Throughout the decades, millions of Americans had small amounts from their paychecks withdrawn—before taxes were deducted—and invested the money in retirement plans. As those taxpayers retire or plan for retirement, the Internal Revenue Service is reminding them about required mandatory withdrawals from retirement accounts. Failure to withdraw funds or not taking the minimum required amount…
IRS Warns of 50 Percent Penalty for Failing to Make Retirement Withdrawals
Supreme Court Accepts Appeal About IRS Seizing Bank Records to Collect Debt From Another Taxpayer
The Supreme Court has agreed to hear a case about the IRS seizing bank account holder records to collect a debt from a different taxpayer. The ruling comes as some federal lawmakers in the new Congress that will be seated next month prepare to grapple with President Joe Biden’s attempt to boost enforcement efforts by…
Supreme Court Accepts Appeal About IRS Seizing Bank Records to Collect a Debt From Another Taxpayer
The Supreme Court has agreed to hear a case about the IRS seizing bank account holder records to collect a debt from a different taxpayer. The ruling comes as some federal lawmakers in the new Congress that will be seated next month prepare to grapple with President Joe Biden’s attempt to beef up enforcement efforts…
‘Early Filers’ Should Wait to Send Tax Return in 2023: Here’s the Key Reason Why
Some people who are aiming to file their 2022 tax returns early next year received new advice from the Internal Revenue Service that said that they need to wait for “key documents” before filing. The reason why, the agency said, is because some people might be receiving a Form 1099-K for the first time due…
Americans Might Be in for a Tax ‘Refund Shock’ Next Year: Analyst
Millions of Americans could face a “refund shock” when they file their taxes next year because a number of pandemic-related programs are set to expire or have expired, said an analyst. Data from the Internal Revenue Service (IRS) shows that the average refund taxpayers got back for their 2021 taxes was about $3,200, or some…
IRS Issues Another Tax Warning to Americans Who Made More Than $600 Online
Independent contractors who made money via online services will have their income reported to the Internal Revenue Service (IRS) starting in 2023, the agency said in a second warning issued Tuesday. People who made money via eBay, Etsy, Poshmark, Uber, and other digital services will face the new scrutiny and rules. It applies to anyone who…
Biden Administration Gives Trump Tax Returns to House Democrats
President Joe Biden’s administration has handed over years of former President Donald Trump’s tax returns to the U.S. House of Representatives. “Treasury has complied with last week’s court decision,” a spokesperson for the Treasury Department, which includes the IRS, told The Epoch Times on Nov. 30. The U.S. Supreme Court recently rejected a request from…
Kanye West Says IRS Froze Bank Accounts Because He Owes $50 Million in Taxes
Kanye West claimed that the Internal Revenue Service (IRS) placed a hold on four of his bank accounts and said he owes the federal government $50 million in taxes. West made that claim to YouTube host Tim Pool on Monday evening before he suddenly ditched the interview. West appeared in the interview with notorious Holocaust…
All About the Standard Deduction in 2023
Most taxpayers know that deductions allow you to take out certain expenses from taxable income. This lowers the tax burden. There are two types of deductions: standard deductions and itemized deductions. You can only choose one and cannot itemize deductions and use the standard deduction in the same tax year. The standard deduction is about…
FBI Arrests Alleged ‘Boogaloo Bois’ Member Who ‘Threatened to Kill Police,’ Blow up IRS
The FBI on Tuesday arrested an alleged member of the militant anti-government group Boogaloo Bois after he allegedly threatened to kill police and government officials and “blow up” the IRS. According to a criminal complaint (pdf) first obtained by The Daily Beast, Aron McKillips, 29, of Ohio, was arrested Tuesday by members of a task force…
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