IRS

Is the IRS Watching You? Red Flags That Could Trigger a Tax Audit

When the IRS decides to examine a taxpayer's accounts and financial data to make sure they have complied with all tax regulations and declared all necessary income, this is known as an audit.

Don't Sweat the IRS: Here's How Likely You Are to Get Audited

In addition to helping the IRS recover money that tax evaders owe the federal government, experts say audits also play a significant role in deterring fraud.

Unclaimed $1 Billion in Tax Refunds Expiring Soon! Is Yours One of Them?

Taxpayers may be leaving more than $1 billion on the table, the IRS is cautioning them.

How Often Does the IRS Audit? What You Need to Know.

How Often Does the IRS Audit? If you've ever found yourself breaking into a cold sweat at the mere mention of the word "audit," you're definitely not alone. But before we dive into the nitty-gritty of IRS love letters (also known as audit notifications), let me share a little story.

IRS Cracks Down on Unfiled High-Income Tax Returns

The Internal Revenue Service said on Thursday that it will reactivate a non-filer enforcement program that had been dormant for years due to previous budget cuts, and it will take tough measures against high-income earners who have failed to file tax returns in 125,000 cases since 2017.

IRS Cracks Down on Unpaid Taxes with New Funding

With financing under the Inflation Reduction Act (IRA), the IRS stated it is ready to collect hundreds of billions of dollars more in tax revenue by pursuing past-due and unpaid taxes, substantially more than was originally projected.

IRS Delivers $1 Billion Penalty Gift, Check Your Eligibility Now!

For the tax years 2020 and 2021, the IRS is waiving penalty penalties for taxpayers who failed to pay back taxes totaling less than $100,000 annually. The IRS said on Tuesday that the relief plan will waive $1 billion in fees for tax returns submitted for those years.

IRS Extends Reprieve for PayPal and Venmo Users, Delaying $600 Reporting Threshold

On Tuesday, the agency said that it is once more postponing the enforcement of a 2021 regulation that mandates that payment companies like Venmo, Paypal, or Cash App issue 1099-K tax forms to anyone who received more than $600 in the current tax year.

Step-by-Step Guide on Getting Your Stimulus Check (2020 Return or 2nd Stimulus)

It's still possible for you to claim the money you are entitled to, as long as you file your 2020 tax return through the IRS Recovery Rebate Credit.

Stimulus Check: Here's When It Can- and Can’t- Be Taken From You

Check out these groups who can and cannot take away your stimulus check.

Tax refund to take longer due to IRS tighter security against fraud

Taxpayers who would file their tax return beginning January 19 will have to wait until March 1 to get their tax refund due to the tighter security the IRS will implement to prevent tax frauds.

IRS Fines 8 Million Americans, 0.3 Million of Them From Low Income Group

IRS has fined some 8 million people and 1.4 million households are forecast to fall prey of fines due to ignorance on new healthcare law. Commonly criticized as the Obama Care Law, the new law instructs all Americans to go through insurance net. But mainly due to ignorance about mandatory submission of tax returns and moreover legally remain exempted from tax net, have fall victim to count fine for $210 each.

IRS, With State Dept Now Have the Power to Deny Passport If Taxes Aren't Paid

In a new bill passed alongside the FAST Act, the IRS gains the ability to deny citizens their passports if they're found to be in more than $50,000 in back taxes.

People with unpaid IRS debt can have their Passports cancelled

A bill that that may cancel the passports of people with unpaid IRS loans is going to be approved very soon.

WhatsApp CEO Jan Koum sold $300 million worth of Facebook stock to pay of taxes

WhatsApp cofounder Jan Kuom sold his Facebook stock amounting to $300 million to pay off taxes he got after he sold his company.

1 2

Latest Stories

American Dream Deferred: Wealth Gap Deepens Among Millennials

A recent study found that there is a fresh wave of class conflict and animosity due to the widest wealth difference of any generation between affluent millennials and the rest of their age group.

Could You Qualify for SNAP Benefits?

The United States Department of Agriculture (USDA) oversees the food stamp program, also known as supplemental nutritional assistance, which is a vital tool for helping low-income families and individuals buy nutritious food.

Forget Stocks, Crypto Now Directly Impacts Housing Prices

According to a new study, as cryptocurrencies grow in importance inside American investment portfolios, their impact is seen not just in virtual transactions but also in real estate and consumer purchasing.

Bond Yields Drop as Job Growth Slows

After the April jobs data revealed weaker-than-expected payroll growth and an unexpected tick higher in the unemployment rate, U.S. Treasury rates fell on Friday.

Will Apple Keep Buffett Smiling? Doubts Emerge Over Company's Dominance

Even as late as 2020, four years after his investment colossus began to build a sizable stake in the business that produces iPhones, Warren Buffett of Berkshire Hathaway was still using a flip phone.

Must Read

Is China's Central Bank Gold-Buying Spree a Precursor for War? Part II of II

The idea of a nation acquiring large gold reserves in preparation for military endeavors is not without historical precedent. Prior to World War I, European powers increased their gold reserves, and a century later, Russia's central bank doubled its gold holdings in the years before its invasion of Ukraine. This same strategic stockpiling of gold could be inferred from China and its pre-war positioning for a Taiwan incursion.

Stay Connected with Money Times

` `

IRS