House GOP kicks off majority with vote to slash IRS funding
House Republicans have passed a bill that would rescind nearly $71 billion that Congress had provided the IRS.
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Trump tax audits required by IRS were delayed, panel says
A report released by the Democratic majority on the House Ways and Means Committee indicated the Trump administration may have disregarded an IRS requirement dating back to 1977 that mandates audits of a president’s tax filings.
IRS: Growing gap between U.S. income taxes owed and paid
Money from a recent $80 billion infusion for the IRS from the so-called Inflation Reduction Act will be used to help audit high-income earners who do not pay their full tax liability.
IRS increases standard deductions, tax brackets due to inflation
Taxpayers will get fatter standard deductions for 2023 and all seven federal income tax bracket levels will be revised upward as the government allows people to shield more of their money from taxation.
IRS wants millions to claim child tax credit, stimulus funds
The government said some families might be leaving up to $3,600 per child unclaimed, as well as other payments owed to them.
IRS to wipe away $1.2 billion in late fees from pandemic
The IRS estimates that nearly 1.6 million taxpayers will receive more than $1.2 billion worth of penalty relief. The tax agency will automatically issue the refunds or credits for most of the fees by the end of September.
Yellen tells IRS to develop modernization plan in six months
Treasury Secretary Janet’s memo, obtained by The Associated Press, outlines the importance of modernizing IRS computer systems and ensuring the agency has an adequately-staffed workforce now that the tax collector is set to receive nearly $80 billion over the next 10 years.
Expanded IRS free-file system one step closer in Dems’ bill
Now that the IRS is set to receive nearly $80 billion through the so-called “Inflation Reduction Act,” the agency has the means to develop new systems to help Americans pay their taxes.
How the Inflation Reduction Act might affect millions of Americans
Major changes to the Affordable Care Act. The nation’s biggest-ever climate bill. The largest tax hike on corporations in decades. And dozens of lesser-known provisions.
‘Groundhog Day’ at IRS: Returns pile up, phone delays worsen
After digging out of a daunting backlog from 2021, the agency has an even bigger backup for this tax season than it did a year ago and its pace for processing paper returns is slowing down, according to a watchdog report released Wednesday.
Most Americans could file their taxes for free, but don’t
The GAO report, issued Thursday, found that while 70% of taxpayers were eligible for the Internal Revenue Service’s free-filing program, only 3% of taxpayers actually use the service.
IRS expects to receive tens of millions of tax returns on Monday
Monday is Tax Day—the federal deadline for individual tax filing and payments. About 40% of this year’s taxpayers still haven’t filed a return.
Small businesses face tax headaches on top of pandemic woes
Tax season can be complicated for everyone, but as the April 18 filing deadline looms, small-business owners, contractors, entrepreneurs and others face a raft of ever-changing rules and regulations.
IRS aims to fill 5,000 jobs in 30 days to help clear backlog of 24M returns
The moves, disclosed by a senior Treasury official not authorized to speak publicly, represent the agency’s most aggressive strategy to dig out from under the massive backlog, the result of lagging operations due to the coronavirus pandemic.
IRS rushes to hire 10,000 workers but giant backlog expected to persist
A government official said the IRS does not expect to resolve the backlog until the end of 2022. But it hopes the hiring surge, the largest at the IRS in decades, will galvanize a strong response to the mountain of unprocessed paperwork at the agency.
Taxpayers face overloaded IRS as filing season opens Monday
An IRS worker shortage and an enormous workload from administering pandemic-related programs will combine to cause taxpayers pain this filing season.
Senator: Bipartisan infrastructure bill loses IRS provision
The proposal to go after taxpayers who skip out on income taxes initially had potential bipartisan appeal, but outside groups came forward to lambaste it as a way to enable the IRS to snoop around Americans’ personal finances.
IRS faces 35M unprocessed tax returns as backlog swells, watchdog says
The support line for individual income tax returns received about 85 million calls, with only about 3% reaching a customer service representative, according to the taxpayer advocate report.
Tax changes would boost IRS monitoring of cryptocurrency use
Among the proposed changes, businesses that receive “cryptoassets” with a fair market value of more than $10,000 would have to report it to the IRS.
IRS to the rescue? Tax audits eyed for infrastructure cash
President Joe Biden is proposing that Congress build up the depleted and often-maligned agency, saying that a more aggressive collection of unpaid taxes could help cover the cost of his multitrillion-dollar plan to boost infrastructure, families and education.