The Internal Revenue Service (IRS) announced on Friday that it has increased the amount individuals can contribute to their 401(k) plans for 2025. The agency also announced the increase in its annual cost-of-living adjustments for pension plans and other retirement-related items. For the tax year 2025, the amount most individuals can contribute annually to their […]
Disaster-impacted taxpayers from eight states have tax deadlines coming up in the next week, according to a reminder issued by the IRS on Wednesday. The IRS had earlier provided extensions for 2023 returns for certain taxpayers affected by disasters. On Wednesday, the agency provided the final deadlines for filing these returns. “Taxpayers in parts of […]
The IRS on Oct. 22 unveiled the new federal income tax brackets for 2025. Every bracket was changed, including the top one. Single taxpayers making more than $636,350, or couples making more than $751,600, will be subject to a 37 percent tax rate. That’s up from $609,350, and $731,200, respectively. Here are the other new […]
The Internal Revenue Service (IRS) has announced relief for taxpayers affected by Hurricane Milton, offering leniency on dyed diesel fuel penalties and extending tax deadlines for businesses and individuals across Florida. In a series of announcements on Oct. 11, the IRS said it is applying the relief in a bid to ease the financial burden […]
The Internal Revenue Service (IRS) announced a new coalition with members of the tax industry on Friday seeking to counter the growth of scams threatening tax systems and taxpayers. The new “Coalition Against Scam and Scheme Threats” (CASST) initiative was convened at the request of IRS Commissioner Danny Werfel. It will “work to expand outreach […]
The IRS is resuming processing claims for a pandemic-era tax credit for businesses. The agency paused reviewing claims for the employee retention credit in September of last year due to the high number of potentially fraudulent claims. The host of NTD Business Matters, Don Ma, has more.
The U.S. Treasury Department and the IRS have begun an initiative aimed at closing major tax loopholes they say are used by wealthy taxpayers and corporations, including hedge funds, law firms, and real estate and investment partnerships, to avoid paying full taxes. On June 17, the two agencies announced a regulatory effort “that will stop […]
The Internal Revenue Service (IRS) on Wednesday warned about scams targeting seniors in the lead-up to World Elder Abuse Awareness Day on June 15. In an IRS press release, the agency warned about the threat of impersonation scams that pretend to be government officials with the aim of stealing sensitive personal information or money. The […]
The Internal Revenue Service (IRS) has announced the extension of its Free File program through 2029. This extension comes as part of a five-year agreement between the IRS and Free File Inc., a consortium of tax preparation software companies. The Free File program, which began 22 years ago, is a public-private partnership that allows eligible […]
The Internal Revenue Service is planning to clamp down on tax cheating among the very wealthy. The agency says it will increase audits on people who earn more than ten million dollars per year from 11 percent to 16.5 percent by 2026.
The Internal Revenue Service (IRS) is facing criticism for a handful of operational shortcomings, with a government watchdog taking the tax agency to task for several “significant deficiencies” in the areas of security management and access controls, including one that puts sensitive taxpayer data at risk. A recent audit of the IRS by the Government […]
Monday, April 15 is the deadline to file federal income tax returns and extensions to the Internal Revenue Service (IRS) for most people. The IRS said on April 12 that it has received more than 100 million returns, but millions more returns are expected to be filed by the end of April 15. Taxpayers living […]
A watchdog overseeing the IRS has revealed that the agency is hiring 5,582 tax enforcers this year, although it dismissed as “unfounded” media reports claiming the tax agency is hiring “87,000-armed enforcement agents” because only a fraction of the new hires will carry guns. The Treasury Inspector General for Tax Administration (TIGTA), which is the […]
The IRS is increasing its workforce, and that could mean more audits too. Tax expert Dan Geltrude shares some of the simplest and most common mistakes that get a tax filing flagged. He also explains the audit system, and why some people have a higher chance of being selected.
The Internal Revenue Service (IRS) is at the center of a new probe over accusations it uses artificial intelligence (AI) to unlawfully monitor the private financial information of American taxpayers, lawmakers announced on Thursday. Chairman Jim Jordan (R-Ohio) and Rep. Harriet Hageman (R-Wyo.) opened the new inquiry on Thursday. The GOP lawmakers sent letters to […]
The IRS could grow to incorporate a six-figure-sized team. The head of the Internal Revenue Service said the tax agency will need to boost its workforce, eventually having more than 100,000 on the payroll. Commissioner Danny Werfel said this would be to keep up with modernization, to meet service and enforcement goals, and to handle […]
The Internal Revenue Service (IRS) issued a warning to taxpayers who improperly claimed a pandemic-era tax credit that they face a fast-approaching deadline to apply for a voluntary disclosure program that will let them avoid penalties and interest—and even get a sharp discount on repayments. The IRS warned in a March 15 notice that businesses […]
Bolstered by a $60 billion cash infusion, the Internal Revenue Service (IRS) has ramped up its enforcement activities in order to boost tax revenues, with the tax agency focusing its compliance efforts on several categories of taxpayers. In September, the IRS announced a “sea change” in every aspect of its operations—including a “sweeping, historic” tax […]
The Internal Revenue Service (IRS) announced a new effort aimed at boosting tax revenue from taxpayers who haven’t filed returns for several years, with the initiative expected to net at least hundreds of millions of dollars. The new initiative, announced on Feb. 29, focuses on 125,000 cases of taxpayers with annual incomes over $400,000 who […]
