IRS

The Internal Revenue Service is prematurely sending some Americans collection notices, even though they filed their returns, as the agency works to wade through a deluge of unprocessed returns from years past.

The IRS will kick off the 2022 tax-filing season in a state of crisis as it grapples with a backlog of millions of unprocessed returns from one of the agency's "most challenging years."

The Internal Revenue Service will kick off the 2022 tax season this month, although it's already warning taxpayers to brace for delays as the agency wrestles with a massive pileup of unprocessed returns accrued during the pandemic.

JPMorgan Chase CEO Jamie Dimon warned that President Biden’s proposal to crack down on wealthy tax evaders by requiring banks to report more customer information on most Americans' accounts to the Internal Revenue Service could potentially be “terrible.”

The Internal Revenue Service said Monday that it will begin accepting 2021 individual income tax returns on Jan. 24 – and administration officials are already warning of a “frustrating” season as the agency grapples with a backlog of returns from previous years.

Tax-filing season is swiftly approaching, but Americans planning to file their returns for free will have fewer options to do so than in years past.

Americans who received the third round of stimulus checks or an advanced child tax credit payment should be on the lookout for two important letters from the Internal Revenue Service.

The Build Back Better bill is a $1.7 trillion social safety net that includes investments in climate change, health care and child care, which includes expanding child tax credit (CTC) payments through 2022.

Americans looking to tuck away some extra cash next year can take advantage of an oft-overlooked tax break recently updated by the Internal Revenue Service to reduce their liability next year.

Tens of millions of Americans could see their bank account information swept up and reported to the Internal Revenue Service under a deeply controversial proposal from Democrats, according to a new analysis. 

Republicans are amplifying criticism of Democrats' massive social spending package, taking aim at a tax provision they say would disproportionately benefit ultra-wealthy Americans in blue states.

Democrats have proposed a minimum tax on income that well-off corporations report to investors in order to help fund President Biden's sweeping tax and spending package.

As President Biden’s $1.75 trillion spending bill advances to the Senate, Republicans are issuing dire warnings about an aggressive IRS tax enforcement proposal that will be a key factor in determining whether the expansive legislation’s costs are fully covered.

The sweeping social spending and climate bill that House Democrats passed on Friday morning includes a temporary repeal of a Trump-era limit on the state and local tax deduction – a policy that would deliver huge windfalls to the wealthy while providing almost no benefit to middle-class Americans.

The nonpartisan Congressional Budget Office estimated Thursday that President Biden’s social spending bill will add $367 billion to the federal deficit over the next 10 years, without counting potential revenue from an IRS tax enforcement crackdown that White House officials claim will cover the remaining cost.

The Internal Revenue Service could soon get a massive infusion of cash to help it track down wealthy tax cheats.

Enhanced IRS tax enforcement provisions included in President Biden’s social spending bill will cause audits to double over the next 10 years, according to a Republican memo distributed by House Minority Leader Kevin McCarthy, R-Calif., to GOP lawmakers on Thursday morning.