The underfunded Internal Revenue Service has been relying on ancient technology to generate paper audits that target tax benefits, such as the Earned Income Tax Credit, for lower-income households. Th...
Tag: IRS
Oscars ‘Free’ Gifts Draw $46k Tax Bill From IRS + $16k From California
Hollywood, CA/ USA – July 26, 2018: Oscar golden award in a souvenir store on Hollywood Boulevard. … [+] Success and victory concept getty Some say that an Oscars statuette is the most val...
FDR’s Tax Increase Scared Him Off Hiring 87,000 IRS Agents
One of the delicious errors in Thomas Piketty’s Capital in the 21st Century is this assertion: “Roosevelt came to power in 1933 [and] immediately decided on a sharp increase in the top income tax rate...
The IRS Is Revamping Its 2022 Crypto Reporting Requirements
Following record-high adoption in 2022, the Internal Revenue Service (IRS) is revamping its crypto reporting requirements. The IRS Is Upping the Ante on Its Crypto Reporting Requirements For starters,...
Lawsuit Over Kobe Bryant Crash Settles, IRS Taxes It
Los Angeles, CA, Wednesday, August 24, 2022 – Vanessa Bryant leaves federal court after a jury … [+] ordered Los Angeles County to pay Bryant, widow of Lakers star Kobe Bryant, and another...
Americans Are Tipping More—And More Often. The IRS Wants Its Cut.
Thanks to gratuity-goosing point of sale terminals, the tip take is on the rise. Now the feds are eyeing that same digital path to collect more of the taxes owed on tip income. The skies in Raleigh, N...
Ted Cruz just slammed the IRS over its proposed tip reporting program — that could hike taxes owed by certain workers. This is what it might mean for you
‘Next level cruelty’: Ted Cruz just slammed the IRS over its proposed tip reporting program — that could hike taxes owed by certain workers. This is what it might mean for you Out of all the federal a...
Supreme Court To Decide If IRS Can Secretly Access Bank Records
Fresh off a new injection of $45 billion to ramp up its enforcement efforts, the IRS is calling on the U.S. Supreme Court to allow its agents to secretly obtain financial records, without ever notifyi...
Taxpayers can now respond to 9 IRS notices online
Hoxton/Sam Edwards | Getty Images After kicking off tax season with customer service and technology upgrades, the IRS this week unveiled a new option allowing taxpayers to respond more easily to certa...
Filing Your Crypto Taxes With the IRS Just Got More Important
The US Government has never paid more attention to your crypto taxes. Filing them is often more complicated than you think. Crypto taxes has never received more attention from the US Government. Last ...
Here’s what we learned from the IRS Commissioner hearing
Senate Finance Committee Chairman Ron Wyden, D-Ore., questions IRS Commissioner Charles Rettig at a Senate Finance Committee hearing. Tom Williams | Pool | Reuters President Joe Biden‘s nominee ...
IRS singles out tax payments 4 states sent last year as taxable
Most residents in states that distributed some kind of stimulus payments or tax rebates last year don’t have to report them on their federal returns. But some residents in four states do — largely bec...
Biden’s IRS Nominee: Agency Will Increase Audits of Wealthy Taxpayers
President Joe Biden’s nominee to lead the Internal Revenue Service pledged to increase scrutiny of certain wealthy taxpayers at his confirmation hearing Wednesday before the U.S. Senate Committee on F...
Here’s the average tax refund through Feb. 3, according to the IRS
Bill Oxford | E+ | Getty Images Tax season is underway, and the IRS has issued nearly 8 million refunds worth about $15.7 billion as of Feb. 3, the agency reported. The average refund amount was $1,96...
IRS Should Focus on Centralized Exchanges: Blockchain Exec
It’s been two years since most people have thought about what Kristin Smith says will be the “biggest regulatory item for the year.” The executive director of the Blockchain Association was referring ...
IRS Focus Attention on Centralized Exchanges
In the fast-paced and ever-evolving world of cryptocurrency, centralized exchanges play a crucial role in facilitating the buying, selling, and trading of digital assets. The rise of these exchanges h...
