IRS launches direct file pilot program in Florida for the 2024 tax season โ here is how it works
With income tax filing season officially underway, a limited number of taxpayers in 12 states are now eligible to join an IRS pilot program that will allow them to calculate and submit their returns to the government directly without using commercial tax preparation software.
IRS expects to collect hundreds of billions more in overdue and unpaid taxes thanks to new funding
The IRS says it expects to collect hundreds of billions of dollars more in overdue and unpaid taxes than previously anticipated using funding provided to the agency by the Democratsโ Inflation Reduction Act.
The IRS is launching a direct file pilot program for the 2024 tax season โ here is how it will work
As tax filing season officially starts Monday, a limited number of taxpayers in 12 states will soon be eligible for a program that will allow them to calculate and submit their returns directly to the IRS without having to pay for commercial tax preparation software.
Ex-IRS contractor gets five years in prison for leak of tax return information of Trump, rich people
A former contractor for the Internal Revenue Service who pleaded guilty to leaking tax information to news outlets about former President Donald Trump and thousands of the countryโs wealthiest people was sentenced to five years in prison on Monday.
Ex-IRS contractor pleads guilty in leak of tax return information of Trump, wealthy people
A former contractor for the Internal Revenue Service charged with leaking tax information to news outlets about former President Donald Trump and thousands of the countryโs wealthiest people pleaded guilty Thursday in an agreement with prosecutors.
IRS steps toward a new free-file tax return system have both supporters and critics mobilizing
Plans by the IRS to test a new electronic free-file tax return system next year have got supporters and critics of the idea mobilizing over whether the government should set up a permanent program to help people file their taxes without needing to pay somebody else to figure out what they owe.
Republicans get their IRS cuts; Democrats say they expect little near-term impact
While Republicans seek to make good on campaign promises to cut IRS funding through the proposed debt ceiling and budget cuts package now moving through Congress, Democrats are offering assurances that the spending cuts will have little impact on the federal tax collector.
IRS to send next round of stimulus payments this week
Officials at the Treasury Department and Internal Revenue Service said Friday, March 12, 2021 that processing the new round of stimulus payments has already begun, with the aim of having the first payments start showing up in bank accounts this weekend. (AP Photo/Matt Rourke, File)The second batch of COVID-19 stimulus checks will be issued this week, the Biden administration announced Monday. The payments of up to $1,400 per person began disbursement earlier this month after President Biden signed the $1.9 trillion Covid relief bill into law. Families will receive an additional $1,400 per dependent, so a couple with two children could receive up to $5,600. Unlike prior rounds, families will now receive the additional money for adult dependents over the age of 17.
IRS will delay tax filing due date until May 17
The IRS will delay the traditional April 15 tax filing due date until May 17, 2021, to cope with added duties and provide Americans more flexibility. The Internal Revenue Service says it's delaying the traditional tax filing deadline from April 15 until May 17. The pandemic hit in the middle of last year's tax filing season, setting the agency back in terms of processing. AdโNever before has the law changed so substantially in the middle of tax filing season," Patrick Thomas, director of Notre Dame Law Schoolโs Tax Clinic, said in a statement. A number of lawmakers and professionals from the tax community have urged the tax filing season be extended to accommodate for these pressures.
Stimulus payments are coming, so scammers could be coming for your money
โWith many Americans set to receive direct payments from the federal government, we expect scammers will devise schemes to exploit the massive spending to trick recipients into parting with personal or financial information,โ Moody said. To view Scams at a Glance: Stimulus Payments in English, click here . To view Scams at a Glance: Stimulus Payments in Spanish, click here . To view Scams at a Glance: Coronavirus Scams in English, click here . To access Moodyโs Scams at a Glance webpage, click here .
IRS says new round of COVID relief payments on the way
โThe payments will be delivered automatically to taxpayers even as the IRS continues delivering regular tax refunds,โ IRS Commissioner Chuck Rettig said in a statement. The relief measure, which passed on party-line votes in both the House and Senate, contains the third round of economic-impact payments. The first round passed last spring provided up to $1,200 per individual, and a second round of payments in December provided up to $600 per individual. The latest round of relief payments will provide households with $1,400 for each adult, child and adult dependent, such as college students or elderly relatives. AdOfficials said they wanted to handle the payments this way rather than waiting for the 2020 tax return to be filed in the interest of speeding payments to taxpayers.
