Senators push measure to accelerate DAF, foundation givingTwo 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.
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Still need to do your taxes? Donโt worry, thereโs still some time.
Read full article: Still need to do your taxes? Donโt worry, thereโs still some time.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.
5 things you should know if youโre filing taxes for the first time
Read full article: 5 things you should know if youโre filing taxes for the first timeIf 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.
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IRS extends tax filing deadline to May 17
Read full article: IRS extends tax filing deadline to May 17On 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.
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How to track your $1,400 stimulus payment from the IRS
Read full article: How to track your $1,400 stimulus payment from the IRSHow 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.
Taxes: Answers to top FAQs about Social Security income
Read full article: Taxes: Answers to top FAQs about Social Security incomeEven 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.
How do I file taxes if Iโm working remotely in another state thatโs not my residence?
Read full article: How do I file taxes if Iโm working remotely in another state thatโs not my residence?A common aspect of the COVID-19 pandemic over the past two or so years has been more employees working remotely, but that doesnโt necessarily mean all those people were working from their homes.
Youโve filed your taxes -- now, what should you do with those documents?
Read full article: Youโve filed your taxes -- now, what should you do with those documents?If youโve finally gotten your taxes filed, youโre probably ready to put it all away and move on. Have you considered which documents you should keep? And for how long?
This checklist will help ensure you have everything prepared for filing this tax season
Read full article: This checklist will help ensure you have everything prepared for filing this tax seasonRegardless of whether youโve 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.
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2021 brings new tax identity theft threats, BBB advises to file early
Read full article: 2021 brings new tax identity theft threats, BBB advises to file earlyTax 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.
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IRS delays start of 2020 tax filing season to Feb. 12
Read full article: IRS delays start of 2020 tax filing season to Feb. 12FILE - 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.
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IRS gets more relief payments out after delays
Read full article: IRS gets more relief payments out after delaysThe 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.
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Stimulus checks on the way for TurboTax customers after snafu that sent money to wrong bank accounts
Read full article: Stimulus checks on the way for TurboTax customers after snafu that sent money to wrong bank accountsA 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.
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Didn't get your relief payment yet? You aren't alone
Read full article: Didn't get your relief payment yet? You aren't aloneThe 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.
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Some taxpayers find relief payments sent to wrong account
Read full article: Some taxpayers find relief payments sent to wrong accountA 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.
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Stimulus money started heading to bank announced Tuesday night
Read full article: Stimulus money started heading to bank announced Tuesday nightFILE - 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.)
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Like everything else 2020, taxes will be like no other year
Read full article: Like everything else 2020, taxes will be like no other yearItโs 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.
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The IRS has made changes to the tax bracket -- hereโs what it will mean for you
Read full article: The 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. 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.
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Audit likely gave congressional staff glimpse of Trump taxes
Read full article: Audit likely gave congressional staff glimpse of Trump taxesWhen 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.
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US judge: IRS can't keep coronavirus money from inmates
Read full article: US judge: IRS can't keep coronavirus money from inmatesA 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.
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Trump business deductions: sketchy, normal or in-between?
Read full article: 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.
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Watchdog: Millions in danger of missing virus relief payouts
Read full article: 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.