IRS

The IRS skipped advanced child tax credit payments for millions and mistakenly sent payments to filers who didn't qualify. But aid was 98% accurate overall.

While millions of individuals and families benefitted from expanded tax credits last year, some have yet to file for the money.

The IRS is chasing unpaid cryptocurrency taxes with a new court order to obtain customer records. Here's what it means for digital currency investors.

House Minority Leader Rep. Kevin McCarthy on the details of the Republicans' 'Commitment to America' plan which is designed to usher in a 'new direction' if elected in November.

About two-thirds of bettors have been wiped out of one of the largest 'survivor' pools in Las Vegas. The IRS lets them deduct their losses — with a few caveats.

There are immediate steps to take in order to meet the tax extension deadline.

With soaring prices, experts predict larger-than-usual IRS inflation adjustments for 2023. Here's how it will affect your taxes.

Some of the biggest changes in at least a decade are in store as the tax agency raises the income thresholds for tax rates.

Fox News host Dan Bongino called out the left's "unprecedented" abuse of power posed by the Biden administration, claiming America is a police state on "Unfiltered."

Some of the biggest changes in at least a decade are in store as the IRS adjusts brackets and contributions for inflation.

Tax agency has been plagued by understaffing and poor customer service, with many taxpayer calls going unanswered.

Treasury Secretary Janet Yellen is laying out her vision for a modernized, responsive, tech-savvy tax collection agency equipped to manage 21st century challenges.

The deadline for third-quarter estimated tax payments is Sept. 15. Here's what filers need to know.

You may be eligible for IRS late penalty relief if you skipped tax returns during the pandemic. But you must file missing returns by Sept. 30 to qualify.

Have you ever wondered how Costco came into our lives?

The IRS is refunding penalties it charged taxpayers for filing their 2019 and 2020 tax returns late, as a form of COVID-19 relief. The refunds don't apply to penalties for failing to pay your taxes.

An NPR investigation has raised questions about whether the nonprofit Conservative Partnership Institute may be violating a legal ban on participating in political campaign activities.

The Inflation Reduction Act includes a directive to the IRS to study a free tax filing program for all Americans. Major tax preparation firms hate the idea.

At a midterm campaign rally in Maryland on Thursday night, President Biden attacked "MAGA Republicans." "They don’t believe in democracy,” he said, and are “destroying America.”

The IRS will waive penalties for many Americans who late-filed tax returns during the pandemic. Here's how to know if you qualify.

Case of Robert Brockman shows it's "shockingly easy" to avoid foreign-reporting laws, report finds.

Borrowers who will benefit from student loan forgiveness won't need to worry about getting hit with a federal tax bill. But they may see other tax consequences.

The IRS has $80 billion coming. The agency plans to use a lot of the money to improve taxpayer service, including answering its toll-free help lines.

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…

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.

Treasury Secretary Janet Yellen has outlined four priorities for the $80 billion in IRS funding and requested a plan within six months.

Treasury Secretary Janet Yellen has directed the IRS to develop a plan within six months outlining how the tax agency will modernize its technology, customer service and hiring.

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."

Starting your first job after college and making your own money is exciting. Paying taxes — not so much. Here are a few tips to help ease the pain.

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]

President Joe Biden signed Democrats’ landmark climate change and health care bill into law on Tuesday.

If you’re still waiting on a tax refund, you may be earning interest on your unpaid balance, and the rate jumps to 6% on Oct. 1, according to the IRS.

President Joe Biden has signed Democrats’ landmark climate change and health care bill.

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?

Now that the IRS is set to receive nearly $80 billion through the “Inflation Reduction Act,” the agency has the means to develop new systems.

The House used a party-line 220-207 vote to pass the legislation.

Democrats have pushed their landmark climate and health care bill through Congress, handing an election-year victory to President Joe Biden.

Inflation Reduction Act's $80 billion in IRS funding would come as the risk of getting audited is at a decade-long low.

The Senate approved nearly $80 billion in IRS funding with $45.6 billion for "enforcement." Here's who may be affected by more audits.

If your family has significant wealth, it's now easier to avoid federal estate taxes, thanks to recent changes from the IRS. Here's what to know.

Democrats are pushing the IRS to create its own free tax filing system, including a return-free option. But some tax professionals are skeptical.

While some retirees rely on the so-called 4% rule, another approach involves the required minimum distributions that come with 401(k) plans and non-Roth IRAs.

As the cost of living surges, Americans wrestle with higher prices on day-to-day costs. But higher taxes can be a sneaky added expense, especially for retirees.

U.S. Tax Commissioner Charles Rettig, who was appointed by President Trump in 2018, will face questions behind closed doors from lawmakers in the House and Senate before the end of the month.

Ex-FBI heads James Comey and Andrew McCabe were subjected to rigorous checks during Trump's presidency.

Two former FBI officials targeted by Trump were also targeted by the FBI. How unlikely is that? Very.

Former FBI director James Comey and his deputy Andrew McCabe were both axed during Donald Trump's presidency.

