Tag Archives: IRS

The authors are former commissioners of the IRS. The IRS is in crisis. Geoffrey Chaucer said 632 years ago that curses come back to haunt their originator, just as birds come back to their own nest. He didn’t realize it at the time, but he correctly predicted that years of starving the Internal Revenue Service of funds would create a deep level of dysfunction that is a curse on millions of honest taxpayers. Taxpayers owed refunds are often not getting them and cannot find out why; taxpayers… Source link

The Internal Revenue Service’s Criminal Investigations Unit (IRS-CI) seized $3.5 billion from cryptocurrency-related fraud cases over the fiscal year of 2021, according to an annual report published by the agency, underscoring how the booming sector has also sparked a rise in the illicit use of crypto. According to the IRS-CI, 93% of the total money they seized this year came from crypto-related cases, the latest sign that fraudsters and scammers have found a way to leverage the soaring… Source link

The Internal Revenue Service sent the second set of monthly Child Tax Credit payments to families of nearly 61 million children — worth $15 billion — this week. But some recipients may face delays, getting their payments in the mail instead of by direct deposit due to a technical glitch. “Today 61 million children across America are benefiting from the advance Child Tax Credit, helping families put food on the table and meet the needs of the next generation,” Deputy Treasury Secretary… Source link

WASHINGTON (AP) — The Justice Department, in a reversal, says the Treasury Department must provide the House Ways and Means Committee former President Donald Trump’s tax returns, apparently ending a long legal showdown over the records.  In a memo dated Friday, Justice’s Office of Legal Counsel said the committee chairman “has invoked sufficient reasons for requesting the former President’s tax information” and that under federal law, “Treasury must furnish the information to… Source link

When President Biden and 10 bipartisan senators reached an infrastructure agreement in June, increased IRS enforcement was a key for how to pay for it. The idea, which has long been pushed by policymakers on both sides of the aisle, was to staff up the IRS now with the promise that the investment would be paid back in spades as more tax cheats were caught. But a wave of Republican pushback led to the idea getting nixed. The lead Republican negotiating the deal, Sen. Rob Portman of Ohio, Source link

UNITED STATES – JUNE 10: Sens. Ted Cruz, R-Texas, left, and Bill Hagerty, R-Tenn., are seen in the senate subway during a vote in the Capitol on Thursday, June 10, 2021. (Photo By Tom Williams/CQ-Roll Call, Inc via Getty Images) In a functioning democracy, taxpayers fork over some money to the government and get useful things like roads and bridges in return. Republicans in Congress don’t see it that way. The so-called “bipartisan infrastructure framework,” or BIF, that 20-something… Source link

The IRS is paying out 4M surprise tax refunds this week — will you get one? Millions of Americans still reeling financially from the COVID crisis will be sent surprise tax refunds this week, the IRS says. Unexpected direct deposits and paper checks are scheduled to go out to people whose tax bills were reduced after they’d already paid them, thanks to a provision in President Joe Biden’s massive pandemic rescue bill from March. A windfall from the IRS might be just the cash infusion you need… Source link

New monthly stimulus checks for families will start in July, IRS now says As part of President Joe Biden’s $1.9 trillion COVID relief package — the new law that has been giving most Americans $1,400 stimulus checks — working families can expect to receive up to $3,600 per child for 2021. Half of that will come in the form of cash, as monthly payments due to start this summer. They’ll be another kind of stimulus check, to help millions of parents deal with basic bills or pay down debt. The… Source link

The Internal Revenue Service is on track to send the monthly advanced payments for the Child Tax Credit (CTC) starting in July, according to IRS Commissioner Charles Rettig. The payments are worth up to $300 per child. The agency is also launching a portal where taxpayers will be able to update their information by July 1. “We will launch by July 1 with the absolute best product we are able to put together,” Rettig told the Senate Finance Committee on Tuesday. “We might need to adjust… Source link

The IRS is under serious stress — what does that mean for your refund? If you’ve ever had trouble staying on top of your paperwork, you’re probably still doing great compared to the IRS. Along with a serious backlog of unprocessed returns and yet more stimulus checks to send out, the tax agency is now under the microscope for their falling audit rates as it struggles to keep up with its increased workload. As Biden considers big tax hikes, a new report is putting a spotlight on how the… Source link