Tax Day reveals a major split in how Joe Biden and Donald Trump would govern
Tax Day reveals a major split in how Joe Biden and Donald Trump would govern: The presidential candidates have conflicting ideas about how much to reveal about their own finances and the best ways to boost the economy through tax policy.
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.
Hereโs how to track your third stimulus payment
[CLICK HERE TO CHECK THE STATUS OF YOUR STIMULUS PAYMENT]Officials said those with direct deposit set up with the IRS will receive their payments first. AdAfter that, the IRS will mail paper checks and pre-paid debit cards to everyone else who qualifies. (Use the calculator below to estimate the payment you could receive. โThis historic legislation is about rebuilding the backbone of this country,โ Biden said as he signed the bill in the Oval Office. Use the form below to sign up for the ClickOrlando.com 4pm Trending newsletter, sent every weekday.
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.
IRS to delay tax filing deadline to mid-May
The IRS plans to delay the tax filing deadline until May 17, according to an official. Along with @IRSnews, weโre announcing today that the federal income tax filing due date for the 2020 tax year will be automatically extended fromApril 15, 2021, to May 17, 2021. AdThe service is still processing millions 2020 tax returns. But keep in mind, even if the IRS gives you more time, state taxes in most cases are still due by April 15. If youโre filing in Hawaii, Delaware, Iowa, Virginia, Louisiana, or Maryland, you have more time for state taxes as well.
US Department of Justice offering โone-stopโ site to report unemployment fraud
The Department of Justiceโs National Unemployment Insurance Fraud Task Force has launched a one-stop connection to the Federal Trade Commission, Internal Revenue Service and the Department of Labor to provide victims with quick access to resources needed to file an unemployment fraud report in all 50 states.
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.
New operator takes over โtroubledโ tax preparation business
Taxmates recently took over nine Central Florida offices previously occupied by Neighborhood Advance Tax, a different tax preparation company that went out of business. Some former customers of Neighborhood Advance Tax claim the companyโs tax preparers entered erroneous information on their income tax returns, prompting audits by the IRS. AdNeighborhood Advance Tax customers audited by IRSWhen Christina Gagliardy hired Neighborhood Advance Tax to prepare her 2019 tax return last year, she said an employee promised she would receive a tax refund of more than $2,000. Late last year, Neighborhood Advance Tax went out of business, according to one of its former owners. Nearly 70 other tax preparers who identified Neighborhood Advance Tax as their employer are listed in the governmentโs PTIN database.
IRS reports all $600 stimulus payments sent
This is how to get your missing stimulus moneyThe Internal Revenue Service says it has sent out all 147 million checks from the December stimulus package. The IRS was required to issue the $600 payments by mid-January so it could move on to processing this yearโs tax returns. AdIn total, about $142 billion was sent out to help Americans. Congress is considering a third round of payments. Lawmakers hope to get that legislation passed by mid-March.
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.
IRS delays tax filing season -- hereโs what you need to know
The IRS announced on Friday that tax filing season, which typically begins in late January, will not start until Feb. 12, when the IRS will begin accepting and processing 2020 tax returns. If filing season were opened without the correct programming in place, then there could be a delay in issuing refunds to taxpayers. IRS officials said tax filing season always requires a significant amount of planning and that thatโs even more true with the coronavirus pandemic adding extra responsibilities to the agencyโs plate this year. People can begin filing their tax returns immediately with tax software companies, including IRS Free File partners,โ the IRS wrote in the release. Taxpayers can begin filing returns through Free File partners; tax returns will be transmitted to the IRS starting Feb. 12.