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Stories 1 - 20 |
IRS Announces Record
Boost for 401(k) Infusions
Oct 21, 2022 5:35 PM CDT
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
- 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...
Tax Rates Announced
Oct 19, 2022 6:43 AM CDT
Inflation-Adjusted Tax Rates Announced
Some could see lower tax rates in 2023
- 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
Jul 11, 2022 3:22 PM CDT
IRS: It's Not a Think Tank, It's a Church
ProPublica reports that conservative Family Research Council gets the designation
- 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
Jul 10, 2022 5:35 PM CDT
IRS Approved One Guy's 76 Blatantly Fake Charities
'New York Times' examines lax policies at tax agency that make fraud easy
- 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
Jul 7, 2022 4:15 PM CDT
IRS Grudgingly Requests Investigation of Officials' Audits
Comey, McCabe faced intensive tax scrutiny under agency led by Trump appointee
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
Feb 7, 2022 7:35 PM CST
IRS Drops Facial Recognition Plan
Agency is suspending use of private company for identity verification
- 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
Jan 21, 2022 4:42 PM CST
IRS Outsources Online Security to Private Company
Video selfies will be required for some online functions by this summer
- 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
and It's Huge
Jan 17, 2022 10:00 AM CST
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
- 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
Jan 10, 2022 5:29 PM CST
This Could be a 'Frustrating' Tax Season, Officials Say
'Enormous challenges' could delay refunds
- 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 to Millions of Taxpayers:
You Made a 'Math Error'
in case you missed it
Sep 11, 2021 4:05 PM CDT
IRS to Millions of Taxpayers: You Made a 'Math Error'
Pandemic credits apparently caused a lot of confusion
- 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
Jul 30, 2021 2:47 PM CDT
Justice Decides Against Trump on Tax Returns
Barring another twist, House panel will receive copies of the documents
- 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...
for a Tax Refund?
The News Isn't Great
Jul 2, 2021 8:39 AM CDT
Still Waiting for a Tax Refund? The News Isn't Great
After 'unprecedented' tax season, IRS has backlog of 35M returns
- 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
Apr 17, 2021 7:30 AM CDT
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
- 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
Mar 18, 2021 12:03 AM CDT
Yup, Tax Day Deadline Officially Extended
It's now May 17, IRS announces
- 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
Mar 17, 2021 2:13 PM CDT
Looks Like This Year's Dreaded Tax Deadline Isn't April 15
IRS is expected to push it back a month
- 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
Jan 15, 2021 5:00 PM CST
IRS Delays the Start of Tax-Filing Season
Agency won't accept returns until Feb. 12
- 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...
Nov 25, 2020 4:45 PM CST
After Years of Denials, the NRA Fesses Up
Current and former executives have been abusing funds, the nonprofit says
- 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
reports. According to a 2019 tax filing,...
Gift Card Scam Nets Tesla,
Waterfront Home, and 9 Years
Nov 13, 2020 4:25 PM CST
Gift Card Scam Nets Tesla, Waterfront Home, and 9 Years
Ukranian hired by Microsoft to test system found a flaw
- 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
Aug 19, 2020 12:52 PM CDT
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
- 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)
Apr 26, 2020 6:43 AM CDT
IRS to Workers: Come Back. (Bring Your Own Face Masks)
IRS is asking 10K employees to come back to work for incentive pay
- 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....
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