Report: Trump may face a $100 million-plus tax bill if he loses IRS audit fight over Chicago tower
A report by The New York Times and ProPublica says former President Donald Trump may face an IRS bill in excess of $100 million after a government audit indicates he double-dipped on tax losses tied to a Chicago skyscraper.
Humble couple paid $17,000 to file taxes after they allegedly owed $30,000; how did it happen?
The Penas claim Tax Doctors, LLCโs assessment found the Humble couple owed the IRS $30,000. Their tax preparer told them they would receive up to $20,000 in refund but must first pay the company $17,000 to file.
3 tax prep firms shared 'extraordinarily sensitive' data about taxpayers with Meta, lawmakers say
Some congressional Democrats say three large tax preparation firms sent โextraordinarily sensitiveโ information on tens of millions of taxpayers to Facebook parent company Meta over at least two years.
Have tax questions? Houston experts are taking calls until 6:30 p.m. to provide answers
KPRC 2 Community is partnered with BakerRipley and Telemundo Houston to host a tax help phone bank on March 30 until 6:30 p.m. Volunteers are standing by to take calls in both English and Spanish. The phone number to call is 713-778-8920.
Dealing with IRS delays: What is being done to help backlogs
We are right in the middle of tax filing season for 2022. Still, millions of returns from previous years are still not processed. The backlog is impacting a lot of people, including one Houston woman who called our KPRC 2 Investigates team for help.
Dealing with IRS delays: What is being done to help backlogs
We are right in the middle of tax filing season for 2022. Still, millions of returns from previous years are still not processed. The backlog is impacting a lot of people, including one Houston woman who called our KPRC 2 Investigates team for help.
EXPLAINER: What's the debate over releasing Trump's taxes?
Now that the Democratic-controlled House Ways and Means Committee has voted to release former President Donald Trumpโs tax returns, there's the potential of additional revelations in the coming days related to the finances of the longtime businessman.
Houston area tax preparer sentenced to 3 years in prison for filing more than 40 fake tax returns, US attorney says
A former Houston area tax preparer has been sentenced to federal prison following his conviction of fraudulently filing tax returns from 2014 to 2017, announced U.S. Attorney Jennifer B. Lowery.
Feds launch website for claiming part 2 of child tax credit
The White House and Treasury Department launched a revamped Child Tax Credit website meant to help people who were eligible for the expanded tax credit under last yearโs pandemic relief bill claim the second half of the payment they were due.
KPRC 2 Investigates IRS backlog frustration and how you can get help
KPRC 2 investigates the IRS backlog and how itโs impacting people in our area. Right now, the United States Treasury is still working on some 9 million tax returns from 2020. The delays are causing a domino effect for business owners who need their tax returns to get emergency disaster loans. One Woodlands couple called KPRC 2 Investigates because they worry they will have to close their business if they canโt get help soon.
Here is why you may want to opt out of child tax credit early payments
The first of six child tax credit payments to parents will hit bank accounts and mailboxes on July 15. Some families may absolutely need the money now to pay bills. That is why President Biden pushed the advance payments. If you donโt need it, there are several reasons you may want to opt-out of receiving the early payments.
Leak of billionaires' tax data draws GOP outcry over privacy
Republicans in Congress are alarmed by the leak of confidential IRS data to ProPublica that has enabled the investigative news organization to reveal that famous billionaires including Warren Buffett, Bill Gates and Mark Zuckerberg paid little in U.S. income tax at times.
Child tax credit payments start July 15. This is how much you can expect to get.
Starting this summer, the federal government is sending money to parents with children as part of the expanded child tax credit. The child tax credit is not new. Parents can claim a $2,000 credit per child when you file your taxes. What is new this year is that the credit is much higher for certain families and you don't have to wait until you file your 2021 taxes to get it.
If you collected unemployment in 2020, you get a tax break
HOUSTON โ If you collected unemployment in 2020, you could get a bigger tax refund. Usually, when you collect unemployment, you have to pay federal income tax on that money. This year, you do not have to pay taxes on $10,200 of those benefits if you earned less than $150,000. Mary Bynum emailed consumer expert Amy Davis, writing, โI collected unemployment in 2020 and filed my return and received my refund in mid-February. On the IRS website, the agency explains what forms you should use and file if you are doing your taxes yourself to get the tax break.
IRS will delay tax filing due date until May 17
The Internal Revenue Service says it's delaying the traditional tax filing deadline from April 15 until May 17. The pandemic hit in the middle of last year's tax filing season, setting the agency back in terms of processing. Additionally, the extension gives the IRS time to issue guidance on recent tax law changes. AdโNever before has the law changed so substantially in the middle of tax filing season," Patrick Thomas, director of Notre Dame Law Schoolโs Tax Clinic, said in a statement. A number of lawmakers and professionals from the tax community have urged the tax filing season be extended to accommodate for these pressures.
Tackle your taxes: These are all of the places you can get your taxes done for FREE
Free tax centers to help individuals and families with their tax returns are usually bustling this time of year. Thanks to COVID, those volunteer tax services had to change up their routine. Help is still available, but this year, but you'll have to make an appointment with one of these organizations.
Tackle your taxes: This is how to get your missing stimulus money
Stimulus checks: When you can expect to get your moneyHOUSTON โ If you know you qualified for the most recent stimulus payment but you never received it, the IRS says you will receive it when you tackle your taxes. Input the amount of money you received for the second economic impact payment, plus any amounts you received for dependents. If you donโt normally donโt file taxes, but are owed stimulus money, fill out the โnon-filersโ tax return form. Good newsIf you received a larger stimulus payment than you should have, the IRS will not take it back. You will get your refund back quicker than if you send your return in by snail mail.
Tackle your taxes: Tax breaks and credits for self-employed and gig workers
Fortunately, there are some COVID tax breaks and credits for people who fall into those categories. The form is for folks who earned money but didnโt pay taxes on those earnings. AARP volunteer tax preparer Bart Hatfield says those workers should have put aside some money to pay those taxes. AdYou will owe taxes on your unemployment benefitsLook out for your 1099 if you collected unemployment. You will owe taxes.
Tackle your taxes: Keep more of your money with new COVID tax rules and credits
By now, you should have received all of your 2020 tax statements and documents. You should know there are some things you can do when you file your taxes to keep more money for you and your family. You can use that to your advantage because this year, the IRS will let you use the income that gets you a larger earned income tax credit. If you are eligible for the EITC, the more money you make, the higher the credit you will get. If you had a higher income in 2019 than in 2020, you can use your 2019 income to get the higher amount in the EITC the child tax credit.