Tag: Internal Revenue Service

Internal Revenue Service Headquarters Building

Internal Revenue Service 10 hours ago

IRS announces pension and retirement plan contribution adjustments for 2025

The IRS has announced an increase to the amount individuals can contribute to their 401(k) plans in 2025, to $23,500, up from $23,000 in 2024.

Internal Revenue Service June 20, 2024 2:25 pm

IRS says ‘vast majority' of 1 million pandemic-era credit claims show a risk of being improper

The Internal Revenue Service said Thursday a review of 1 million claims for the Employee Retention Credit representing $86 billion shows the “vast majority” are at risk of being improper.

Internal Revenue Commissioner Danny Werfel speaks during his swearing in ceremony at the IRS in Washington, D.C., on April 4, 2023.

Internal Revenue Service May 2, 2024 2:23 pm

IRS aims to more than double its audit rate for wealthiest taxpayers in strategic plan update

The IRS has released an update on its strategic operating plan, which includes more audits on the wealthiest taxpayers, large corporations and partnerships.

IRS headquarters building in Washington D.C.

Internal Revenue Service February 6, 2024 6:27 pm

IRS to collect over $500 billion more from tax cheaters thanks to new funding, agency says

The IRS is poised to take in hundreds of billions of dollars more in overdue and unpaid taxes than previously anticipated, according to new analysis released Tuesday by the Treasury Department and the IRS.

Internal Revenue Service January 12, 2024 8:53 am

IRS says it collected $360 million more from rich tax cheats as its funding is threatened yet again

The IRS says it has collected an additional $360 million in overdue taxes from delinquent millionaires.

Internal Revenue Service December 23, 2023 10:21 am

IRS to send taxpayers a ‘special reminder letter' about debt. Who may get one and what to expect

Starting next month, the IRS will resume automated collection notices and some taxpayers will receive a “special reminder letter.” Here’s what to know.

CLINTON TOWNSHIP, MICHIGAN – SEPTEMBER 27: Republican presidential candidate former President Donald Trump tours Drake Enterprises, an automotive parts manufacturer, before speaking to guest at a small rally on September 27, 2023 in Clinton Township, Michigan. President Joe Biden met with striking UAW workers the day before at a General Motors parts facility.

Donald Trump September 29, 2023 5:12 pm

IRS consultant charged with leaking Trump's tax information

An IRS consultant was charged Friday in connection with wrongfully disclosing tax return information, documents that were, according to a source familiar with the matter, the leaked the tax returns of former President Donald Tump.

FILE – The exterior of the Internal Revenue Service (IRS) building in Washington on March 22, 2013. The IRS is showcasing its new capability to aggressively audit high-income tax dodgers as it makes the case for sustained funding and tries to avert budget cuts sought by Republicans who want to gut the agency. IRS leaders said they collected $38 million in delinquent taxes from more than 175 high-income taxpayers in the past few months.

Internal Revenue Service September 8, 2023 12:46 pm

The IRS plans to crack down on 1,600 millionaires to collect millions of dollars in back taxes

The IRS is launching an effort to crack down on 1,600 millionaires and 75 large business partnerships that owe hundreds of millions of dollars in past due taxes.

taxes August 2, 2023 2:00 pm

IRS unveils ‘paperless processing initiative' for taxpayers. Here's what to expect

The IRS will offer digital correspondence for the 2024 season and aims to provide “paperless processing” for tax returns in 2025. Here’s what to know.