The IRS leaves millions waiting for answers before they can file — here’s what you need to know before you wade into the ‘mess’
‘Unfair to taxpayers’: The IRS leaves millions waiting for answers before they can file — here’s what you need to know before you wade into the ‘mess’ To file or not to file? Millions of Americans are...
The IRS Has New Tax Rules for State Payments. What They Could Mean for You.
The Internal Revenue Service on Friday gave the green light to taxpayers in 21 states who had been waiting for the agency to clarify the taxability of certain state payments before filing their federa...
Where and how to charge an electric car for free, and will the IRS give me a tax break on my Super Bowl gambling losses?
Hi, MarketWatchers. Don’t miss these top stories. Skip the candy and flowers on Valentine’s Day for this valuable gift that won’t cost you a penny Your time and attention is much more meaningful and b...
IRS tells 21 states how to handle last year’s special payments
After much outside criticism, the Internal Revenue Service basically told taxpayers in most — but not all — states that they do not need to report income from special state tax refunds or payments on ...
IRS says people in most states who got inflation-relief payments don’t have to report it on their taxes. Here’s where.
The IRS is not going to tax payments from most of the states that cut checks to residents last year in order to help them defray rising living costs. This week, the IRS has been trying to determine if...
IRS says it won’t tax California’s Middle Class Tax Refund
The IRS said taxpayers won’t need to report California’s Middle Class Tax Refund as income on their 2022 return. (Kent Nishimura / Los Angeles Times) Relax, Californians — the Middle Class...
IRS finally provides late guidance on state stimulus checks
Most taxpayers in the 21 states that sent out stimulus checks or tax rebates in 2022 don’t need to pay taxes on those payments on this year’s federal tax return, the Internal Revenue Service announced...
IRS warns taxpayers to hold off filing returns in 20 states as it checks if it can tax special refunds
Well, so much for early promises by the IRS that taxpayers could expect to “experience improvements” as they file their 2022 returns this year. Taxpayers in more than 20 states were warned...
Kraken reaches $30M settlement with SEC over staking as IRS seeks user information
Cryptocurrency exchange Kraken has reached an agreement with the United States Securities and Exchange Commission to stop offering staking services or programs to U.S. clients. In a Feb. 9 announcemen...
IRS tells taxpayers in 22 states to hold off on tax filing
The IRS is asking millions of taxpayers in 22 states including California and Colorado who received tax rebates last year to hold off on filing their taxes. The reason: The agency said it is seeking t...
ConsenSys Backs Lawsuit Against IRS Over Taxing Staked Crypto
Crypto software giant ConsenSys will financially support an ongoing lawsuit challenging the IRS’ ability to tax staking rewards, the company announced Tuesday. In 2021, Joshua and Jessica Jarrett sued...
Record-Breaking Cryptocurrency Adoption Leads The IRS To Release New Reporting Requirements
WASHINGTON, DC – APRIL 15: The Internal Revenue Service (IRS) building stands on April 15, 2019 in … [+] Washington, DC. April 15 is the deadline in the United States for residents to file...
A 30% national sales tax? Abolishing the IRS? What the FairTax Act of 2023 would do.
There is hardly an area of American life more subject to partisan debate than the tax code. Democrats want to raise taxes. Republicans want to slash them. At least that’s how the well-worn narra...
Don’t risk an audit. Here are four reasons the IRS may flag your return
dmphoto | E+ | Getty Images Tax season is underway and there’s been increased scrutiny of the IRS as the agency starts deploying part of the nearly $80 billion approved by Congress in August. W...
Tesla stock rips higher as IRS boosts Model Y EV tax credit eligibility
Tesla (TSLA) shares are trading higher today as the IRS updated its criteria for what qualifies as an SUV, and this means more EV tax credits are available. According to new rules, the IRS will use th...
‘I am trying to feverishly save for retirement’: My fiancé pays $1,700 a month to the IRS and owes student debt. We’re both 57. Should I marry him for his Social Security and pension?
Dear Quentin, My fiancé and I met at age 42 after being recently divorced. We have (now-grown) children from our previous marriages, but none together. We keep our finances separate. Neither one of us...