Internal Revenue Service

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Here's What You Can Put Toward Retirement in 2025

IRS releases annual cost-of-living adjustments, including updates on contributions to 401(k)s, IRAs

(Newser) - The IRS is out with its annual cost-of-living tweaks, including increases in how much Americans can inject into their pension plans and retirement accounts. The details, per the AP :
  • 401(k), 403(b), federal Thrift Savings Plan, most 427 plans: In 2025, individuals will be able to contribute up to $23,500
...

Here's How Your Taxes Will Change in 2025

New tax brackets, standard deductions announced by the IRS

(Newser) - US taxpayers got a sense of how their tax bill will change for 2025 on Tuesday, when the IRS announced its annual inflation adjustment for that tax year. The Wall Street Journal reports it was a roughly 2.8% tweak. How that shakes out:
  • Single taxpayers and married individuals
...

When Hostages Return Home, the Tax Man Greets Them

Sen. Chris Coons makes his case to get them some relief in a Wall Street Journal essay

(Newser) - The thing about being held hostage in a foreign land is that it's challenging to pay your taxes. You know who doesn't care about that inconvenience? The IRS. As Democratic Sen. Chris Coons writes in a Wall Street Journal op-ed, American journalist Jason Rezaian got hit with back...

For This Billionaire, a Rare Apology From the IRS

Agency says it's sorry to hedge fund manager Ken Griffin for tax record leak

(Newser) - When former IRS contractor Charles Littlejohn leaked tax records to the ProPublica media outlet for an article on how affluent Americans tried to keep their taxes low, billionaire Ken Griffin's records were among them. Now, the government agency has issued what CBS News calls a "rare apology" for...

IRS Makes Free Tax-Return Program Permanent

Agency wants all states to join in after pilot program on e-filing

(Newser) - The IRS said Thursday it will make permanent the free electronic tax-return filing system that it experimented with this year and is asking all 50 states and the District of Columbia to help taxpayers file their returns through the program in 2025, per the AP :
  • The pilot: The IRS tried
...

IRS Commish to Rich Tax Cheats: Pay Up

Danny Werfel says agency is taking new measures to make sure everyone pays their fair share

(Newser) - IRS Commissioner Danny Werfel has a message for high-wealth tax cheats who are shorting the government: Pay your fair share so "others aren't shouldering the burden of funding our government." Werfel, who hits the one-year mark at the helm of the IRS this month, said in a...

Leaking Trump Tax Information Results in Maximum Sentence

Former IRS contractor receives 5 years, $5K fine

(Newser) - A former contractor for the Internal Revenue Service who pleaded guilty to leaking tax information to news outlets about Donald Trump and thousands of the country's wealthiest people was sentenced to five years in prison Monday. Charles Edward Littlejohn, 38, of Washington, DC, pleaded guilty to one count of...

IRS Is Waiving $1B in Late-Payment Penalties

Move applies to people, businesses who failed to pay back taxes up to $100K in 2020, 2021

(Newser) - The IRS said Tuesday it is going to waive penalty fees for people who failed to pay back taxes that total less than $100,000 per year for tax years 2020 and 2021. Nearly 5 million people, businesses, and tax-exempt organizations—most making under $400,000 per year—will be...

Hunter Biden Sues the IRS Over Tax Reveals

Complaint by president's son alleges 2 whistleblower agents violated his privacy

(Newser) - Just days after Hunter Biden was indicted on federal firearms charges, the president's son is pushing back on separate allegations about his taxes with a lawsuit against the IRS. The AP reports that Biden filed his complaint Monday, accusing two whistleblower IRS agents, Gary Shapley and Joseph Ziegler, of...

IRS to Test Free E-File Tax System Amid Pushback
IRS E-File Test Has the Likes
of TurboTax Very Unhappy
the rundown
May 17, 2023 10:35 AM CDT

IRS E-File Test Has the Likes of TurboTax Very Unhappy

Officials say it could save taxpayers billions, tax-prep companies say the opposite

(Newser) - Americans will soon be able to file electronic tax returns directly to the government—something residents of dozens of other countries have long been able to do. Congress approved $15 million in funding to study the possibility of a direct e-file system last year. Now, the IRS has announced a...

