IRS

The IRS and Treasury Department on Thursday night said the administration had disbursed 130 million economic impact payments worth about $335 billion as it prepares to send a large set to Social Security and other federal beneficiaries.

The IRS will start issuing tax refunds in May to Americans who already filed their returns but are eligible to take advantage of a new break on unemployment benefits. 

President Biden on Wednesday promised to crack down on tax cheats as he proposed an increase in the corporate tax rate and eliminating several perceived loopholes as a way to raise revenue for his $2 trillion infrastructure plan.

Americans have until May 17 to contribute to their individual retirement accounts and health savings accounts, the IRS said Monday. 

The IRS already delayed the main April 15 tax-filing deadline by one month, but some accounting groups say that Americans still reeling from the coronavirus pandemic need more time to submit their returns.

About 30 million Social Security recipients who are still waiting to receive their third stimulus check could see the money arrive soon. 

The IRS said Friday the purchase of personal protective equipment used to combat the spread of COVID-19, including face masks and hand sanitizer, are tax-deductible medical expenses.  

Sen. Bernie Sanders on Thursday renewed his push to hike taxes on wealthy Americans, unveiling a pair of proposals that would dramatically raise the rates paid by corporations and the top sliver of U.S. households.

The IRS sent out a second batch of stimulus checks this week, delivering payments to another 37 million Americans as part of President Biden's $1.9 trillion American Rescue Plan.  

U.S. Treasury Secretary Janet Yellen said on Wednesday that if the IRS were funded appropriately and therefore able to crack down on tax cheats, the U.S. would be able to collect more revenue without raising taxes

More Americans are eligible to take advantage of a tax break on unemployment benefits under new guidance issued this week by the IRS.

The richest 1% of Americans dodge significantly more in income taxes than the Internal Revenue Service previously estimated, according to a new study released this week.

Many Americans rely on their tax refund each year – and this year could be even more important than normal considering the ongoing economic effects of the coronavirus pandemic.

A build-up of unprocessed tax returns at the IRS caused by the pandemic has become a focal point for lawmakers who are reminding the agency that Americans need the cash amid the ongoing economic recovery.

The Biden administration is reportedly exploring tax increases on businesses, investors and wealthy Americans to fund the president's next multitrillion-dollar spending bill. 

It's a busy time for the IRS: In addition to delivering a third round of stimulus checks to millions of Americans, the agency is also mired in the months-long process of issuing tax refunds.

A second batch of stimulus checks is scheduled to arrive in Americans' bank accounts this week, with most cash payments expected to arrive by Wednesday. 

The IRS is planning to automatically process refunds for out-of-work Americans who received unemployment benefits last year and filed their 2020 returns before a new law waived federal taxes on the first $10,200 in aid. 

The head of the IRS warned this week of potential delays to the launch of the new monthly child tax credit payment program authorized under President Biden's $1.9 trillion stimulus plan.