IRS

The IRS will distribute a third round of child tax credit payments to millions of families this week under the expanded program included in President Biden’s $1.9 trillion COVID-19 relief package.

The Internal Revenue Service says home COVID-19 testing is an eligible medical expense for flexible spending arrangements and health savings accounts

The IRS said in a statement Wednesday that those impacted by Hurricane Ida in parts of New York and New Jersey will be offered an extension to file various individual and business tax returns—similar to the relief already provided to victims in Louisiana.

Florida Bankers Association CEO Alex Sanchez on the IRS looking to get more data about Americans’ financial activities from banks.

Complications related to the COVID-19 pandemic resulted in a massive backlog at the Internal Revenue Service in the processing of business-related tax returns in 2020, according to a report from the Treasury Inspector General for Tax Administration.

Current and former executives of hedge fund Renaissance Technologies LLC will personally pay as much as $7 billion in back-taxes, interest, and penalties to settle a long-running dispute with the Internal Revenue Service, the firm said, a tax settlement that may be the largest in history.

IRS Commissioner Chuck Rettig said Thursday that additional funding could help the agency crackdown on wealthy tax dodgers and recover billions in lost revenue.

Long-haul truckers and buses need to file and pay the heavy highway vehicle use tax by Tuesday, August 31, the IRS said.

The Internal Revenue Service on Tuesday said that victims of Hurricane Ida, including all Louisiana residents, have until Jan. 3, 2022 to file individual and business tax returns and make payments due after Aug. 26.

Nearly 61% of Americans paid no federal income taxes in 2020, a temporary spike attributed to a sudden decline in income and a massive boost in government subsidies during the coronavirus pandemic.

A recent audit found the Internal Revenue Service misreported information about more than $726 million and potentially overpaid almost $900,000 for government contracts.

A second payment from the IRS goes out Friday, providing some extra cash to millions of families across the U.S. as part of the expanded child tax credit.

Kurt Knutsson on what you should know about Child Tax Credit-related scams.

Olympic gold medalist swimmer Katie Ledecky will be leaving Tokyo with two gold medals and two silvers, and reportedly a large tax bill.

Republicans on Tuesday pressed the IRS for answers regarding a leak of high-profile taxpayer data earlier this year, expressing concern about possible threats to national security and Americans’ privacy.

Sens. Elizabeth Warren, D-Mass., Bernie Sanders, I-Vt., and Sheldon Whitehouse, D-R.I., wrote a letter to IRS Commissioner Charles Rettig on Monday requesting more information on the “benefits of investing in the IRS” after a proposal to inject $40 billion into the agency to close the tax gap was scrapped earlier this year.

Republicans are working on ways to address the IRS’ tax gap, after several powerful members of the party cast doubt on the estimates that have been floated.

The IRS is delivering another batch of federal refunds to Americans who collected unemployment benefits last year and paid taxes on that money

The IRS is missing the required information for millions of American households that could potentially qualify to receive the expanded Child Tax Credit, a new report shows.

The infrastructure deal agreed upon by lawmakers and President Biden on Wednesday includes a crackdown on cryptocurrencies as one way to raise revenue to support spending.