The IRS could be on the verge of changing the way Americans file their taxes
The IRS could be on the cusp of revolutionizing the way that Americans file their taxes. The Inflation Reduction Act signed into law by President Biden on Tuesday provided $80 billion in funding for the agency, including $15 million to deliver a report on a free, government-run tax e-filing system that tax simplification advocates have…news.yahoo.com
Brooklyn Hospital Dietician Indicted for Fraudulent Refund Scam
A New York woman was arrested today, following an indictment returned by the grand jury earlier this week charging her with filing false tax returns, obstructing the IRS, and willful failure to file tax returns. According to the indictment, Ehrenfriede Kauapirura, of Brooklyn, filed a false 2015 amended tax return and a false 2016 tax return. On both returns, Kauapirura allegedly reported hundreds of thousands of dollars in fictitious tax withholdings, which purportedly entitled her to refunds of approximately $250,000 for each year. To thwart the IRS’s collection efforts, Kauapirura allegedly transferred money from her personal bank account to a bank account owned by a trust that she controlled. In addition, Kauapirura allegedly did not timely file individual tax returns with the IRS for the years 2017 through 2020.justice.gov
Yellen tells IRS to develop modernization plan in 6 months
Now that President Joe Biden signed Democrats' expansive climate, tax and health care bill into law, Treasury Secretary Janet Yellen has directed the IRS to develop a plan within six months outlining how the tax agency will overhaul its technology, customer service and hiring processes. In part, the improvements are meant to “end the two-tiered tax system, where most Americans pay what they owe, but those at the top of the distribution often do not," Yellen said in a Tuesday memo to IRS Commissioner Chuck Rettig, whose term ends in three months. Yellen has called for the IRS to “fully resolve the inventory backlog and make significant improvements in taxpayer services," “to overhaul an information technology system that is decades out of date” and invest and train employees “so they can identify the most complex evasion schemes by those at the top."news.yahoo.com
Biden signs massive climate and health care legislation
WASHINGTON (AP) — President Joe Biden signed Democrats’ landmark climate change and health care bill into law on Tuesday, delivering what he has called the “final piece” of his pared-down domestic age[San Marcos, TX] [Hays County news] News San Marcos News, San Marcos Record [Texas State]sanmarcosrecord.com
Rep. Matt Gaetz (R-FL) absurdly asks, “Is the IRS gearing up for war in our country?”
Florida Republican Matt Gaetz continues to stoke fear over recent IRS job postings for agents who can carry firearms, as well as funding for arms for IRS agents included in recent legislation. Is Nancy Pelosi trying to start a nuclear war in Asia? Is there an effort by the National Security State to stoke violence in a civil war here at home?news.yahoo.com
Will there be tax implications when you have joint tenants with right of survivorship?
REAL ESTATE MATTERS | The IRS has a rule that states that a homeowner may keep up to $250,000 (up to $500,000 if you’re married) in profits from the sale of a primary residence, as long as the owner has lived in the home for two of the past five years.washingtonpost.com
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 year’s 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 it’s 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 can’t 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 don’t 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 – 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, “I 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. Ad“Never before has the law changed so substantially in the middle of tax filing season," Patrick Thomas, director of Notre Dame Law School’s 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.