Members of Congress are demanding the Internal Revenue Service (IRS) investigate tax preparation software companies for allegedly sharing taxpayer information with Facebook. Several news outlets, including The Markup, reported in November 2022 that several services, including H&R Block, TaxAct, and TaxSlayer, sent personal and financial information to Facebook after users filed their taxes. That included filers’…
Democrat Lawmakers Demand IRS Answer Key Tax Questions on Data Sharing
Meal and Entertainment Deductions—What You Should Know
Meals and entertainment have long been used as marketing tools by both big and small businesses. For many, they’re a legitimate business expense. But the Internal Revenue Service rules regarding deducting these expenses have changed over the decades. It’s essential to know the current rules for the tax year 2022. This lets you take the…
IRS Issues Tax Return Checklist With Key Warning About the Dreaded Notice Letter
The Internal Revenue Service (IRS) has issued a checklist to make tax preparation smoother in 2023, which features a key cautionary tip on how to avoid getting a dreaded notice or bill from the tax man. The IRS’ list of “key points to keep in mind” when preparing to file a 2022 tax return, issued…
IRS Reminds Taxpayers of Key Deadline That They Should Know About to Avoid Scams
The Internal Revenue Service (IRS) has issued a reminder that Jan. 31 is the deadline for employers to file W-2 forms and other wage statements, and that wage earners should be aware of this deadline to help them guard against tax refund scams. Employers must submit Form W-2 and Form W-3 for the 2022 tax year to…
IRS Announces $2,000 Tax Credit Reminder | Facts Matter
The IRS issued a reminder to millions of Americans, urging them to apply for the Earned Income Tax Credit. This is a tax credit that last year averaged more than $2,000 per person, it’s a tax credit that tens of millions of Americans are eligible for—but it’s also a tax credit that about 20 percent…
Experts Warn New IRS Tax Rules Are a ‘Double Whammy’ for Families
After the Internal Revenue Service issued several releases warning about potentially lower tax refunds this filing season, some analysts say that it could put strain on some families who may have anticipated an expanded child tax credit. Analysts Sound Off Financial expert Lynnette Khalfani-Cox told NPR on Jan. 22 that there are “four main reasons”…
IRS Says Millions of Americans Don’t Realize They Are Eligible for Tax Credit
The Internal Revenue Service (IRS) has issued a reminder that millions of Americans are eligible for a tax credit that last year averaged over $2,000 but 20 percent of those entitled to the money didn’t claim it. “This is an extremely important tax credit that helps millions of hard-working people every year,” IRS Acting Commissioner…
IRS Says Millions of Americans Don’t Realize They’re Eligible for Tax Credit
The IRS has issued a reminder that millions of Americans are eligible for a tax credit that last year averaged more than $2,000, but 20 percent of those entitled to the money don’t claim it. “This is an extremely important tax credit that helps millions of hard-working people every year,” IRS Acting Commissioner Doug O’Donnell…
States Raising Taxes on the Rich Should Expect a Line at the Exit
Commentary It’s an old aphorism that if you tax something, you get less of it. Seven states are at risk of finding out exactly how that truism applies to wealth tax legislation introduced in each should their proposed taxes become law. On Thursday, Jan. 19, seven states—California, Connecticut, Hawaii, Illinois, Maryland, New York, and Washington—rolled…
Rep. Jason Smith Announces House Committee’s IRS Whistleblower Portal
Rep. Jason Smith (R-Mo.) on Wednesday announced a new online form for Internal Revenue Service (IRS) whistleblowers to report misconduct at the agency directly to Congress. The confidential online form was established via the House Ways and Means Committee as part of the new Republican majority’s “aggressive oversight,” according to Smith. Potential whistleblowers at the IRS can submit information confidentially…
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