The agency will overhaul how it scrutinizes returns that claim the earned-income tax credit, which is aimed at alleviating poverty.
Category: Income Tax
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You Can Still File Your 2019 Taxes if You’re Due a Refund
The forms were originally due in the early days of the pandemic. The I.R.S. estimates that 1.5 million people are owed money, but they must file by July 17.
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What to Do With Your Tax Refund, According to Experts
The average refund is down from last year, but still almost $3,000. One option experts recommend is stashing part of it for unexpected expenses.
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What You Need to Know for the 2023 Tax Season
The New York Times – Business:Doing taxes in 2023 feels a lot like it did before the pandemic. Still, there are some meaningful changes to keep in mind.
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You Can Use Your Tax Refund to Buy I Bonds, but Should You?
The New York Times – Business:The answer depends on whether you’re looking to get high interest rates now or a safe investment with inflation protection over many years.
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I.R.S. Decides Most Special State Payments Are Not Taxable
The New York Times – Business:The agency offered the guidance that it had asked millions of taxpayers in 21 states to wait for before filing their returns.
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I.R.S. Tells Millions Who Received State Rebates: Don’t File Just Yet
The New York Times – Business:Tax season is underway. But the Internal Revenue Service is still figuring out whether the millions of taxpayers who received rebates last year should count them as taxable income.
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Black Americans Are Much More Likely to Face Tax Audits, Study Finds
The New York Times – Business:A new report documents systemic discrimination in how the I.R.S. selects taxpayers to be audited, with implications for a debate on the agency’s funding.
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Your Tax Refunds May Be Smaller This Year
The New York Times – Business:Credits that were expanded as part of pandemic relief have expired, as has the deduction for donations for people who don’t itemize.
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Trump Tax Returns Undermine His Image as a Successful Entrepreneur
The New York Times – Business:The release of former President Donald J. Trump’s private tax documents by the House Ways and Means Committee shows heavy losses from his own ventures as he continued to cash in on inherited assets.
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Trump Tax Returns Released by House Democrats
The New York Times – Business:The publication of former President Donald J. Trump’s private tax documents comes amid questions about why the I.R.S. failed to fully audit him during his presidency.