Latest Internal Revenue Service News
Your tax refund could be bigger this year. Here's what to do with it
NEW YORK (AP) — The average taxpayer is getting a $2,852 refund, $75 more than last year, based on the most recent IRS data. So what should you do with that money? Experts generally advise putting it toward debt and savings, but, for many people, that's unrealistic. ...
The $230 billion donor-advised fund industry gets an IRS hearing
WASHINGTON (AP) — Congress and the Biden administration are considering what, if anything, should be done to tighten restrictions on donor-advised funds, an increasingly popular way for donors to set aside money to spend on charitable causes. Driving the debates are questions about...
IRS acts to address wide disparity in audit rates between Black taxpayers and other filers
WASHINGTON (AP) — The IRS said Thursday that it has taken steps to address a wide disparity in audit rates between Black taxpayers and others filers, and is more closely examining the returns of larger numbers of wealthy people and major companies. “We are overhauling compliance...
140,000 people did their taxes with the free IRS direct file pilot. But program's future is unclear
WASHINGTON (AP) — The IRS said Friday that more than 140,000 taxpayers filed their taxes through its new direct file pilot program and participants saved roughly $5.6 million in fees they would have otherwise spent with commercial tax preparation companies. The government pilot...
It's Tax Day. And your refund may be big this year
WASHINGTON (AP) — On this Tax Day, refunds are looking a bit bigger for taxpayers. According to the latest IRS statistics, the average income tax refund so far this season is $3,011, up $123 from last year. Two out of three taxpayers expect to receive a refund. The...
Tax Day reveals a major split in how Joe Biden and Donald Trump would govern
WASHINGTON (AP) — Tax Day reveals a major split in how Joe Biden and Donald Trump would govern: The presidential candidates have conflicting ideas about how much to reveal about their own finances and the best ways to boost the economy through tax policy. Biden, the sitting...
Tax day is underway. Here are some tips to navigate it
NEW YORK (AP) — April 15 is the last day to submit tax returns for 2023. If you left your tax filing to the last minute, you’re not alone. The IRS says it has received more than 100 million tax returns, with tens of millions more expected. If you need more time, today is also the...
IRS claws back money given to businesses under fraud-ridden COVID-era tax credit program
NEW YORK (AP) — The IRS says it's making progress with initiatives to claw back money improperly distributed under the Employee Retention Credit. The ERC was designed to help businesses retain employees during pandemic-era shutdowns, but it quickly became a magnet for fraud. Its...
Here's how to protect yourself from common scams this tax season
NEW YORK (AP) — Tax season can come with several headaches, from gathering documents to finding the time to sit down and file. But one pain that you want to avoid is falling for a tax scam. Year-round, scammers look for ways to trick people into giving them money or personal...
Editorial Roundup: Illinois
Arlington Heights Daily Herald. March 27, 2024. Editorial: Another savings option for parents Since the dawn of time, it seems, parents and grandparents have been regularly socking away spare money for their grandchildren to help with the cost of a college education....
