Tag: Internal Revenue Service
IRS bumps estate-tax exclusion to $12.92 million for 2023
Bernd Vogel | Getty ImagesUltra-wealthy Americans can soon protect more assets from federal estate taxes, the IRS announced this week. Starting in 202 [...]
Here are the new income tax brackets for 2023
Andersen Ross | Blend Images | Getty ImagesAmid soaring inflation, the IRS this week announced higher federal income tax brackets and standard deducti [...]
These are the best IRS options if you can’t pay your income taxes
Srdjanpav | E+ | Getty ImagesThe tax-extension deadline is approaching on Oct. 17, and a record 19 million Americans filed for more time to manage the [...]
IRS erred on child tax credit payments for millions of families
The IRS skipped about $3.7 billion in advance child tax credit payments for 4.1 million eligible households, but sent more than $1.1 billion to 1.5 mi [...]
The extended tax deadline is Oct. 17. Here’s what filers need to know
Cecilie Arcurs | Getty ImagesThere's about one month until the Oct. 17 tax deadline extension, and experts say filers need to prepare, especially for [...]
These are the 4 priorities for the $80 billion in IRS funding
Treasury Secretary Janet Yellen speaking at a news conference on July 14.Made Nagi | ReutersYellen outlines 4 priorities for the $80 billion in fundin [...]
IRS interest jumps on Oct. 1. How much you’ll get for a missing refund
How to calculate your interestThe interest is an annual rate compounded daily, meaning you divide the 6% rate by 365, explained Tommy Lucas, a certifi [...]
With 87,000 new agents, here’s who the IRS may target for audits
Jeffrey Coolidge | Photodisc | Getty ImagesAs the Democrats' spending plan moves closer to a House vote, one of the more controversial provisions — ne [...]
The wealthy now have more time to avoid estate taxes
If your family has significant wealth, it's now easier to avoid federal estate taxes, thanks to recent changes from the IRS.The IRS improved a strateg [...]
Tax bill for Vermont winner of Powerball $366.7 million jackpot
If you're holding the winning ticket for Powerball's $366.7 million jackpot, don't forget about your silent partner: Uncle Sam.After rolling higher fo [...]
Tax pros ‘very skeptical’ about expanded IRS voice bots for payments plans
Westend61 | Westend61 | Getty ImagesIf you get a tax bill and want help from the IRS to set up a payment plan, newly expanded voice bots may make for [...]
IRS boosts mileage rate deductions as gas prices soar to $5 a gallon
Guy Benhamou sends a picture of gas prices to friends while pumping gas at an Exxon Mobil gas station on June 9, 2022 in Houston.Brandon Bell | Getty [...]
House Democrats push for repeal of rule blocking SALT cap workaround
Rep. Tom Suozzi, D-N.Y., speaks during a news conference announcing the State and Local Taxes (SALT) Caucus outside the U.S. Capitol on April 15, 2021 [...]
IRS working to boost audit rates for higher earners
Jeffrey Coolidge | Photodisc | Getty ImagesThe IRS is working to boost its audit rates for the wealthiest Americans, according to a statement recently [...]
Capital gains may have triggered more individual taxes for 2021
The U.S. Department of the Treasury buildingJulia Schmalz | Bloomberg | Getty ImagesSome investors may be grappling with the sting of higher-than-expe [...]