TAX NEWS
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- High-income individuals who earn more than $1 million a year are the most likely to get audited by the IRS. The IRS also pays closer attention to low- and moderate-income individuals who claim the …
- Recent court decisions upheld a law postponing tax filing and payment deadlines until six months after a federal disaster declaration.
- In general, notices from the IRS can be divided into four categories: informational, where no action is required; adjustment, when the IRS makes a change; payment or balance due, where you’ll have to …
- New IRS figures show average tax refunds rose over $3,400 under President Trump's latest cuts, but independent analyses find the wealthiest households reap most benefits while middle- and low-income …
- Also be mindful that the wait for your tax return is based on when the IRS has received your return and entered it into the system, which may be several days after you submitted the return …
- The IRS is cracking down on misuse of conservation easement deductions, warning investors of legal and financial consequences.
- “One of the immediate consequences of not paying your taxes on time is the accumulation of interest and penalties. The IRS will typically impose interest charges and late payment penalties on the …
- The refunds are not automatically handed out, either. Taxpayers who experienced the aforementioned penalties must ask the IRS for their refunds by no later than July 10, 2026, “using Form 843, Claim …
- The IRS is running its AI-powered audit selection system six times annually – and freelancers, independent contractors, …
- If you own a cryptocurrency like Bitcoin, and you’re ready to sell it, you need to know how that might affect your yearly taxes. The selling part is easy. If you have an account with a major exchange …