The special agent heading up the Internal Revenue Service’s Criminal Investigation division (IRS-CI) says that crypto companies will need to work closely with federal agencies if they want to build le...
Tag: IRS
Is Congress Weaponizing The IRS By Releasing Trump’s Tax Returns?
The decision to publicly release Trump’s tax returns raises questions of “weaponizing” the IRS. Getty Images Every politician’s favorite fantasy is now one step closer to reality. Wi...
What’s The Earliest Date To File Taxes In 2023? How To Get The Quickest (And Biggest) Tax Return
| SOPA Images/LightRocket via Getty Images Key Takeaways The earliest the IRS accepts tax filings is the end of January. Expect an official date from the IRS sometime in mid-January. Filing your taxes...
IRS ditches new tax requirement for now that would have caused ‘lots of confusion’
The Internal Revenue Service is delaying the new $600 reporting threshold for 1099-K tax forms, a move many tax experts believe will help avoid potential chaos this upcoming filing season. The updated...
IRS Delays $600 Crypto Tax Threshold, Citing Need To Clarify Conditions Before Rollout
The Internal Revenue Service (IRS) is delaying rolling out its new $600 reporting threshold for third-party settlements, saying that more clarity is needed before it can kick off. In a new press relea...
How Does the IRS Treat Your FTX Losses? SBF’s Prosecution will tell
Individual FTX losses can either be claimed as ‘capital loss’ or ‘theft loss.’ Capital loss can offset business or job income by upto $3,000. Theft loss can offset any income w...
IRS likely won’t clear its tax return backlog before 2023 begins, report finds
The Internal Revenue Service will likely fail to clear its huge backlog of tax returns this year, an IRS watchdog reported this week, again leaving many U.S. taxpayers waiting for their returns — and ...
IRS conducted Biden audits, House passes requirement for IRS audit of president
The IRS has conducted audits on the federal income taxes of President Joe Biden and first lady Jill Biden for the last two years, one of which required the first couple to pay slightly more than origi...
IRS pauses rule requiring people to report PayPal, Venmo transactions over $600. Here’s what went wrong.
To avert taxpayer confusion in the upcoming tax season, the IRS is delaying a rule that would have required e-commerce sites and payment platforms like eBay EBAY, +0.12%, Etsy ETSY, -0.32% and PayPal ...
IRS Halts Controversial New Rule Requiring Gig Workers To Report $600 Payments
Topline The Internal Revenue Service has put a one-year pause on a controversial new rule that would have required gig workers to report payments of at least $600 received through e-commerce platforms...
IRS to delay $600 payment platform reporting threshold, calls 2022 “transition period”
The Internal Revenue Service is delaying new requirements that require third-party settlement organizations like PayPal and Venmo to report transactions that exceed a minimum threshold of $600 in aggr...
One Trump tax return was audited by IRS audit, report says
Only one of Donald Trump‘s annual federal income tax returns began being audited by the IRS when he served as president, despite the agency having a policy dating to 1977 of conducting mandatory...
Year-End Changes To Lower Your Liability
Getty Images Key takeaways Tax season lies just around the corner, which means it’s time to seek those last-minute tax breaks While tax rates haven’t changed, each tax bracket (income range) has adjus...
The outcome of SBF’s prosecution could determine how the IRS treats your FTX losses
FTX founder Sam Bankman-Fried has received official criminal charges after the collapse of his cryptocurrency exchange, which is more than just a moral victory for the exchange’s roughly 1 million ind...
Billionaire Ken Griffin Sues IRS Over Leak Exposing Taxes Paid By 25 Richest Americans
Topline Hedge fund billionaire Ken Griffin, who founded and helms trading powerhouse Citadel, has sued the Internal Revenue Service and Treasury Department for alleged negligence in maintaining safegu...
Cryptocurrency investor losses are being turned into IRS gains — here’s how they’re doing it
The Internal Revenue Service has been turning up its scrutiny on cryptocurrency investors in recent years, and as that happens, more investors have been turning to the tax code’s rules on investment l...
Hit by Inflation? The IRS Has $1,400 Waiting For You
The IRS has started sending out letters to approximately 9 million households that might have missed out on several pandemic-related tax refunds and stimulus checks, which may include the third round ...
Here’s why your tax refund may be smaller in 2023, the IRS says
If you’re expecting a tax refund in 2023, it may be smaller than this year’s payment, according to the IRS. Typically, you get a federal refund when you’ve overpaid yearly taxes or ...
Is the IRS still processing 2020 unemployment tax refund? Yes. For many, the wait continues
Bob Dyer and likely millions of other taxpayers are still waiting for tax year 2020 refunds from the IRS. Earlier this summer, I wrote a column about Dyer, who retired as the Akron, Ohio, Beacon Journ...
The IRS says its 87,000 new hires could help collect as much as $1 trillion — by forcing tax cheats to pay up. But will more ‘fire-breathing dragons’ really do the trick?
Get ready, ultra-wealthy Americans: President Joe Biden wants you to start paying your share. Through the Inflation Reduction Act, Biden plans to increase funding for the IRS to help the agency catch ...
IRS raises 2023 retirement savings cap, but few even hit it. Here’s what you can do about it.
Most of the news on inflation has been bad, but retirement savers may have been given a silver lining – if they’re savers and if they can afford to take advantage of it. The IRS lifted last month by a...
IRS Building ‘Hundreds’ of Crypto Cases — Official Says $7 Billion in Crypto Seized in 2022 – Coinotizia
The Internal Revenue Service (IRS) is building “hundreds” of crypto cases to crack down on tax evasion, an official reportedly said. In the fiscal year 2022, the IRS Criminal Investigation Division se...
IRS Building ‘Hundreds’ of Crypto Cases — Official Says $7 Billion in Crypto Seized in 2022 – Taxes Bitcoin News
The Internal Revenue Service (IRS) is building “hundreds” of crypto cases to crack down on tax evasion, an official reportedly said. In the fiscal year 2022, the IRS Criminal Investigation Division se...
IRS Is Preparing Hundreds of Crypto Tax Evasion Cases
The United States Internal Revenue Service (IRS) criminal division has said that it is gearing up for the tax season and has its sights set on the crypto community. Per reports from Bloomberg Law, Jim...
IRS Building Hundreds of Crypto Tax Evasion Cases, Says Agency’s Criminal Chief: Report
The U.S. Internal Revenue Service’s (IRS) criminal chief says that the agency is reportedly building hundreds of crypto tax evasion cases. According to a new report by Bloomberg Tax, IRS criminal head...
IRS Ready to Tackle Rising Crypto Cases in Upcoming Tax Season
IRS updated crypto taxation guidelines in October 2022. According to the reports of Bloomberg, The United States Internal Revenue Service(IRS) criminal investigation division is ready to crack down o...
IRS is Building Hundreds of Crypto Tax Evasion Cases
Hundreds of crypto-related cases are piling up at the Internal Revenue Service (IRS)’s Criminal Investigation division. According to division chief Jim Lee, many of these cases will be made public soo...
Opinion: Hardship withdrawals from a 401(k) will get easier soon, but not quite yet
If you’re getting crushed by inflation and you have any money sitting in your 401(k), you may be wondering how you can get at it. In that kind of situation, something called a “hardship withdrawal” so...