REAL ESTATE MATTERS | For 2022, the estate tax cutoff is $12.06 million. This means that if you die and your estate is valued at an amount lower than the $12.06 million limit, you owe no federal estate taxes at all.

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.

It is taking over a year for some people to get their refunds amid a shaky economy.

The IRS backlog of tax returns has swelled to over 21 million, despite efforts to clear the pileup, according to a watchdog report.

The IRS has expanded artificial intelligence-driven voice bots to tackle payment plans, according to the agency. But tax professionals remain skeptical.

The IRS will boost the standard mileage rate by 4 cents, to 62.5 cents per mile, starting on July 1. The midyear change is due to soaring gas prices.

The last chance to avoid late penalties for second-quarter tax payments is June 15, applying to income from self-employment, small businesses and more.

Millions of people received billions in aid through three rounds of checks after the onset of Covid-19. A look back at the government's giant relief effort.

A woman from the Houston area now faces prison time after she plead guilty to tax fraud, U.S. Attorney Jennifer B. Lowery announced.

Monday is Tax Day, the federal deadline for individual tax filings and payments.

Millions of Americans wait until the last minute to file their taxes, and this year is no exception.

With child tax credits and stimulus refunds, you may need help figuring out your taxes this year. Mom and pop offices pop up this time of year, and you should know the red flags to look out for.

For those animal lovers who spend so much money on their pets and hope to recoup some of that cash spent when tax season arrives, this is the cold, hard reality: For the most part, you can’t.

The IRS criminal investigation arm tasked with tracking down sanctioned Russian oligarchs' property failed to receive an infusion of money in the Ukraine aid package.

You likely know what “income” means, and of course you’re aware of federal and state taxes, and the fact that we have to do them (or have them prepared for us, in some cases), every year. But how much do you know about income tax overall?

Congress is racing to pass a mammoth $1.5 trillion legislative package that would fund the government for the rest of the year.

In many cases, the victim of check fraud is out thousands of dollars even though their bank cashed the forged or fraudulent checks. Our KPRC 2 Investigates team is getting answers about who is ultimately liable.

Whether you’re new to owning your own business or a seasoned vet, taxes can be so stressful. It’s easy to overlook things or simply forget an item here and there.

Tax season is officially here, meaning you have the next couple months to get those returns filed! This year’s IRS deadline is April 18.

Alternative finance has captured the attention of investors across the U.S. As the 2022 tax season approaches, traders who are new to cryptocurrency taxation will have to contend with the IRS’ rules for reporting on taxable events.

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.

U.S. taxpayers, brace yourselves because tax filing season starts Monday and you can expect the task to be more cumbersome than usual this year.

For those who plan on donating to a charitable organization for Giving Tuesday, there could be some opportunities to receive money back when filing taxes next year.

The Internal Revenue Service is gearing up for the 2022 tax season, and taxpayers are encouraged to plan ahead.

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.

Don't focus on the bottom line.

What does Bitcoin have to do with roads and bridges.

Lawyers for Donald Trump on Wednesday urged a federal judge to block the Treasury Department from handing his tax returns over to the House Ways and Means Committee.

A Republican senator who helped negotiate a nearly trillion-dollar bipartisan infrastructure bill says a proposal to strengthen IRS enforcement to raise money to help pay for the bill's spending is officially off the table.

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.

The Internal Revenue Service has launched two new online tools designed to help parents manage their monthly child tax credit payments.

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.

Two key U.S. senators introduced legislation Wednesday designed to spur faster payouts from donor-advised funds and foundations, giving new momentum to an effort that has deeply divided philanthropy.

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.

Have you done your taxes yet? If not, there are some new tax credits and deductions you need to know about so you get the most money back from Uncle Sam this year.

A U.S. tax court has handed a major victory to the estate of Michael Jackson in a years-long battle.

At KPRC 2, we’re dedicated to keeping Houstonians informed. As part of our Ask 2 series, the newsroom will answer your questions about all things Houston.

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.

If you already anticipate needing some extra time to file your federal tax return, there’s some good news. You can always file for an extension.

If you grew up watching your parents get stressed around tax season, then you're probably not looking forward to filing yourself for the first time.

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.

Even for those of us who think we have some knowledge about anything tax related, it can be a stressful time. And it's certainly not a time when you want to play a guessing game.

Even if we think we have some knowledge about anything tax-related, it can be a stressful time. And it's certainly not a time when you want to play a guessing game.

Tax season can be a reason to laugh, as these famous TV episodes showed.

A common aspect of the COVID-19 pandemic over the past two or so years has been more employees working remotely, but that doesn’t necessarily mean all those people were working from their homes.

Willie Nelson owed millions in taxes, so the IRS came up with an idea to help.

Tax season is busier than usual for professional athletes and the people they put in charge of their taxes.

These 10 celebrities found out the hard way not to mess with the IRS.

Are you knee-deep in receipts, 1099 forms and W2s? Or are you all done?

If you’ve finally gotten your taxes filed, you’re probably ready to put it all away and move on. Have you considered which documents you should keep? And for how long?

When it comes to tax write-offs, many people will stretch the limits to see what they can get away with.