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Stories Tagged as

IRS

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.
Chip Somodevilla/Getty Images
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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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The IRS aims to improve customer service by hiring 5,000 additional workers

by Mitchell Hartman
Sep 15, 2022
The agency's budget has been shrinking, its workforce is aging, and it's been saddled with new responsibilities.
Treasury Secretary Janet Yellen tours a new technology workspace at the Internal Revenue Service on Sep. 15. The agency is receiving $80 billion to upgrade technology and hire more staff.
Saul Loeb/AFP via Getty Images
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Millions of college students are eligible for tax credits. But they have to file for them.

by Stephanie Hughes
Apr 14, 2022
Students may be entitled to additional money if they're not claimed as dependents.
Students at the University of California, Berkeley. College students may be entitled to tax benefits and pandemic relief payments.
Justin Sullivan/Getty Images
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Tax deadline fast approaching: Is the IRS ready?

by Marielle Segarra
Mar 25, 2022
It's still working through backlogs from previous couple of years.
Some people still haven’t gotten their 2020 tax refunds.
Stefani Reynolds/AFP via Getty Images
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IRS urges taxpayers to prepare to file ... and to wait

by Amanda Peacher
Jan 13, 2022
In a statement Monday, the agency warned that it is still addressing a backlog of taxpayer inquiries from the past year.
Anticipating a high volume of calls and the ensuing backlog, the IRS is urging people to prepare as much as possible this tax season.
Justin Sullivan/Getty Images
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IRS tells payment apps to report business transactions over $600

by Kristin Schwab
Jan 7, 2022
The threshold used to be much higher.
As the number of self-employed workers expands, the IRS is requiring online payment platforms like PayPal to report transactions greater than $600. The threshold used to be $20,000.
Eric Piermont/AFP via Getty Images
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IRS updates tax brackets in response to inflation

by Amanda Peacher
Nov 11, 2021
The IRS adjusted more than 60 tax provisions, including rate schedules, to take rising prices into account.
Following the news of decades-high inflation in the U.S. economy, the IRS released new rates for the standard deduction and tax brackets.
Chip Somodevilla via Getty Images
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What's the best way to get tax cheaters to pay up?

by Amanda Peacher
Oct 20, 2021
Democrats are revising the threshold for monitoring bank deposits and withdrawals. But would a strained IRS be up to the task?
Democrats are scaling back their proposal to expand IRS crackdowns in an effort to target wealthier tax evaders.
Chip Somodevilla via Getty Images
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Confused by IRS letters saying you made a mistake? You're not alone.

by Nancy Marshall-Genzer
Oct 12, 2021
Some people think followup letters informing them of their right to appeal are a scam. They aren't.
Chip Somodevilla/Getty Images
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