IRS

Banks are pushing back against a proposal from the Biden administration that could force them to turn over customers' account information to the Internal Revenue Service.

Homebuyers used a retirement loan to buy their house and ask the Credible Money Coach if they should take the tax hit instead of repaying the loan.

Designer Aurora James called her “Tax the Rich” dress for Rep. Alexandria Ocasio-Cortez a “powerful message” — but it’s not one she has taken to heart.

House Democrats unveiled a sweeping tax-hike plan this week that dramatically raises the rates paid by wealthy Americans and corporations – but the proposal could also have long-term implications for the middle class.

The Biden administration is aiming to bolster the Internal Revenue Service by adding bank account reporting requirements to Democrats' massive tax and spending bill, prompting a swift backlash from Republicans who have warned it infringes on customers' privacy.

Millions of parents across the U.S. can expect to receive some extra cash this week, when the IRS will start distributing payments from the newly expanded child tax credit.

The Biden administration defended its plan to increase funding for the IRS by nearly $80 billion, arguing in a memo to congressional Democrats the additional money could help the agency crack down on wealthy tax dodgers and recover billions in lost revenue.

The IRS will distribute a third round of child tax credit payments to millions of families this week under the expanded program included in President Biden’s $1.9 trillion COVID-19 relief package.

The Internal Revenue Service says home COVID-19 testing is an eligible medical expense for flexible spending arrangements and health savings accounts

The IRS said in a statement Wednesday that those impacted by Hurricane Ida in parts of New York and New Jersey will be offered an extension to file various individual and business tax returns—similar to the relief already provided to victims in Louisiana.

Florida Bankers Association CEO Alex Sanchez on the IRS looking to get more data about Americans’ financial activities from banks.

Complications related to the COVID-19 pandemic resulted in a massive backlog at the Internal Revenue Service in the processing of business-related tax returns in 2020, according to a report from the Treasury Inspector General for Tax Administration.

Current and former executives of hedge fund Renaissance Technologies LLC will personally pay as much as $7 billion in back-taxes, interest, and penalties to settle a long-running dispute with the Internal Revenue Service, the firm said, a tax settlement that may be the largest in history.

IRS Commissioner Chuck Rettig said Thursday that additional funding could help the agency crackdown on wealthy tax dodgers and recover billions in lost revenue.

Long-haul truckers and buses need to file and pay the heavy highway vehicle use tax by Tuesday, August 31, the IRS said.

The Internal Revenue Service on Tuesday said that victims of Hurricane Ida, including all Louisiana residents, have until Jan. 3, 2022 to file individual and business tax returns and make payments due after Aug. 26.

Nearly 61% of Americans paid no federal income taxes in 2020, a temporary spike attributed to a sudden decline in income and a massive boost in government subsidies during the coronavirus pandemic.

A recent audit found the Internal Revenue Service misreported information about more than $726 million and potentially overpaid almost $900,000 for government contracts.

A second payment from the IRS goes out Friday, providing some extra cash to millions of families across the U.S. as part of the expanded child tax credit.

Kurt Knutsson on what you should know about Child Tax Credit-related scams.