TAX NEWS
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- Not every business shows a profit, but if your "hobby" is a business, you may be able to write off expenses against other income. Here are some tips.
- The IRS workforce is down 27% from a year ago — and for the half-million Americans waiting on identity theft resolutions, that staffing collapse means refunds withheld for nearly two years.
- As examination activity slows, tax practitioners are reporting a marked increase in aggressive collection actions – including bank levies and passport restrictions for those with significant tax debt.
- Capital gains taxes hit when you profit from selling assets like stocks, real estate or cryptocurrencies. But how much you owe depends on how long you held an asset and how much income you made that …
- IRS to give automatic tax penalty relief to eligible Americans, starting this summer. This is a major win for everyone, experts say.
- Friday, July 10 is the last day to file for a potential COVID-related IRS refund. Here's what taxpayers need to know.
- Thanks to a recent federal court decision, tens of millions of Americans may be able to receive a tax refund or abatement of penalties accrued during the first few years of the COVID-19 pandemic.
- It’s a ‘major taxpayer win,’ according to one advocate for taxpayers …
- "Taxpayers who historically pay on time should not have to make a formal request for relief," the Internal Revenue Service says.
- This year's programme highlights emerging tax scams, essential security controls and data breach response strategies.