Latest Internal Revenue Service News
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....
Tax changes small business owners should be aware of as the tax deadline looms
As Tax Day approaches, there are plenty of things small business owners should keep in mind when filing taxes this year. April 15 is still the annual tax deadline for many small businesses although, unlike individuals, small businesses can have varying deadlines depending on the type...
The IRS has 940,000 unclaimed tax refunds from 2020 that are about to expire. Is one of them yours?
WASHINGTON (AP) — The IRS is warning taxpayers that they may be leaving more than $1 billion on the table. The federal tax collector said Monday that roughly 940,000 people in the U.S. have until May 17 to submit tax returns for unclaimed refunds for tax year 2020, which total more...
How freelancers can prepare for changing tax requirements
NEW YORK (AP) — Workers across different industries are increasingly receiving some or all of their income via apps. They include tutors, graphic designers, hair stylists, and all kinds of independent and self-employed workers, along with merchants who sell products online through Etsy, eBay,...
IRS chief zeroes in on wealthy tax cheats in AP interview
WASHINGTON (AP) — IRS Commissioner Danny Werfel has a message for high-wealth tax cheats who are wrongly deducting private jet travel and otherwise shorting the government on their taxes: Pay your fair share so “others aren’t shouldering the burden of funding our government." ...
