IRS

IRS Issues Long-Awaited Clarification on Taxing Stimulus Checks After Urging Americans to Delay Filing
IRS Issues Long-Awaited Clarification on Taxing Stimulus Checks After Urging Americans to Delay Filing

The Internal Revenue Service (IRS) has at long last issued guidance about how to handle state stimulus payments, which comes about a week after it issued an alert advising millions of taxpayers to delay filing tax returns until it provides “additional clarification” about the payments’ taxability.

IRS Announces New Feature to Get Some Tax Refunds Faster
IRS Announces New Feature to Get Some Tax Refunds Faster

The Internal Revenue Service (IRS) has announced a new feature that will let millions of taxpayers get their tax refund money faster.

IRS Reminds Taxpayers of Key Deadline That They Should Know About to Avoid Scams
IRS Reminds Taxpayers of Key Deadline That They Should Know About to Avoid Scams

The Internal Revenue Service (IRS) has issued a reminder that Jan. 31 is the deadline for employers to file W-2 forms and other wage statements, and that wage earners should be aware of this deadline to help them guard against tax refund scams.

IRS Reminds Wage Earners to Adjust 2023 Withholding Now or Face a Surprise Later
IRS Reminds Wage Earners to Adjust 2023 Withholding Now or Face a Surprise Later

The Internal Revenue Service (IRS) has issued an alert to taxpayers, encouraging them to adjust their 2023 withholding so as to either avoid effectively giving the government an interest-free loan of their money or face the prospect of penalties and interest if too little tax is withheld.

IRS Increases Deductible Costs for Mileage by 3 Cents per Mile in 2023
IRS Increases Deductible Costs for Mileage by 3 Cents per Mile in 2023

The optional standard rate for deductible costs for operating an automobile for business will increase to 65.5 cents per mile in 2023, a 3-cent increase from the current rate, according to the IRS.

IRS Halts Controversial New Rule Requiring Reporting of $600 Payments
IRS Halts Controversial New Rule Requiring Reporting of $600 Payments

The Internal Revenue Service (IRS) on Friday announced it would delay a rule that would have required tens of millions of Americans who received payments of at least $600 to report their earnings, following widespread confusion and angst about the new requirements.

IRS Raises 401(K) Contribution Limit by Record Amount Amid Raging Inflation
IRS Raises 401(K) Contribution Limit by Record Amount Amid Raging Inflation

The Internal Revenue Service (IRS) on Friday announced it would raise the 401(k) contribution limit by a record 9.8 percent amid decades-high inflation.

IRS Releases Inflation Adjustments for 2023 Taxes: Here’s What It Means for You
IRS Releases Inflation Adjustments for 2023 Taxes: Here’s What It Means for You

As the cost of living has soared for Americans battling against chronic inflation, the Internal Revenue Service (IRS) may be bringing some welcome relief.

IRS Warns Americans of a Specific Type of Scam Criminals Are Using on an ‘Industrial Scale’
IRS Warns Americans of a Specific Type of Scam Criminals Are Using on an ‘Industrial Scale’

The Internal Revenue Service is warning Americans against a recent rise of smishing attacks—phishing through text messages—identifying thousands of fraudulent domains that are targeting taxpayers through fake COVID relief, tax credits, or even help with setting up an IRS online account.

IRS Waiving $1.2 Billion in Taxpayer Penalties; Here’s Who Qualifies
IRS Waiving $1.2 Billion in Taxpayer Penalties; Here’s Who Qualifies

The Internal Revenue Service (IRS) announced on Aug. 24 that it will waive penalties levied against American taxpayers who failed to file their 2019 and 2020 returns in a timely manner during the COVID-19 pandemic.

Supercharged IRS Will Collect $20 Billion More From Americans Making Less Than $400,000 Under Inflation Reduction Act: Report
Supercharged IRS Will Collect $20 Billion More From Americans Making Less Than $400,000 Under Inflation Reduction Act: Report

Republicans on the House Ways and Means Committee say they have received information from the non-partisan scorekeeper at the Congressional Budget Office (CBO) challenging the Biden administration’s narrative that Americans making less than $400,000 a year won’t see higher IRS audit rates.

IRS Commissioner Says Agency Is ‘Absolutely Not’ Increasing Audit Scrutiny on Small Businesses, Middle-Income Americans
IRS Commissioner Says Agency Is ‘Absolutely Not’ Increasing Audit Scrutiny on Small Businesses, Middle-Income Americans

The IRS has said it will “absolutely not” be increasing audit scrutiny on small businesses or middle-income Americans amid concerns over Democrats’ Inflation Reduction Act, which provides nearly $80 billion in IRS funding, including $45.6 billion for “enforcement.”