Tax year 2022 saw multiple changes made by the Internal Revenue Service to tax limits, credits, standard deductions, and so on. With the deadline for filing returns fast approaching, here is a list of some of these changes. Marginal Tax Rates The IRS slightly changed tax brackets for the 2022 tax year. The top tax…
Six Major Changes Made by IRS for 2023 Tax Season
March 10, 2023
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IRS Recommends Taxpayers to Wait for ‘Additional Clarification’ Before Filing Returns Due to Refund Confusion
February 8, 2023
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Business & MarketseconomyIRS - U.S. Internal Revenue Servicepersonal financePolicies & Impactstax filingtax rebateTax Refundtax returnsUS
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The Internal Revenue Service has advised millions of taxpayers who have benefited from state rebate and refund payment programs to currently hold off from filing their income tax return while the agency decides on how to treat such receipts. “There are a variety of state programs that distributed these payments in 2022 and the rules…
Men More Likely to File Taxes Using Retail Software While Women Worry About Making Mistakes: CRA Study
Men are more likely to file their taxes using off-the-shelf software while women tend to be more concerned about making filing mistakes, and as a result are more likely seek out professional help, says a study by the Canada Revenue Agency (CRA). “Women are more likely to believe paying for programs and services for people…
IRS Targeted More ‘Easy-Mark’ Low-Income Families Than Millionaires, Says Report
January 8, 2023
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IRS - U.S. Internal Revenue Servicelow-income familiesPolicies & ImpactsPoliticsrevenue auditSocial Issuestax auditstax filingUSUS News
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The IRS is continuing its historic trend of pursuing more low-income groups as relatively fewer billionaires and millionaires have come under its audit sweep, according to a recent report by Syracuse University’s Transactional Records Access Clearinghouse (TRAC). During fiscal year 2022, millionaires “did have the highest odds of being audited. However, if one ignores the…
IRS Targeted More ‘Easy-Mark’ Low-Income Families Than Millionaires, University Report
January 8, 2023
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IRS - U.S. Internal Revenue Servicelow-income familiesPolicies & ImpactsPoliticsrevenue auditSocial Issuestax auditstax filingUSUS News
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The IRS is continuing its historic trend of pursuing more low-income groups as relatively fewer billionaires and millionaires have come under its audit sweep, according to a recent report by Syracuse University’s Transactional Records Access Clearinghouse (TRAC). During fiscal year 2022, millionaires “did have the highest odds of being audited. However, if one ignores the…
Tax Refunds For Millions of Americans May Be Smaller This Year, Says IRS
November 25, 2022
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Americans will be unpleasantly surprised to find their tax refunds smaller than expected for 2022, with the IRS announcing reduced refunds for the coming year as well, in a blow to many who rely on the refunds as a supplement to their savings. “Refunds may be smaller in 2023. Taxpayers will not receive an additional…
Tax Filing Websites Might Have Given Facebook Your Financial Information: Report
November 24, 2022
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Several prominent online tax filing websites have reportedly been sending Americans’ private financial information to Facebook, even in cases where users did not have an account on the platform, according to a jointly published report by The Verge and nonprofit the Markup. The companies, which included H&R Block, TaxAct, and TaxSlayer, utilized a code snippet…
Tax Filing Software Sent Sensitive User Information to Facebook: Report
November 24, 2022
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Popular tax filing software, such as TaxAct, TaxSlayer, and H&R Block, reportedly violated financial privacy by sending sensitive personal information to Meta’s Facebook. Meta’s Pixels, Facebook’s widely used code that tracks user activity on the internet, allowed the social media giant to secretly receive personal financial information through online tax filing services, according to a joint investigative report by The…
CRA’s Phone Tax Filing Service Had Less Than 1% Uptake: Report
A telephone tax filing system launched in 2018 by the Canada Revenue Agency (CRA) was unsuccessful, says a federal report, as uptake for the program was less than one percent. The report, obtained by Blacklock’s Reporter, noted that out of 30 million taxpayers who submitted their annual returns, 27.6 million have done so electronically, while…
IRS Destroys Millions of Tax Documents, GOP Lawmakers Seeking Answers
June 9, 2022
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Two Republican lawmakers, James Comer (R-Ky.), ranking member of the House Committee on Oversight and Reform, and Nancy Mace (R-S.C.), ranking member of the Subcommittee on Civil Rights and Civil Liberties, have written a letter asking the Internal Revenue Service (IRS) to explain the destruction of 30 million paper-filed tax documents last year. “Committee Republicans…
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