Attorneys: DOJ Made 'Retaliatory' Move in Hunter Biden Case

Attorneys for IRS whistleblower say they've been taken off investigation into president's son

(Newser) - An IRS whistleblower said to have eyebrow-raising information on a "sensitive" investigation into a "high-profile, controversial subject" that's been going on since 2018 now says they've been removed from that inquiry, as has their "entire investigative team." The subject in question: Hunter Biden, per...

IRS Announces Record Boost for 401(k) Infusions

For 2023, you can deposit $22,500 to qualified retirement plans—up to $30K for those 50 and over

(Newser) - Good news for those who want to pump more money into their retirement savings: The IRS just raised the contribution limit on 401(k) plans for 2023, as well as for similar tax-deferred plans for public education workers, federal and state employees, and those who work for tax-exempt groups. That new...

Inflation-Adjusted Tax Rates Announced

Some could see lower tax rates in 2023

(Newser) - The Internal Revenue Service on Tuesday announced the adjustments that will be in effect for 2023 tax rates in response to soaring inflation, meaning some taxpayers could see a lower tax bill. As the New York Times reports, typically when tax rates are adjusted for inflation, the adjustments are "...

IRS Drops Facial Recognition Plan
IRS Drops Facial
Recognition Plan
Feb 7, 2022 7:35 PM CST

IRS Drops Facial Recognition Plan

Agency is suspending use of private company for identity verification

(Newser) - The IRS is backing away from what some critics saw as another step toward a dystopian future: a plan to have a private company use facial recognition to verify taxpayers' identities. The agency, which was facing a backlash from lawmakers from both parties, along with the ACLU and other privacy...

The Number Is In on Worth of Prince's Estate, and It's Huge

Final valuation comes in at $156.4M, about double what estate's administrator originally estimated

(Newser) - The administrator of Prince's estate had once estimated its value at $82.3 million. The Internal Revenue Service said it thought the real number was double that. Now, nearly six years after the legal fight over the late singer's estate began, a final figure has been arrived at,...

This Could be a 'Frustrating' Tax Season, Officials Say

'Enormous challenges' could delay refunds

(Newser) - This year's tax filing season will begin on Jan. 24, 17 days earlier than last year, the Internal Revenue Service announced Monday. The IRS is warning that a resurgence of COVID-19 infections on top of a lesser funding authorization from Congress than the Biden administration had requested could make...

Still Waiting for a Tax Refund? The News Isn't Great

After 'unprecedented' tax season, IRS has backlog of 35M returns

(Newser) - If you're wondering why your tax refund still hasn't arrived, you're in good company. After the "most challenging filing season taxpayers, tax professionals, and the IRS have ever experienced," the agency is currently trying to work its way through a backlog of 35 million tax...

DOJ Suit: Roger Stone Owes IRS $2M in Taxes

Complaint: Trump ally's tax troubles, which stretch back to 2007, didn't stop him from living it up

(Newser) - Former President Trump pardoned Roger Stone right before he left office, but that reprieve isn't going to help the GOP operative with his latest IRS troubles. NBC News reports that the Justice Department filed a lawsuit Friday in Florida against the 68-year-old Trump ally for the nearly $2 million...

Yup, Tax Day Deadline Officially Extended

It's now May 17, IRS announces

(Newser) - As expected , the Internal Revenue Service has extended the typical April 15 tax filing and payment deadline to May 17. Due to the economic struggles many have faced amid the COVID-19 pandemic, "this continues to be a tough time for many people, and the IRS wants to continue...

Looks Like This Year's Dreaded Tax Deadline Isn't April 15

IRS is expected to push it back a month

(Newser) - If you've been procrastinating on your 2020 taxes, don't feel guilty about staying that course. The IRS on Wednesday will reportedly push the deadline from April 15 to May 15. CNN reports Democratic Reps. Jamie Raskin and Bill Pascrell had been urging the move due to the pandemic....

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