Latest Internal Revenue Service News
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...
Coca-Cola to pay $6 billion in IRS back taxes case while appealing judge's decision
Coca-Cola Co. said Friday it will pay $6 billion in back taxes and interest to the Internal Revenue Service while it appeals a final federal tax court decision in a case dating back 17 years. The Atlanta beverage giant said it will continue to fight and believes it will win the legal...
IRS collects milestone $1 billion in back taxes from high-wealth taxpayers
WASHINGTON (AP) — The IRS announced Thursday that it has collected $1 billion in back taxes from high-wealth tax cheats — a milestone meant to showcase how the agency is making use of the money it received as part of the Biden administration's signature climate, health care, and tax package...
IRS delays in resolving identity theft cases are 'unconscionable,' an independent watchdog says
WASHINGTON (AP) — An independent watchdog within the IRS reported Wednesday that while taxpayer services have vastly improved, the agency is still too slow to resolve identity theft cases with delays that are “unconscionable." Overall, the 2024 filing season went smoothly,...
IRS says 'vast majority' of 1 million pandemic-era credit claims show a risk of being improper
NEW YORK (AP) — The Internal Revenue Service said Thursday a review of 1 million claims for the Employee Retention Credit representing $86 billion shows the “vast majority” are at risk of being improper. The ERC was designed to help businesses retain employees during...
The IRS wants to end another major tax loophole for the wealthy and raise $50 billion in the process
WASHINGTON (AP) — The IRS plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the U.S. Treasury Department says. The proposed rule and guidance announced Monday includes plans to essentially stop...
