Bernd Vogel | Getty Images Ultra-wealthy Americans can soon protect more assets from federal estate taxes, the IRS announced this week. Starting in 2023, individuals can transfer up to $12.92 million...
Tag: Internal Revenue Service
Here are the new income tax brackets for 2023
Andersen Ross | Blend Images | Getty Images Amid soaring inflation, the IRS this week announced higher federal income tax brackets and standard deductions for 2023. The agency has boosted the income t...
ETF popularity hits record number
ETFs are seeing a record surge in popularity. The industry hit a milestone with more than 3,000 ETFs trading simultaneously for the first time ever this month — a 30% increase since December 2020, acc...
The extended tax deadline is Oct. 17. Here’s what filers need to know
Cecilie Arcurs | Getty Images There’s about one month until the Oct. 17 tax deadline extension, and experts say filers need to prepare, especially for more complicated returns. An estimated all-...
How to avoid a penalty by making quarterly tax payments by Sept. 15
If you haven’t been sending part of your income to the IRS in recent months, this week is the last chance to avoid a tax penalty. The deadline for third-quarter estimated taxes is Sept. 15, appl...
What Hath Washington Wrought: Part 3
US President Joe Biden signs the Inflation Reduction Act of 2022 into law. (Photo by MANDEL NGAN / … [+] AFP) (Photo by MANDEL NGAN/AFP via Getty Images) AFP via Getty Images This is the last in...
IRS refunding $1.2 billion in late-filing fees for nearly 1.6 million
Ekaterina Goncharova | Moment | Getty Images The IRS on Wednesday announced it will waive penalties for many Americans who late-filed tax returns during the pandemic. Nearly 1.6 million filers will au...
IRS Cancels Millions Of Penalties And Will Issue Refunds To Taxpayers Who Already Paid Them
The IRS has announced widespread penalty relief for those who filed late during the Covid-19 … [+] pandemic. getty Given the pandemic, did you file your 2019 or 2020 tax returns late? It happene...
IRS Forgives Penalties For Millions Of Taxpayers Who Filed Late—Here’s Who Qualifies
Topline The Internal Revenue Service said Wednesday it will waive and refund penalties for Americans who filed their 2019 or 2020 tax returns late, as the agency struggles with a massive Covid-imposed...
IRS interest jumps on Oct. 1. How much you’ll get for a missing refund
How to calculate your interest The interest is an annual rate compounded daily, meaning you divide the 6% rate by 365, explained Tommy Lucas, a certified financial planner and enrolled agent at Moisan...
The wealthy now have more time to avoid estate taxes
If your family has significant wealth, it’s now easier to avoid federal estate taxes, thanks to recent changes from the IRS. The IRS improved a strategy known as “portability,” used ...
Tax bill for Vermont winner of Powerball $366.7 million jackpot
If you’re holding the winning ticket for Powerball’s $366.7 million jackpot, don’t forget about your silent partner: Uncle Sam. After rolling higher for about two months of three wee...
IRS boosts mileage rate deductions as gas prices soar to $5 a gallon
Guy Benhamou sends a picture of gas prices to friends while pumping gas at an Exxon Mobil gas station on June 9, 2022 in Houston. Brandon Bell | Getty Images If you’re self-employed or own a sma...
House Democrats push for repeal of rule blocking SALT cap workaround
Rep. Tom Suozzi, D-N.Y., speaks during a news conference announcing the State and Local Taxes (SALT) Caucus outside the U.S. Capitol on April 15, 2021. Sarah Silbiger | Bloomberg | Getty Images Three ...
Still missing your tax refund? You’ll soon receive 5% interest
Bill Oxford | E+ | Getty Images If you’re still waiting for a tax refund, there’s a silver lining: it may be accruing interest, and the rate jumps to 5% from 4% on July 1, according to the...
IRS insists destruction of taxpayer data won’t affect payers
alfexe | iStock | Getty Images Filers won’t be affected by the IRS decision to destroy data for millions of taxpayers, the agency said in a statement Thursday. The IRS tossed an estimated 30 mil...
Tax pros ‘horrified’ by IRS decision to destroy data on 30 million filers
courtneyk | E+ | Getty Images An audit by the Treasury Inspector General for Tax Administration revealed the IRS has tossed data for millions of payers, sparking anger from the tax community. The mate...
Over 60 million tax returns could be completed automatically, study says
Tom Werner | DigitalVision | Getty Images The IRS may have the ability to automate nearly half of tax returns, according to a working paper from the National Bureau of Economic Research. The agency co...
Here’s what to do if you missed the April 18 tax filing deadline
Sergey Mironov | Moment | Getty Images If you missed the April 18 tax deadline, you may cut back on penalties by filing your return promptly, according to the IRS. While it’s too late to reques...
How to avoid a tax filing rejection if last year’s return is pending
Drakula & Co. | Moment | Getty Images The IRS is backlogged and still sifting through tens of millions of pending returns, including many of last year’s filings. If your 2020 return is part ...
How to avoid a 6-figure tax penalty on foreign bank accounts
Chuyn | Istock | Getty Images Whether you’re an expat or U.S.-based, you may need to report your foreign accounts to the U.S. Department of the Treasury by April 15 — or face costly tax penaltie...
Meet Erin Collins, National Taxpayer Advocate for the IRS
Erin M. Collins Source: Erin M. Collins If you’re one of the millions of Americans grappling with IRS issues, you may not realize there’s another option for your unresolved problems. The T...
Bipartisan lawmakers push for IRS answers on problems facing taxpayers
Signage outside the Internal Revenue Service (IRS) headquarters in Washington, D.C. Bloomberg | Bloomberg | Getty Images A group of bipartisan lawmakers is pressing the IRS for answers on lingering is...
how it affects your tax return
Your filing status is the backbone of your tax return, and checking the wrong box can be costly. Yet many filers still confuse single and head of household, financial experts say. “Most people a...
Cryptocurrency Front And Center In Revised IRS Voluntary Disclosure Practice
The Internal Revenue Service announced today that the Voluntary Disclosure Practice Preclearance Request and Application has been revised. The IRS’s Voluntary Disclosure Practice has been around for y...