IRS

Stories 1 - 20 |  Next >>

IRS Announces Record Boost for 401(k) Infusions

For 2023, you can deposit $22,500 to qualified retirement plans—up to $30K for those 50 and over

(Newser) - Good news for those who want to pump more money into their retirement savings: The IRS just raised the contribution limit on 401(k) plans for 2023, as well as for similar tax-deferred plans for public education workers, federal and state employees, and those who work for tax-exempt groups. That new...

Inflation-Adjusted Tax Rates Announced

Some could see lower tax rates in 2023

(Newser) - The Internal Revenue Service on Tuesday announced the adjustments that will be in effect for 2023 tax rates in response to soaring inflation, meaning some taxpayers could see a lower tax bill. As the New York Times reports, typically when tax rates are adjusted for inflation, the adjustments are "...

IRS: It's Not a Think Tank, It's a Church
IRS: It's Not
a Think Tank,
It's a Church
longform

IRS: It's Not a Think Tank, It's a Church

ProPublica reports that conservative Family Research Council gets the designation

(Newser) - When the Family Research Council surfaces in news stories, it is often described as a right-wing think tank. The FRC defines itself on its website as a "nonprofit research and educational organization dedicated to articulating and advancing a family-centered philosophy of public life." The Southern Poverty Law Center...

IRS Approved One Guy's 76 Blatantly Fake Charities

'New York Times' examines lax policies at tax agency that make fraud easy

(Newser) - Ian Hosang says he’s sorry and wants to make full restitution. “I did very wrong. I know that,” he tells the New York Times . Hosang, 63, was arrested in May for fraud and other charges tied to 76 fake charities he established between 2014 and 2020. According...

IRS Grudgingly Requests Investigation of Officials' Audits

Comey, McCabe faced intensive tax scrutiny under agency led by Trump appointee

(Newser) - Update: This file has been updated throughout with new information. Despite calling it "ludicrous and untrue to suggest" that two top officials then-President Trump clashed with were chosen any way but randomly for intensive tax audits, the agency announced Thursday there will be an investigation. The IRS said in...

IRS Drops Facial Recognition Plan
IRS Drops Facial
Recognition Plan


IRS Drops Facial Recognition Plan

Agency is suspending use of private company for identity verification

(Newser) - The IRS is backing away from what some critics saw as another step toward a dystopian future: a plan to have a private company use facial recognition to verify taxpayers' identities. The agency, which was facing a backlash from lawmakers from both parties, along with the ACLU and other privacy...

IRS Outsources Online Security to Private Company

Video selfies will be required for some online functions by this summer

(Newser) - The bane of some people’s existence, the Internal Revenue Service, is about to make life a little harder this summer. American taxpayers will be unable to perform most functions at IRS.gov without providing a video selfie to a private identity verification company, CNBC reports. Do not panic yet—...

The Number Is In on Worth of Prince's Estate, and It's Huge

Final valuation comes in at $156.4M, about double what estate's administrator originally estimated

(Newser) - The administrator of Prince's estate had once estimated its value at $82.3 million. The Internal Revenue Service said it thought the real number was double that. Now, nearly six years after the legal fight over the late singer's estate began, a final figure has been arrived at,...

This Could be a 'Frustrating' Tax Season, Officials Say

'Enormous challenges' could delay refunds

(Newser) - This year's tax filing season will begin on Jan. 24, 17 days earlier than last year, the Internal Revenue Service announced Monday. The IRS is warning that a resurgence of COVID-19 infections on top of a lesser funding authorization from Congress than the Biden administration had requested could make...

IRS Sending Out Millions of 'Math Error' Notices
IRS to Millions of Taxpayers:
You Made a 'Math Error'
in case you missed it

IRS to Millions of Taxpayers: You Made a 'Math Error'

Pandemic credits apparently caused a lot of confusion

(Newser) - Millions of Americans are getting an unwanted letter in the mail from the IRS informing them of a "math error." And in the vast majority of cases, that error works in the government's favor. The agency has sent out 11 million such letters as of mid-August in...

