Tax refunds are much smaller so far this year, IRS says
Early data published by the IRS indicates the average tax refund is worth about $1,395 so far this year, a sharp drop from the 2023 filing season.
Your tax refund could be bigger this year – here's why
Americans may receive a bigger tax refund this year, thanks to the annual adjustments that the IRS makes to the tax brackets to account for high inflation.
SALT tax cap could get a revamp, meaning millions get a bigger tax refund this year
The Trump-era limit on state and local tax deductions may be temporarily overhauled for married couples, setting up millions to receive a bigger refund.
Sen. John Thune demands answers from IRS over TikTok use despite ban
Sen. John Thune, R-S.D., discusses whether China stole U.S. tax information via TikTok on 'Varney & Co.'
Made money on Venmo or PayPal last year? What you need to know about your taxes
A controversial new tax-reporting policy involving payments on e-commerce platforms like eBay and Etsy will begin to go into effect in 2024, the IRS said.
Tax season has officially started: Here's everything you need to know before filing
The IRS said that tax season officially begins on Monday, Jan. 29. Here is everything that individual taxpayers need to know before filing their returns.
Owners of famous Philly cheesesteak chain sentenced in $8M tax fraud scheme
Two owners of Tony Luke's in South Philadelphia, which is known for their popular cheesesteak sandwiches, were sentenced to prison for tax fraud.
Social Security recipients could get hit with a surprise tax bill this year
The record-high Social Security cost-of-living bump that beneficiaries received in 2023 could come back to bite them during this year's tax-filing season.
IRS to start simplifying notices to taxpayers this year
The IRS said Tuesday that it will simplify the "difficult to understand" notices that it sends to taxpayers as part of the $80 billion modernization push.
Remote workers face a double taxation threat
The number of Americans working from home has surged, but remote workers in five states face a potential tax shock this tax-filing season from the IRS.
Revamp your finances: Smart financial new year's resolutions for 2024
When outlining your resolutions for the coming year, prioritize your financial wellness. Get expert guidance as a certified financial planner shares 2024's resolutions.
IRS tax-filing season to kick off on Jan. 29
The IRS on Monday announced that it will start accepting and processing 2023 tax returns for individuals on Jan. 29. The deadline for filing is April 15.
New IRS tax brackets take effect in 2024, meaning your paycheck could be bigger next year
The IRS adjusted the income limits for the different tax brackets in the 2024 tax year as still-high inflation continues to squeeze Americans financially.
IRS noncompliant with Biden administration's TikTok ban as agency devices can still access app: gov't watchdog
The Internal Revenue Service isn't in compliance with White House ban on TikTok being accessed on federal agency devices, according to a government watchdog.
IRS zaps nearly $1 billion in penalties for taxpayers
Americans who owe back taxes will be given an incentive to pay up after the Internal Revenue Service said Tuesday it would waive nearly $1 billion in late-payment penalties.
Higher contribution limits are coming for 401(k)s and IRAs next year
The IRS earlier this year lifted the amount that workers can set aside for retirement in their 401(k), IRA and other tax-deferred plans beginning in 2024.
Democratic Minnesota governor says state's rebate checks getting federally taxed is 'bulls---'
Democratic Minnesota Gov. Tim Walz called "bulls---" on Wednesday when responding to the IRS decision to tax Minnesotans on a rebate check.
IRS issues warning about emerging tax season scams
The Internal Revenue Service is warning taxpayers and tax professional to look out for suspicious emails and text messages that could be from fraudsters as tax filing season nears.
IRS move could carry hefty cost for some taxpayers
The IRS is raising the interest penalty for underpayment of estimated taxes, with taxpayers who are self-employed or work as independent contractors urged to be vigilant.
IRS' Venmo crackdown delayed but not dead this holiday season
In 2021, Democrats lowered the reporting threshold for online transactions to an unreasonably low level of $600 or more – and Congress had until Dec. 31 to fix this error.