Topline The Internal Revenue Service said Thursday it has asked the Treasury Department’s internal tax watchdog to look into reports former FBI Director James Comey and his deputy Andrew McCabe, two f...
Tag: IRS
California Is Taxing Nonresidents Who Never Even Visited—Really
Californians know that the state’s tax agency, the Franchise Tax Board or FTB, seems tougher than the IRS. Even if you live somewhere else, you might have heard of the Golden State’s aggressive tax ru...
IRS Likely to Delay Crypto Exchange Reporting
The Biden administration seems poised to delay when it expects cryptocurrency brokers and exchanges to start reporting on their clients’ trading. The U.S. Treasury Department and the Internal Revenue ...
IRS Forced To Delay Crypto Tax Collection As Industry Struggles With New Rules: Report
The US government is reportedly delaying collecting billions of dollars worth of crypto taxes to give firms in the industry more time to gather relevant information on their customers. According to a ...
IRS launches ‘Operation Hidden Treasure’ to clamp down on crypto non-taxpayers
As cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) become more popular and widely adopted around the world as a valid alternative to traditional assets, countries are seeking ways to regulat...
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...
Coin Center sues Treasury and IRS, claims tax-reporting rule unconstitutional
Coin Center, a Washington, DC-based crypto think-tank, on Friday filed a lawsuit in federal district court against the Treasury Department and the Internal Revenue Service claiming a crypto tax-report...
Coin Center Sues IRS For Unconstitutional Tax Reporting Rules
Coin Center, a Washington DC-based Not-for-Profit organization with a focus on crypto policies, has filed a lawsuit against the United States Treasury and the Internal Revenue Service (IRS) for a tax ...
Chrisleys Are Convicted Of Tax Evasion & Bank Fraud, Don’t Know Best
Todd and Julie Chrisley were indicted in August 2019 on a raft of a federal tax and bank charges, and a new indictment was filed in February of 2022. They were just convicted of all charges by a jury ...
Johnny Depp Can Write Off Legal Fees, Amber Heard Can’t, Here’s Why
Talk about a doubly whammy. After the $10,350,000 verdict she owes Depp, Amber Heard’s lawyer says the actress can’t pay Depp the whopping verdict the court says she owes him. Add to that ...
Tax Bill On Johnny Depp And Amber Heard Damages Could Be Particularly Ugly
The long-awaited verdict is in, with Johnny Depp coming out on top, but neither of them unsullied in the process. The jury found that Heard defamed Depp, and awarded him $10 million in compensatory da...
Report: Crypto traders potentially owe IRS around $50B in unpaid taxes
A Barclays report has revealed that crypto investors might not be paying their full taxes to the Internal Revenue Service (IRS), saying that the tax gap for crypto traders could be up to $50 billion, ...
Court Rules IRS Is Too Late To Audit, Win For Taxpayers
Tax returns are annual drudgery, but they matter. They matter for individuals, businesses and investment entities. Everybody must file one, or more than one, depending on how many entities you have. Y...
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...
IRS Taxes Kentucky Derby Wins, But Can You Deduct Losses?
Rich Strike’s improbable Kentucky Derby win made the owner flush, with a $1.86M purse on a horse that only cost $30,000. There were plenty of other winners too, for anyone bold and prescient enough to...
Proposed IRS Rule Could Penalize Some Heirs of Retirement Accounts
Proposed new regulations from the Internal Revenue Service for inherited retirement accounts would require many heirs to make minimum annual withdrawals from the accounts—leaving less room for the sav...
The IRS Is Changing How Your Beneficiaries Receive Your Retirement Funds
SmartAsset: The IRS Is Changing Your 403(b) Plan. Here’s What You Need to Know. In an effort to streamline the regulation that governs how retirement accounts can be used, the IRS has proposed a...
The IRS Just Boosted How Much You Can Contribute for Retirement
SmartAsset: The IRS Just Boosted How Much You Can Contribute for Retirement Healthcare ranks as one of the most pressing concerns for retirees, and with medical expenses rising every year, two out of ...
Johnny Depp & Amber Heard Have Tax Issues Too
It’s hard to look at the spectacle but curiously hard to look away too. In some ways, it can make you feel lucky that you’re not among the rich and famous. Do they have tax problem, too? Surprisingly,...
IRS And Foreign Tax Enforcers Warn NFTs Pose Growing Money Laundering Risks
Global regulators issued a new warning about how criminals can use NFTs for money laundering. Eva Marie Uzcategui/Bloomberg On Thursday, global regulators issued a new warning of the growing risks of ...
‘The issues with the IRS are still present and very real’: Millions of Americans are racing to file their tax returns, and filing extensions
Tax Day came and went earlier this week, so if your upcoming weekend plans are just chilling after the last-minute tax time bustle, you might have company. April 18 marked the deadline in most states ...
US IRS To Start Crackdown on NFT Traders for Tax Evasion – crypto.news
According to a recent report, the US IRS plans a crackdown on NFT investors who evade tax. However, many NFT stakeholders complain that there are no clear tax regulations around NFT. IRS Crackdown on ...
Much To the Surprise Of Taxpayers, the IRS Ask For Reports on Crypto Acquisitions And Sales
Surprisingly, the 2022 tax season did not go through many challenges this time. The Internal Revenue Service (IRS) would easily meet the scheduled deadline, April 18, for the first time in the last th...
Taxpayers get a surprise as the IRS pushes for reporting on crypto assets
The 2022 tax season is coming to an end without many challenges. For the first time in three years, the Internal Revenue Service (IRS) will be able to meet the scheduled deadline, April 18. The agency...