Tag Archives: IRS

[unable to retrieve full-text content]New York Times: Trump could owe more than $100 million in taxes as a result of IRS inquiry  Yahoo Finance Source link

Taxpayers are flocking to the IRS website to check their refund status as filing season reaches the one-month countdown. Nearly 380 million taxpayers visited the agency’s website last week, an 18% increase over the same week last year, according to the tax agency’s latest statistics. After landing on the official agency website, taxpayers are heading straight to the Where’s My Refund? tool. This is nothing unexpected, says an IRS spokesperson, as people search for the status of refunds… Source link

[unable to retrieve full-text content]Yahoo Money: The Fair Tax Act Aims to Abolish the IRS and Set a …  Just Taxes Blog Source link

After you file your taxes, you probably don’t want to think about them again until the next year. But if you’re too aggressive with certain deductions or credits, that could trigger an audit from the Internal Revenue Service (IRS). If you get an IRS notice — official correspondence will only come through the mail — you should respond promptly with the requested documentation like bank statements or donation letters from charities. Typically, if your taxes are under review, the IRS will… Source link

The House GOP’s first policy bill out of the gate didn’t address inflation or gas prices or immigration, but instead went after the Internal Revenue Service. The bill was passed Monday evening on a straight party line vote of 221 to 210 to reverse much of the $80 billion in extra funding set aside for the agency by 2022’s Inflation Reduction Act. While it has little chance of it being enacted anytime soon with Democrats in control of the Senate and President Biden promising a veto, the… Source link

The Internal Revenue Service issued 12 million tax refunds to Americans who paid too much in taxes on unemployment benefits they received in the first year of the pandemic. The agency corrected 14 million 2020 tax returns related to unemployment compensation, resulting in $14.8 billion in refunds that averaged $1,232 each. The IRS started correcting the returns in May 2021. The IRS undertook the tax probe because the American Rescue Plan, which excluded up to $10,200 in unemployment aid from… Source link

The House GOP’s first bill out of the gate doesn’t address inflation or gas prices or immigration, but instead zeroes in on the Internal Revenue Service. The bill set to be voted on Monday evening — barring a stalemate over approving the rules for the 118th Congress — would reverse much of the $80 billion in extra funding set aside for the agency by 2022’s Inflation Reduction Act. While it has little chance of being enacted with Democrats in control of the Senate, the prominence of the… Source link

The House GOP’s first bill out of the gate doesn’t address inflation or gas prices or immigration, but instead zeroes in on the Internal Revenue Service. The bill set to be voted on Monday evening — barring a stalemate over approving the rules for the 118th Congress — would reverse much of the $80 billion in extra funding set aside for the agency by 2022’s Inflation Reduction Act. While it has little chance of being enacted with Democrats in control of the Senate, the prominence of the… Source link

In the weeks since passage of the Inflation Reduction Act, one provision has generated more heat in certain corners of the internet than any other: an $80 billion infusion coming to the IRS. The money is set to help the tax-collecting agency chase down cheats and refresh its shockingly outdated technology over the coming decade. But many critics on the right who say the agency is politically motivated contend the money will also make tax collectors a more pernicious presence in Americans’… Source link

Steve Harvey had folks on social media baffled this week when the entertainment business’s hardest working employee revealed that he owed the Internal Revenue Service millions of dollars at one point in his illustrious career. During a recent appearance on Tuesday, March 15, episode of the “Earn Your Leisure Podcast” with co-hosts Rashad Bilal and Troy Millings, the “Family Feud” host returned to an account he has discussed previously about owing the IRS $22 million in 2008. “My… Source link