Latest Internal Revenue Service News
IRS announces pension and retirement plan contribution adjustments for 2025
WASHINGTON (AP) — The IRS on Friday announced an increase to the amount individuals can contribute to their 401(k) plans in 2025 — to $23,500, up from $23,000 in 2024. The Internal Revenue Service detailed the increases in its annual cost-of-living adjustments for pension plans...
Taxpayers will get bigger standard deductions in 2025, but with smaller boosts than recent years
NEW YORK (AP) — U.S. taxpayers will again see higher standard deductions for 2025, allowing them to shield more of their money from taxation on future returns. The Internal Revenue Service detailed the increases in its annual inflation adjustments announced Tuesday. For single...
Taxpayers in 24 states will be able to file their returns directly with the IRS in 2025
WASHINGTON (AP) — The IRS is expanding its program that allows people to file their taxes directly with the agency for free. The federal tax collector’s Direct File program, which allows taxpayers to calculate and submit their returns to the government directly without using...
Treasury recovers $1.3 billion in unpaid taxes from high-wealth tax dodgers
WASHINGTON (AP) — The IRS has collected $1.3 billion from high-wealth tax dodgers since last fall, the agency announced Friday, crediting spending that has ramped up collection enforcement through President Joe Biden's signature climate, health care and tax package signed into law in 2022. ...
Montana Gov. Gianforte’s foundation has given away $57 million since 2017. Here’s where it went.
Montana’s governor, Republican Greg Gianforte, is among the state’s highest-profile political figures. He’s also a major philanthropic force. Nonprofit tax records indicate that his family foundation gave $57 million to charities and social issue nonprofits between 2017, the...
Maryland will participate in the IRS's online tax filing program
ANNAPOLIS, Md. (AP) — Maryland is participating in the IRS's Direct File program, a new free service that will allow eligible taxpayers to prepare and file their tax return online, state and federal officials announced Wednesday. Comptroller Brooke Lierman said the eligibility...
