Commentary Thanks to the beneficence of the Internal Revenue Service—and the fallout from COVID-19—we half of Americans who pay federal income taxes have been given until May 17 to file. Since I began earning enough to file Form 1040 and associated forms, I have only known one person who prepared his own taxes. That was…
IRS Chief Says $1 Trillion in Taxes Goes Uncollected Every Year
WASHINGTON—The U.S. government is losing some $1 trillion in unpaid taxes every year and needs more and consistent Internal Revenue Service funding to go after tax cheats, IRS Commissioner Charles Rettig said on Tuesday. Rettig told the Senate Finance Committee that the “tax gap”—the difference between taxes legally owed and revenue collected—has grown substantially since…
IRS Announces Third Batch of Stimulus Checks, Including ‘Large Set’ to Social Security Beneficiaries
The Internal Revenue Service (IRS) said federal agencies have started disbursing a third batch of stimulus checks, with a large set of payments this time around going to Social Security and other federal beneficiaries, after reports that some people in this category experienced delays. The IRS, along with the Treasury Department and the Bureau of Fiscal Service,…
IRS Warns of Phishing Scam Targeting Colleges, Universities
The Internal Revenue Service issued a warning Tuesday about a phishing scam targeting students and staff at educational institutions who have an .edu email address. The IRS said it has received complaints about the scam aimed at students at both public and private, profit and non-profit institutions. The fraudulent emails display the IRS logo and…
Top Earners Dodge Taxes by Failing to Report 21 Percent of Income: Study
The top 1 percent of U.S. households by income fail to report 21 percent of their earnings to the IRS—a level far higher than previous estimates—according to a joint study between the tax collection agency and academics, who reached for new tools to gauge just how much people avoid paying taxes. Studying the problem of…
Top Earners Dodge Taxes by Failing to Report 21 Percent of Their Income: Study
The top one percent of households by income fail to report 21 percent of their earnings to the Internal Revenue Service (IRS)—a level far higher than previous estimates—according to a joint study between the IRS and academics, who reached for new tools to gauge just how badly people cheat on their taxes. Studying the problem…
IRS Sends Second Batch of Stimulus Cash, Urges People to Watch Mail Carefully for Paper Checks and Debit Cards
The Internal Revenue Service (IRS) has started disbursing a second batch of stimulus cash and is urging people to keep an eye out for paper checks and debit cards arriving in the mail after some people threw them away in earlier relief rounds, thinking they were junk mail. Eligible Americans will soon see the money…
IRS Extends Tax Filing Deadline by a Month
The Internal Revenue Service (IRS) this week announced taxpayers have an additional month to file their taxes. The previous deadline was April 15. The new deadline is May 17. “This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual…
IRS Starts Processing $1,400 Stimulus Checks, Payments to Start Showing up This Weekend
The Treasury Department and the Internal Revenue Service (IRS) began processing a new wave of stimulus payments with the first checks expected to appear in bank accounts this weekend. The $1.9 trillion stimulus package signed by President Joe Biden on Thursday includes $1,400 direct payments to qualifying individuals. “The payments will be delivered automatically to…
US Could Send $1,400 COVID Bill Payments Within Days; Child Tax Credit a Bigger Challenge
WASHINGTON—With plenty of practice sending coronavirus relief payments to Americans, the federal government should be able to launch the delivery of $1,400 checks almost immediately once Congress finalizes the new aid bill and President Joe Biden signs it, tax experts say. Some Americans might see direct payments as soon as this week if the bill…
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