IRS to open its free tax filing site to more new users – ABC News
As tax filing season begins, taxpayers in some states will have a new way to file online “within days,” the IRS announced this week. direct fileA free site for filing federal tax returns directly through the IRS opens for new users. 12 states The IRS said it was provided for an unspecified period of time […]
Advice | Why should you pay the IRS on time? The underpayment penalty is 8%. – The Washington Post
With tax season in full swing, there’s one thing to remember. If you owe money to the IRS, that means you’ll pay a lot of money in interest. Under tax law, interest rates on overpayments and underpayments are set quarterly. As of April 1, the tax rate for individuals will remain at 8%, almost triple […]
Tax evasion by millionaires and billionaires tops $150 billion a year, says IRS chief – CNBC
The nation’s millionaires and billionaires avoid more than $150 billion a year in taxes, increasing the government’s deficit and creating a “lack of fairness” in the tax system, according to the head of the Internal Revenue Service. With billions of dollars in new funding from Congress, the IRS has begun a sweeping crackdown on wealthy […]
The IRS will pursue business private jet usage in a new round of audits on high-wealth taxpayers – NBC News
first, taylor swift tracker and other celebrities’ private jet usage. Going forward, there will be even more scrutiny on executives’ personal use of business aircraft, which is recorded as an expense in taxes. IRS leaders announced Wednesday that as part of the agency’s continued mission to pursue high-value tax fraud, the agency will investigate companies’ […]
IRS to ramp up audits of private jet usage
The Internal Revenue Service said Wednesday it is stepping up audits of corporate jets to collect more unpaid taxes as part of a crackdown on wealthy taxpayers. The tax collector’s office plans to conduct 30 to 40 audits of companies and wealthy individuals who may be flying on corporate jets for leisure purposes to reduce […]
IRS lacks âadequate controlsâ to protect sensitive taxpayer info from unauthorized access: IG report
A recent inspector general report found that in some cases the Internal Revenue Service lacked “adequate controls” to protect sensitive U.S. taxpayer information from unauthorized access. fox business report. A Treasury Department tax agency investigation found that some former IRS employees and contractors still had access to certain “sensitive systems.” The inspector general launched an […]
IRS expands free online filing program to 3 more states
The IRS’ new free online tax filing program is now moving beyond the initial phase of no-income-tax pilot states. The IRS announced Friday that it has begun implementing the test phase of the program in Arizona, New York, and Massachusetts, all states that impose income taxes. The test pilot will be conducted in a total […]
IRS warns government tax refunds to be 29% lower in 2024
For Americans hoping for a 2024 tax refund similar to last year’s check, the Internal Revenue Service is pouring ice water on the prospect. The IRS has warned Americans that their 2024 tax refund checks could be significantly smaller than last year, according to reports. initial data Issued by the government department responsible for assessing […]
Average American set to receive 29% less in refunds this tax season, IRS says – New York Post
work by Shannon Saylor issued February 16, 2024, 9:31 a.m. ET Americans hit by inflation and waiting for a much-needed cash injection from tax refunds received 29% less in taxes than last year, according to early data from the Internal Revenue Service. The average refund issued through Feb. 2 totaled $1,395, down $568 from this […]
Average American set to receive 29% less this tax season, IRS says
Americans hit by inflation and waiting for a much-needed cash injection from tax refunds received 29% less in taxes than last year, according to early data from the Internal Revenue Service. The average refund issued through Feb. 2 totaled $1,395, down $568 from this time last year, according to the IRS. Filing season statistics showed […]