INSIDER
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.
Corrine Brown has not yet paid the IRS as part of her settlement deal
Read full article: Corrine Brown has not yet paid the IRS as part of her settlement dealCorrine Brown was ordered to pay the IRS $62-thousand dollars in restitution. In recent court filings, weโve learned that Brown has yet to pay any of that amount. Her lawyers say theyโve been unable to work out a payment schedule, and asked the judge to approve $1000 a month.
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.
The IRS plan to let taxpayers digitally submit documents is ahead of schedule, Janet Yellen says
Read full article: The IRS plan to let taxpayers digitally submit documents is ahead of schedule, Janet Yellen saysThe 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 will testify to Congress as they claim โslow-walkingโ of the Hunter Biden case
Read full article: IRS whistleblowers will testify to Congress as they claim โslow-walkingโ 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 expected to fill more than 200 customer service positions in Jacksonville
Read full article: IRS expected to fill more than 200 customer service positions in JacksonvilleIf youโre looking for a job this summer, the Internal Revenue Service is searching to fill over 200 customer service positions in Jacksonville.
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.
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?
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.
As tax season begins, here are the changes you should know about
Read full article: As tax season begins, here are the changes you should know aboutItโs now time to start gathering those W2s and all your financials together for Uncle Sam. This year youโll notice some changes, especially when it comes to refunds.
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.
IRS issues tax relief for Floridians following Hurricane Ianโs devastation
Read full article: IRS issues tax relief for Floridians following Hurricane Ianโs devastationThe Internal Revenue Service announced Thursday that taxpayers affected by Hurricane Ian are eligible to receive tax relief following the recent disaster declaration issued by the Federal Emergency Management Agency.
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.
St. Simons Island man gets time served for bomb threat to New York IRS office
Read full article: St. Simons Island man gets time served for bomb threat to New York IRS officeA 34-year-old Glynn County man accused of threatening to blow up an Internal Revenue Service office in New York was sentenced to time served and placed on three years of supervised release.
AP FACT CHECK: GOP skews budget billโs impact on IRS, taxes
Read full article: AP FACT CHECK: GOP skews budget billโs impact on IRS, taxesRepublican politicians and candidates are distorting how a major economic bill working its way through Congress would overhaul the IRS and affect taxes for the middle class.
Gov. Ron DeSantis flags on the USS Orleck raise questions about politics and non-profits
Read full article: Gov. Ron DeSantis flags on the USS Orleck raise questions about politics and non-profitsThis weekend, flags for Governor Ron DeSantis were up, and some people are asking, 'Can political flags be posted on a ship thatโs run by a non-profit?'
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.
Child Tax Credit scammers are still reaching out, FTC warns
Read full article: Child Tax Credit scammers are still reaching out, FTC warnsMany people have gotten their advance Child Tax Credit payments this year, but scammers are taking advantage of this new program to try to trick you out of money or information.
Donโt fall victim to scams targeting your Child Tax Credit payments
Read full article: Donโt fall victim to scams targeting your Child Tax Credit paymentsIf youโre a parent who hasnโt opted out of the federal Child Tax Credit program, chances are you have monthly payments coming to you over the next few months.
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.
Harris touts child care funding and payments to families
Read full article: Harris touts child care funding and payments to familiesVice President Kamala Harris is visiting a child care center to highlight the Biden administrationโs efforts to expand child care and relieve the financial pressures of parenthood.
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.
IRS to push tax deadline an extra month
Read full article: IRS to push tax deadline an extra monthThis yearโs tax season was scheduled to end April 15, but multiple news outlets reported Wednesday that the IRS is planning to push the deadline date to file an extra month. According to CNBC and other national outlets, the agency is considering moving the filing deadline to either May 15 or possibly May 17 since the 15th is a Saturday. The IRS typically delays filing deadlines that fall on a weekend or holiday to the next business day. There have been calls to extend the deadline after the passage of the $1.9 trillion American Rescue Plan. Processing of the payments began last Friday, the day after Biden signed the American Rescue Plan, which authorized direct payments of up to $1,400 to qualifying individuals.
