The Inflation Reduction Act, signed into law this month by President Joe Biden, empowers the IRS with nearly $80 billion in new funds. The world’s most powerful tax collection agency is using the mone...
Tag: IRS
Charlie Sheen Beats IRS, Slashes $7M Tax Bill To $3.3M
Actor Charlie Sheen has owed the IRS millions for years and has long been trying to hold them at bay. Convincing the IRS they are wrong is not easy, especially where the IRS has discretion, and where ...
What $80 Billion More for the IRS Means for Your Taxes
The last Tax Report came out just as Congress took up the Inflation Reduction Act, and it discussed the bill’s $80 billion in proposed new Internal Revenue Service funding. Over half the new dollars w...
Charlie Sheen Will Pay IRS $3.3 Million And Possible Share In Future Earnings
Charlie Sheen (shown during an event in Sydney Australia in 2018) has reached a deal with the IRS … [+] that gives Uncle Sam $3.3 million and a cut of any increase in his future earnings. (Photo...
IRS targets SFOX users for possible tax crimes
The IRS can serve a John Doe summons on crypto prime dealer SFOX, according to an order entered by a federal district in California on Monday. The order allows the agency to seek information about tax...
Yellen tells IRS to develop modernization plan in 6 months
Now that President Joe Biden signed Democrats’ expansive climate, tax and health care bill into law, U.S. Treasury Secretary Janet Yellen has directed the IRS to develop a plan within six months outli...
U.S. Department of Justice Teams Up With IRS To Find Alleged Crypto Tax-Cheating Customers of SFOX
The U.S Department of Justice (DOJ) is working with federal tax collectors to find crypto traders who didn’t pay their government dues. In a statement, the Justice Department says that a California co...
Don’t worry about a beefier IRS, unless you’re a tax cheat
The tax man has not been cometh-ing very much, and Democrats aim to fix that with a key plank of the newly passed Inflation Reduction Act. Republicans warn this is really an assault on working-class A...
More IRS Audits Are on the Way for Taxpayers. How to Respond if You’re Targeted.
Taxpayers, be forewarned. A new era of IRS scrutiny is looming. The Internal Revenue Service is due to receive an infusion of $80 billion over 10 years under the Inflation Reduction Act—the tax, clima...
US Court Allows IRS ‘John Doe’ Summons on California Crypto Broker
A California federal judge allowed the Internal Revenue Service to issue ‘John Doe’ summons on the SFOX Inc crypto broker and its affiliates. The IRS is specifically seeking information about U.S. tax...
IRS takes out John Doe summons on crypto prime dealer SFOX to find tax cheat customers
The Central District of California federal court entered an order Monday to authorize the United States Internal Revenue Service (IRS) to serve a John Doe summons on SFOX, a Los Angeles-based cryptocu...
IRS Gets Greenlight on Brokerage Inquiry
IRS is after traders who may have concealed gains made via crypto brokerage SFOX A John Doe summons allows the IRS to collect information about unidentified taxpayers who may have evaded IRS payments ...
IRS to Serve Summons to Crypto Dealer SFOX Looking for Possible Tax Evaders
The court order, which was approved by a judge in the Central District of California, authorizes the IRS to serve the summons against SFOX, asking for information about any “U.S. taxpayers who c...
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...
Inflation Reduction Act would send $80 billion to the IRS. Tax experts say it may not be enough to help the backlogged agency.
For roughly a year, Jonathan Baer watched a paper folder full of tax-related paperwork slowly grow as he chronicled his effort to claim his 2020 tax refund. The attempts included upwards of 40 phone c...
IRS Launches Court Action in Crackdown on Crypto Tax Evaders
The U.S. taxman is clamping down on potential tax evaders by going to court to demand information from a cryptocurrency dealer. The Internal Revenue Service (IRS) has asked federal judges to give it t...
Used PayPal or Venmo? Look Out for This IRS Tax Form
When 1099-K Is Needed: IRS Form If you use PayPal, Venmo and other third-party payment networks, then you might get a 1099-K form from the IRS. This form reports transactions from third-party payment ...
Got Hidden Income? The IRS May Get More Money to Find You
If Congress passes the Inflation Reduction Act, Americans should expect more IRS audits—especially on filers making more than $400,000 a year. The surprise agreement between Sens. Chuck Schumer (D., N...
IRS Updates Crypto Question for 2022 Tax Return to Include Gifts
IRS once again expands its inquiries into how taxpayers are interacting with cryptocurrencies In the newly released draft of the 2022 individual income tax return, the IRS clarified that “receiving” c...
IRS Changes Guidelines for Inherited IRAs, Causing Confusion and Pushback
Figuring out the most efficient way to navigate the tax impact of inheriting individual retirement accounts has become more complicated since the Internal Revenue Service issued proposed new rules in ...
A new Senate bill would bill exempt small crypto from capital gains taxes
A new bill that would exempt small crypto transactions from capital gains taxes has entered the Senate. According to an announcement shared with The Block, Senators Pat Toomey and Kyrsten Sinema have ...
Superfund Excise Tax Is Catching Many Companies By Surprise
The Superfund Excise Tax went into effect on July 1, 2022, and many companies are still struggling to understand whether it applies to their operations and how to properly estimate their potential lia...
IRS Gives Wealthy Families More Time to Shelter Assets from Estate Tax
The federal government is giving widows and widowers more time to deal with the intricacies of the estate tax after a spouse dies. When one spouse dies, their partner often inherits all or part of the...
Aretha Franklin Estate Settles IRS Tax Claims
Aretha Franklin, the Queen of Soul, died in 2018 without a will. She was one more in a long line of celebrities that are very successful but that neglect how important estate planning can be. Her heir...
Were IRS Research Audits Used To Target Trump’s Enemies? Here’s Another Possible Explanation For Why Two Ex-FBI Officials Got Picked
Two former FBI officials were the subjects of a rare type of IRS audit. Were they targeted? getty It may be every politician’s favorite fantasy—weaponizing the IRS. Last week the New York Times report...
IRS, Lawmakers Seek Review of Comey, McCabe Audits
WASHINGTON—The Internal Revenue Service and members of Congress have asked the agency’s inspector general to investigate the circumstances surrounding intensive audits of James Comey and Andrew McCabe...
The IRS audited ex-FBI director James Comey and former deputy Andrew McCabe. What are the odds?
In recent years, the Internal Revenue Service has been processing around 150 million to over 160 million tax returns annually, doing the work with a shrinking staff and an inflation-adjusted budget th...