Latest Internal Revenue Service News
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...
IRS decides people who got money from Norfolk Southern after Ohio derailment won't be taxed on it
Most people who received money from Norfolk Southern in the wake of last year's fiery train derailment in eastern Ohio won't have to pay taxes on millions of dollars in aid payments after all. The Internal Revenue Service said Wednesday that most of the payments people who live near...
IRS makes free tax return program permanent and is asking all states to join in 2025
WASHINGTON (AP) — The IRS said Thursday it will make permanent the free electronic tax return filing system that it experimented with this year and is asking all 50 states and the District of Columbia to help taxpayers file their returns through the program in 2025. The IRS tried...
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...