Havenโt received your stimulus payment yet? Hereโs what to do
Read full article: Havenโt received your stimulus payment yet? Hereโs what to doFirst, check the IRSโs Get My Payment tool. Now, what if you didnโt file taxes in 2019 or 2020? The IRS urges you to file your 2020 taxes to get the money. Other reasons you may not have received your payment or the full amount you expected? Once you do file taxes, the IRS says it will give you your owed money.
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.
Some $1,400 stimulus payments could be garnished for unpaid debts
Read full article: Some $1,400 stimulus payments could be garnished for unpaid debtsJACKSONVILLE, Fla. โ A third round of stimulus checks are on the way, but did you know the $1,400 checks can be garnished to pay off debts? RELATED: Whatโs inside the $1.9T COVID-19 bill passed by CongressTo be clear, stimulus check garnishments only apply to people whose debts have gone into collections. Question number two:โIf the IRS says I did get my stimulus check but I didnโt, what do I do?โThe IRS has a section on its website that deals with the first and second payments. AdThe third question: Will I get a stimulus check? The legislation provides a direct payment of $1,400 for a single taxpayer, or $2,800 for a married couple that files jointly, plus $1,400 per dependent.
Explainer: How the child tax credit will change once the stimulus bill is signed
Read full article: Explainer: How the child tax credit will change once the stimulus bill is signedBelow is a brief look at how the child tax credit will change under the $1.9 trillion stimulus package, which is expected to be signed by President Joe Biden:AGE: Only children under the age of 16 are eligible for the current child tax credit, but the stimulus bill will make most children under the age of 18 eligible. AMOUNT: While the current child tax credit provides $2,000 per child each year, the stimulus bill will boost that to $3,000 for each child ages 6-17 years old; and $3,600 for each child under 6 years old. DISTRIBUTION: Like most credits, the current child tax credit is received as part of your annual filing process and is either applied to your income tax or your refund balance. The other half willLIABILITY: The new version of the child tax credit is expanded to be The new version of the child tax credit is expanded to be fully available to the poorest families , instead of restricting it based on the parentsโ tax liability. To read the full text of the child tax credit section of the stimulus bill, refer to page 475 of the full document.
Stimulus package will expand child tax credit. Hereโs how it works
Read full article: Stimulus package will expand child tax credit. Hereโs how it worksJACKSONVILLE, Fla. โ Aside from the direct checks, the landmark $1.9 trillion COVID-19 relief bill also expands the child tax credit which could provide families hundreds of dollars a month per child. You get $3,000 for each child ages 6-through 17 and $3,600 for each child under 6And a big change to how this money is handed out. First, make sure you file for that child tax credit this tax season. Second, keep an eye out for a new, online portal from the IRS. If you have more children, or get divorced, or have a change in income, youโll be able to let the service know through that portal.
Northeast Florida residents relieved $1,400 stimulus checks will go out soon
Read full article: Northeast Florida residents relieved $1,400 stimulus checks will go out soonBased on how quickly stimulus payments have reached bank accounts after other relief bills passed, the $1,400 payments could start to show up next week. Since itโs been expected the American Rescue Plan would pass, News4Jax on Wednesday asked people in Northeast Florida how they plan to spend their stimulus checks. It was hard.โAdAnd while the $1,400 stimulus payment for Rolle will be used to catch up on bills, mother of two Tonetta Lane-Bynes said she will use the stimulus money to prepare for a rainy day. โWhat weโre going to do with the stimulus money is really save it,โ Lane-Bynes said. โWeโre building a house, so Iโm putting it to our house,โ said resident Jean St. Pierre.
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.
How to file your taxes online securely
Read full article: How to file your taxes online securelyNinety percent of Americans will file their taxes online, either using a professional tax preparer or tax software. Itโs the only one tested to earn top marks for data privacy, data security, and usability. You can also protect your personal tax information by simply looking for the HTTPS or a little lock at the beginning of a web address. So if either is lost or stolen, your personal data canโt be accessed. Consumer Reports has created a free online security planner to help you secure your devices and accounts.
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.