IRS has 940,000 unclaimed tax refunds from 2020 that are about to expire
The IRS is warning taxpayers that they might be leaving more than $1 billion in unclaimed refunds on the table.
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IRS throws chill into collectives paying college athletes while claiming not-for-profit status
The rapidly expanding landscape of not-for-profit, donor-backed collectives paying college athletes to promote charities has been hit with a potentially seismic disruption.
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IRS to go after executives who use business jets for personal travel in new round of audits
The audits will focus on aircraft used by large corporations and high-income taxpayers and whether the tax purpose of the jet use is being properly allocated, the IRS says.
IRS to waive $1B in penalties for people, firms owing back taxes for 2020 or 2021
Nearly 5 million people, businesses and tax-exempt organizations—most making under $400,000 per year—will be eligible for the relief starting this week.
IRS says Microsoft might owe about $29B in back taxes
That figure, which Microsoft disputes, stems from a long-running IRS probe into how Microsoft allocated its profits among countries and jurisdictions in the years 2004 to 2013.
IRS to pause taking claims for pandemic-era tax credit due to influx of fraudulent claims
The IRS has received 3.6 million claims for the credit over the course of the program. It said hundreds of criminal cases have been started and thousands of claims have been referred for audit.
IRS plans to crack down on 1,600 millionaires to collect back taxes
IRS Commissioner Daniel Werfel said that with a boost in federal funding and the help of artificial intelligence tools, the agency has new means of targeting wealthy people who have “cut corners” on their taxes.
Dems accuse tax-prep firms of undermining IRS effort on free-file returns
The IRS in May announced that it would launch a pilot program for the 2024 filing season to allow taxpayers to file directly to the agency for free.
Average income tax refund smaller than last year’s
The filing deadline for most taxpayers is Tuesday, though it has been extended for parts of Indiana, California, Alabama, Georgia, New York, Tennessee, Arkansas and Mississippi that were hard hit by severe weather.
IRS looking into free electronic tax-filing system for all
Big tax preparation companies have millions of dollars to lose if the program comes to fruition. Last year, more than 60 million taxpayers were serviced by Intuit, the parent company of TurboTax, and H&R Block.
IRS overhaul aims for tenfold increase in audits of the wealthy
IRS and Treasury Department officials said Thursday that they will use part of the $80 billion in new funding for the tax service to claw back unpaid balances from high-income earners and complex businesses.
New IRS leader promises faster, easier tax filing process
Commissioner Danny Werfel delivered a tax-season pledge Tuesday that the agency will use an $80 billion infusion of cash to become faster, more tech-savvy and provide “real-world improvements” to taxpayers.
IRS braces for the unthinkable: A normal tax season
After its controversial funding boost, the agency is answering 90 percent of its phone calls, has squashed its backlog of overdue returns, introduced new online taxpayer tools to keep pace with private software companies and processed 99.7 percent of returns filed this tax season, according to agency reports.
IRS nominee: No audit boost for households under $400,000
President Joe Biden nominated Werfel to steer the Internal Revenue Service as it receives a massive funding boost—nearly $80 billion over the next 10 years through the Inflation Reduction Act, which Congress passed in August.
IRS won’t tax most relief payments made by states last year
The IRS announced Friday that most relief checks issued last year by states, including Indiana, aren’t subject to federal taxes, providing 11th hour guidance as tax returns start to pour in.
IRS announces Jan. 23 start date for tax-filing season
The news comes after the National Taxpayer Advocate reported Wednesday that the IRS watchdog is seeing “a light at the end of the tunnel” of the IRS’ customer service struggles.
House GOP kicks off majority with vote to slash IRS funding
House Republicans have passed a bill that would rescind nearly $71 billion that Congress had provided the IRS.
Trump tax audits required by IRS were delayed, panel says
A report released by the Democratic majority on the House Ways and Means Committee indicated the Trump administration may have disregarded an IRS requirement dating back to 1977 that mandates audits of a president’s tax filings.
IRS: Growing gap between U.S. income taxes owed and paid
Money from a recent $80 billion infusion for the IRS from the so-called Inflation Reduction Act will be used to help audit high-income earners who do not pay their full tax liability.
IRS increases standard deductions, tax brackets due to inflation
Taxpayers will get fatter standard deductions for 2023 and all seven federal income tax bracket levels will be revised upward as the government allows people to shield more of their money from taxation.
IRS wants millions to claim child tax credit, stimulus funds
The government said some families might be leaving up to $3,600 per child unclaimed, as well as other payments owed to them.