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As Feds Prepare For Shutdown, Here’s What It Means For IRS And Taxpayers

Millions of taxpayers expect to be ready on January 29 when tax season opens, but will the Internal Revenue Service (IRS) be ready? In anticipation of a federal government shutdown, the IRS has prepared a contingency plan for the filing season.

Government shutdown shouldn't affect IRS handling of your tax return, as long as closure isn't too long

Photo by Alan Cleaver via Flickr CC The federal government might shut down at midnight on Friday, Jan. 19. What will that mean to your taxes? The Internal Revenue Service has opened its Free File online tax preparation and e-filing program. Show More Summary

Summary of the Latest Federal Income Tax Data, 2017 Update

The Internal Revenue Service has recently released new data on individual income taxes for tax year 2015, showing the number of taxpayers, adjusted gross income, and income tax shares by income percentiles.[1] The data demonstrate that the U.S. individual income tax continues to be very progressive, borne primarily by the highest income earners. In 2015, […]

The IRS hired bill collectors to collect back taxes — and got ripped off

For all its faults, the Internal Revenue Service at least is expected to know the value of a dollar. But its math skills — and management skills — have been called into question by a recent internal report finding that in setting up a program allowing private bill collectors to dun taxpayers for...

How to Figure Out Your Take-Home Pay From the New IRS Tables

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The Internal Revenue Service has released its new tax-withholding tables, giving Americans a first look at how the tax-cut law will affect their take-home pay this year. But anyone who wants to g...

The IRS Scandal, Day 1709: Victims Of IRS's Tea Party Bias — And Taxpayers — Deserve To See Lois Lerner's Testimony

Forbes, Victims Of IRS's Tea Party Bias — And Taxpayers — Must See Lois Lerner's Testimony, Lawyer Says: Lois Lerner, formerly of the Internal Revenue Service when it discriminated against applicants for tax exemptions based on their viewpoints, claims Americans have no right to read statements she made under oath...

Republicans predict paychecks will grow as IRS issues new tax withholding guidelines

Workers who are up for a tax cut should start seeing bigger paychecks in the coming weeks, now that the Internal Revenue Service has released guidance for employers about how much tax they should withhold from employees’ take-home pay in 2018. Companies have been awaiting details from the IRS since...

IRS Releases New 2018 Withholding Tables To Reflect Tax Law Changes

The Internal Revenue Service (IRS) has updated the income-tax withholding tables for 2018 to reflect changes made by the new tax law. The updated tables reflect the new rates for employers to use during the 2018 tax year. Here's what you need to know.

The IRS just blew millions of dollars on a project that already failed before

A 2015 bill directed the Internal Revenue Service to begin using private debt collection agencies to recover some outstanding tax debts. The program cost $20 million in fiscal year 2017, but the private collectors only regained $6.7Show More Summary

Using Contractors to Collect $6.7M Cost IRS $20M

The Internal Revenue Service's outsourcing of tax debt collection is costing the IRS about $3 for every $1 it brings in, according to a report from a federal watchdog. National Taxpayer Advocate Nina Olson, head of the Taxpayer Advocate Service, said her in annual report to Congress Wednesday that the...

IRS paid private debt collectors $20 million to recoup $6.7 million from low-income Americans

The Internal Revenue Service (IRS) spent millions of dollars over the past financial year to contract private debt collectors that targeted some of Americas poorest citizens for unpaid taxes and only recovered a small fraction of the funds they were supposed to return to the agency, a new report released on Wednesday found. The report, […]

Tax identity thieves get a head start on 2018 filing season

Some folks are taking seriously the traditional tax advice to start annual tax filing tasks early. Unfortunately, those folks are crooks. The Internal Revenue Service and its Security Summit partners in state tax agencies and the tax...Show More Summary

6 ways to pay your estimated taxes

Image courtesy via Flickr Ah, January! A new year, new challenges, new opportunities and old tax tasks. The Internal Revenue Service doesn't give us much time to settle into a new tax year. In fact, it's right there,...Show More Summary

Tax filing season 2018 officially starts Jan. 29

The Internal Revenue Service will start accepting tax year 2017 returns on Monday, Jan. 29. Other key dates to note this 2018 filing season include the start of Free File (Jan. 12), the earliest some tax-credit-related refunds can be issued (Feb. Show More Summary

IRS Announces 2018 Filing Season Opens January 29, Reminds Taxpayers About Delayed Refunds

The Internal Revenue Service (IRS) has announced that tax season will open on Monday, January 29, 2018. The IRS will begin accepting paper and electronic tax returns that day, with more than 155 million individual tax returns expected to be filed in 2018.

The NRA Raised a Record Amount of Money in 2016

The National Rifle Association’s political arm set a fundraising record in 2016, taking in a staggering $366 million. That’s according to the group’s latest annual filing with the Internal Revenue Service, a copy of which was obtained by Mother Jones. The massive haul was a $30 million increase from the group’s 2015 fundraising effort. It was […]

Can I claim medical expenses on my taxes?

Medical expenses can take a bite out of your budget, especially if you have unforeseen emergencies that are not fully covered by your insurance. The Internal Revenue Service allows taxpayers some relief, making some of these expenses partly tax-deductible. Show More Summary

IRS Issues Tax Rate Guidance For Stockpiled Foreign Income

Bloomberg: IRS Issues Tax Rate Guidance for Stockpiled Foreign Income, by Lynnley Browning: The Internal Revenue Service and Treasury Department will generally allow existing loans and other related-party transactions involving the overseas affiliates of multinational corporations to be taxed at the lower of two preferential rates, according to an official...

The IRS Scandal, Day 1698: Fallout From Tea Party Targeting Allegations Has Neutered IRS Oversight Of Nonprofits

Washington Post editorial, Scandal Has Overwhelmed the IRS: Conservatives who long sought to restrain the Internal Revenue Service have managed to throw a wrench into an IRS division that is supposed to regulate tax-exempt nonprofits and charities, just at a time when these groups are becoming more partisan and complex....

IRS Warns On Email Scam, Advises Taxpayers To Watch Out For Similar Schemes

The Internal Revenue Service (IRS) has issued an alert about a new email scheme targeting taxpayers. Here's what you need to know to protect yourself.

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