Taxing time: How the pandemic will affect filing your taxes
(AP Photo/Keith Srakocic, File)The pandemic has made everything a bit trickier โ tax filing season is no exception. Additionally, unemployment benefits are always subject to federal taxes, but a handful of states do not tax it. AdSide note: It won't affect your federal taxes but if you relocated to a different state during the pandemic, you may owe state taxes in more than one location. The provision allows taxpayers to use either their 2019 or 2020 income when claiming the Earned Income Tax Credit or Child Tax Credit. And if you are a higher income household, you may also face a net investment income tax on capital gains and other investment income.
Watch out for fraud as stimulus payments deposited, mailed, Florida AG warns
Floridians arenโt the only ones excited about the stimulus payments from the federal government that have already started being deposited in bank accounts across the state. Floridians are already receiving payments both through direct deposit and mailed checks. Moody wants to make sure you can spot and avoid scams related to the federal payments. To track stimulus payments, use the IRS Get My Payment tool by clicking here . Please remember that the IRS will NOT call or email Floridians about stimulus payments.
IRS says executors undervalued Prince's estate by 50%
The IRS determined that Princeโs estate is worth $163.2 million, overshadowing the $82.3 million valuation submitted by Comerica Bank & Trust, the estateโs administrator. Documents show the IRS believes that Prince's estate owes another $32.4 million in federal taxes, roughly doubling the tax bill based on Comericaโs valuation, the Star Tribune reported. The IRS also has ordered a $6.4 million โaccuracy-related penaltyโ on Princeโs estate, citing a โsubstantialโ undervaluation of assets, documents show. Comerica sued the IRS this summer in U.S. Tax Court in Washington, D.C., saying the agencyโs calculations are riddled with errors. A trial could dramatically lengthen the settlement of Princeโs estate and generate more legal fees at the expense of Princeโs heirs, Patrick said.
Insurance shoppers: Plan now to trim next spring's tax bill
But they have to estimate their income for the coming year to figure out how much help they need in the form of tax credits. Those who make between 100% and 400% of the federal poverty level can get some tax credit help paying their premium. This year, 400% of federal poverty amounted to $104,800 for a family of four. EXPLORE OPTIONS FOR HELPItโs too late to adjust your tax credits for 2020. Thereโs enough time at that point to adjust tax credits if needed.
IRS chief: agency reaching out on pandemic relief payments
A congressional watchdog found that millions could miss the payments of up to $1,200 per individual because of incomplete government records. A day after cutting off talks with Democratic leaders in Congress over a new COVID-19 relief package, President Donald Trump pressed Wednesday for passage of fresh $1,200 relief checks, among a few other items. Lawmakers on the panel decried the diminished funding for the IRS, now further strained by the pandemic. Delayed income tax refunds, hampered audit and enforcement efforts, and a revenue drain for the Treasury are the results, they said. Trumpโs near-zero tax payments have underscored the ability of wealthy individuals with high-priced accountants to outmatch the IRS.
St. Simons Island man accused of threatening to blow up IRS office
A 32-year-old Glynn County man accused of threatening to blow up an Internal Revenue Service office in New York has been indicted on federal charges, the Department of Justice announced Friday. Benjamin Stasko of St. Simons Island is charged with willful threat to kill using firearms or explosives and interstate transmission of a threat to injure, according to the U.S. Attorneyโs Office for the Southern District of Georgia. The charges stem from a threat made in a comment posted July 6 on the IRS website. According to the Justice Department, the threat claimed a pipe bomb was planted in the Ted Weiss Federal Building in New York. Investigators later located Stasko in St. Simons Island and placed him under arrest.
Hereโs whoโs still waiting for stimulus money
That means the Internal Revenue Service didn't know her bank account number, shutting her out of the first round of payments. Nearly 90 million of the 150 million eligible for stimulus money had received their payment by April 17, according to the government's latest numbers. Some people have told CNN that the money was sent to closed bank accounts -- and that the bank transferred the money back to the IRS. Then, there are millions of low-income people who are not normally required to file tax returns that will have to take some action before receiving their stimulus money. The tool allows you to input bank account information for a direct deposit, or an address to receive a paper check.