President Donald Trump announced Wednesday night that he will instruct the Treasury Department to allow individuals and businesses negatively affected by the coronavirus to defer their tax payments beyond the April 15 filing deadline.
The agency said Wednesday that it is stepping up its efforts to visit high-income taxpayers who failed in prior years to file their tax returns on time.
Russell Vought, acting director of the White House budget office, said customary rules will be changed to make the payments possible. About three-quarters of taxpayers receive annual refunds, giving them an incentive to file their returns early.
The IRS is making it simpler for business owners to deduct the cost of meals with customers and clients.
The IRS said that individuals or businesses with a filing or payment due Tuesday now have until midnight Wednesday to complete the task. The Indiana Department of Revenue also extended its deadline.
The agency, pummeled for years by criticism from congressional Republicans and funding cuts, now must administer and enforce the most sweeping overhaul of the U.S. tax code in three decades.
Indiana businesses and individual taxpayers might have double the work (and double the cost) to calculate their taxes next year if May’s special session fails to address the problem.
But it’s unclear whether some of the people prepaying will actually be able to claim the deduction, as the IRS has issued guidance that limits what qualifies.
The appointment came the same day the Trump administration agreed to a "very substantial" payout to hundreds of tea party groups to settle a class-action lawsuit over burdensome IRS scrutiny in 2012.
A Shelby County woman has agreed to plead guilty to federal charges of wire fraud and tax evasion after being accused of embezzling from her employer and failing to pay $463,000 in income taxes.
As millions of Americans file their income tax returns, their chances of getting audited by the IRS have rarely been so low.
A local tax-preparation business owner has pleaded guilty to instructing his employees to prepare more than 2,300 false client tax returns worth $1.5 million.
Only 37 percent of people who called the IRS for help during tax season were able to reach a person, the report said. For those who got through, the average time on hold was 23 minutes.
The Obama administration says it sent about 800,000 HealthCare.gov customers the wrong tax information, and officials are asking those consumers to delay filing their 2014 taxes.
The Internal Revenue Service is reducing taxpayer services to historically low levels just as President Barack Obama's health law will make filing a federal tax return more complicated for millions of families.