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The Treasury Department and IRS announce new plan to close tax loophole

by Stephanie Hughes
Jun 18, 2024
It could lead to collecting more than $50 billion dollars in tax revenue over ten years.
“This is something that can only be pulled off, frankly, by the wealthiest of wealthy taxpayers," said U.S. Deputy Treasury Secretary Wally Adeyemo. 
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The IRS is making its free tax filing tool available to all

by Janet Nguyen
May 30, 2024
Taxpayers told Marketplace they were satisfied with the service, and were able to save money this year.
The new IRS free federal filing service was only available to select people this year, but the people who did use it praise its simplicity.
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National Debt

Tax breaks are popular. They also cost the federal government more than $1 trillion a year.

by Kimberly Adams
May 24, 2024
In the debate over the debt and deficit, experts say tax breaks that skew toward the wealthy deserve as close a look as government spending.
“The IRS has basically been turned into not just a revenue-collection agency, but also basically a welfare agency having to give people goodies and tax breaks for all sorts of different things that they do," economist Gerald Prante says.
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Filing your taxes this year may include more AI

by Meghan McCarty Carino
Apr 15, 2024
Tax software companies like Intuit and H&R Block are turning to generative artificial intelligence to give products an edge.
Intuit and H&R Block introduced dueling AI assistants late last year, but experts say they're not wholly reliable.
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I've Always Wondered ...

The origins of the IRS logo

by Janet Nguyen
Apr 5, 2024
For $197,000, in today’s dollars, a design firm revamped IRS tax forms in the ‘60s. That included the creation of a new symbol representing an eagle.
It can be hard to make out the IRS symbol, which depicts an eagle.
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Taxpayers aren't the only ones disappointed with taxes this year

by Savannah Maher
May 15, 2023
Federal tax revenue is coming in short while the debt ceiling remains unresolved. The problem was signaled by meager refunds.
So far this fiscal year, the IRS has brought in an estimated $250 billion less than forecast, possibly caused by lower capital gains tax receipts and postponed filing in California.
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Tax refunds are smaller this year — and fewer people are getting them

by Henry Epp
May 12, 2023
Blame the termination of benefits that came with pandemic emergency measures.
The average refund amount is down more than 7% from last year so far, according to the IRS.
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You can pay your taxes in cash — if you're up for the challenge

by Kai Ryssdal and Sarah Leeson
Apr 17, 2023
Jay Zagorsky of Boston University paid his taxes in $100 bills and exact change. A cashless society has some disadvantages, he says.
"There are some advantages of cash that we're going to lose once we suddenly go to a pure cashless economy," says Boston University professor Jay Zagorsky.
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Your tax refund may be smaller this year

by Samantha Fields
Apr 5, 2023
Pandemic tax credits have dried up, like the temporary expansion of the child tax credit and the earned income tax credit.
Without pandemic-era expanded tax credits, low- and middle-income families will likely see lower tax returns.
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Were last year's state payments taxable? Taxpayers wait while the IRS decides.

by Samantha Fields
Feb 9, 2023
It's will depend on why the payments were made and who got them.
The Internal Revenue Service building in Washington. Even though tax season is upon us, the agency hasn't yet ruled whether special payments from states will be exempt.
Stefani Reynolds/AFP via Getty Images
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