Justice Decides Against Trump on Tax Returns

Barring another twist, House panel will receive copies of the documents

(Newser) - The Justice Department, in a reversal, says the Treasury Department must provide the House Ways and Means Committee with former President Trump's tax returns, apparently ending a long legal showdown over the records. In a memo dated Friday, the Office of Legal Counsel said the committee chairman "has...

Still Waiting for a Tax Refund? The News Isn't Great

After 'unprecedented' tax season, IRS has backlog of 35M returns

(Newser) - If you're wondering why your tax refund still hasn't arrived, you're in good company. After the "most challenging filing season taxpayers, tax professionals, and the IRS have ever experienced," the agency is currently trying to work its way through a backlog of 35 million tax...

DOJ Suit: Roger Stone Owes IRS $2M in Taxes

Complaint: Trump ally's tax troubles, which stretch back to 2007, didn't stop him from living it up

(Newser) - Former President Trump pardoned Roger Stone right before he left office, but that reprieve isn't going to help the GOP operative with his latest IRS troubles. NBC News reports that the Justice Department filed a lawsuit Friday in Florida against the 68-year-old Trump ally for the nearly $2 million...

Yup, Tax Day Deadline Officially Extended

It's now May 17, IRS announces

(Newser) - As expected , the Internal Revenue Service has extended the typical April 15 tax filing and payment deadline to May 17. Due to the economic struggles many have faced amid the COVID-19 pandemic, "this continues to be a tough time for many people, and the IRS wants to continue...

Looks Like This Year's Dreaded Tax Deadline Isn't April 15

IRS is expected to push it back a month

(Newser) - If you've been procrastinating on your 2020 taxes, don't feel guilty about staying that course. The IRS on Wednesday will reportedly push the deadline from April 15 to May 15. CNN reports Democratic Reps. Jamie Raskin and Bill Pascrell had been urging the move due to the pandemic....

IRS Delays the Start of Tax-Filing Season

Agency won't accept returns until Feb. 12

(Newser) - The tax-filing season will be a bit more condensed than usual this year. The IRS said Friday that it is pushing back the start of the season until Feb. 12, reports CNBC . Typically, taxpayers can start filing in late January. Despite the later start, the usual deadline of April 15...

After Years of Denials, the NRA Fesses Up

Current and former executives have been abusing funds, the nonprofit says

(Newser) - Looks like NRA execs really have been taking from the cookie jar. After years of denials, the National Rifle Association now admits that current and former executives—including current CEO Wayne LaPierre—recklessly used NRA funds for their personal enrichment, the Washington Post reports. According to a 2019 tax filing,...

Gift Card Scam Nets Tesla, Waterfront Home, and 9 Years

Ukranian hired by Microsoft to test system found a flaw

(Newser) - As a tester for Microsoft, Volodymyr Kvashuk placed fake online orders to check the system. The software wouldn't allow products to be sent to testers, so there was no risk of the company being scammed. Except there was. Kvashuk, who was hired in 2016, discovered nothing stopped him from...

Filed Your Tax Return on Time? You Could Get an Extra Check

If you're owed or received a refund, you'll get a refund interest payment

(Newser) - Almost 14 million Americans can expect payments from the Internal Revenue Service and the Treasury Department this week, but those taxpayers won't be using them for major purchases: The IRS says the average interest payment will be around $18. They'll be made to around 13.9 million taxpayers...

IRS to Workers: Come Back. (Bring Your Own Face Masks)

IRS is asking 10K employees to come back to work for incentive pay

(Newser) - The IRS is asking about 10,000 employees it deems "mission-critical" to come back to work beginning Monday, reports Politico , an "initial wave" that will task workers with "opening taxpayer correspondence, handling tax documents, taking taxpayer telephone calls, and performing other functions related to the filing season....

Stories 1 - 20 |  Next >>
Popular on Newser
We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.