The Internal Revenue Service (IRS) has released data on its operations showing that, during the 2022 fiscal year, the agency collected close to $5 trillion in taxes while the share of Americans saying that it’s not at all acceptable to cheat on income taxes dropped to six-year low. According to the agency’s newly released Data Book,…
Americans Only Have a Few Days Left to File Income Taxes: Here’s What You Need to Know
The clock is ticking: there are about four days to go until tax day, which lies on Tuesday, April 18. The IRS has said that if one’s tax returns contain no errors or potential red flags, a refund should be delivered within 21 days if the taxpayer files electronically and wants the money directly deposited…
IRS Says Time Running Out to Claim $1.5 Billion in Unclaimed Refunds for Tax Year 2019
The Internal Revenue Service (IRS) announced Wednesday that over a million Americans have unclaimed tax refunds for the tax year 2019 and face a looming deadline to claim a total of $1.5 billion before it becomes government property. The IRS said in a press release that that nearly 1.5 million people across the United States…
IRS Says Taxpayers in Some States May Be Eligible for Bigger Refunds
April 12, 2023
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The Internal Revenue Service (IRS) said Tuesday that taxpayers in nearly two dozen states should consider filing amended tax returns because they may have needlessly reported income from relief payments and so stand to get bigger refunds. The IRS said in a press release that taxpayers who reported certain state payments related to general welfare…
IRS Grants Tax Relief to Tennessee Storm Victims
April 11, 2023
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Victims of recent storms in Tennessee have been granted tax relief by the Internal Revenue Service (IRS) and now have until July 31 to file their returns. In an April 10 news release, the IRS said the extended relief is being granted to individuals living in any area designated by the Federal Emergency Management Agency (FEMA) in the wake…
IRS, Americans Unprepared to Shoulder Burden of New Tax Laws, Republicans Warn
April 10, 2023
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With Tax Day looming just days away, two Republicans on the House Ways and Means Committee are warning that neither the IRS nor the American people are prepared to shoulder the burdens imposed by new reporting requirements. Voicing their concerns in an April 4 letter (pdf) to Government Accountability Office (GAO) Comptroller General Gene Dodaro,…
Westminster Tax Preparer Admits Part in $3.8 Million Tax Scheme
April 10, 2023
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SANTA ANA, Calif.—A Westminster-based tax preparer pleaded guilty April 10 to operating a scheme to cheat the federal government out of about $3.8 million. Anton Nguyen, 54, of Fountain Valley pleaded guilty to a count of conspiracy to defraud the federal government. A sentencing date was set for July 24. Nguyen operated Century Travel &…
IRS Moves to Crack Down on Tax Shelters for Small Businesses
April 10, 2023
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The Internal Revenue Service (IRS) has issued proposed regulations that would abolish certain tax shelters. The agency’s proposed rulemaking wants to classify certain types of insurance arrangements that let small businesses benefit from tax breaks as either “listed transactions” or “transactions of interest,” making it easier for the IRS to disallow certain claimed tax benefits. “Listed…
NTD News Today (April 10): Soros-Funded Prosecutor Sanctioned for ‘Withholding Evidence’; IRS to Ramp Up Enforcement
A St. Louis judge has sanctioned a Soros-backed local prosecutor who let a murder suspect out on bond and allegedly withheld evidence. The IRS has released a “dirty dozen” list of common tax scams to be on guard against. The agency also intends to ramp up enforcement, including criminal investigation for certain assets. Sky News Australia…
IRS to Prioritize Enforcement Including Criminal Investigation for Certain Assets
April 8, 2023
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The Internal Revenue Service (IRS) said it would increase enforcement in the area of digital asset transactions and listed transactions. The federal agency identified certain transactions to have high-risk issues in noncompliance and vowed to ramp up enforcement in those transactions. “The IRS tracks many known, high-risk issues in noncompliance, such as digital asset transactions, listed…
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