Among the proposed changes, businesses that receive “cryptoassets” with a fair market value of more than $10,000 would have to report it to the IRS.
President Joe Biden is proposing that Congress build up the depleted and often-maligned agency, saying that a more aggressive collection of unpaid taxes could help cover the cost of his multitrillion-dollar plan to boost infrastructure, families and education.
The IRS announced the decision Wednesday and said it would provide further guidance in the coming days. The move provides more breathing room for taxpayers and the IRS alike to cope with changes brought on by the pandemic.
Simple tax forms being mailed to people who never collected unemployment benefits are revealing their identities were likely stolen months ago and used to claim bogus benefits that have totaled billions of dollars across the country.
The National Consumer Law Center estimates that up to 20 million Americans who filed their taxes with an online preparation service found that their payment did not make it to them directly.
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.