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The Latest Breaking News from IRS

Your Late IRA Contributions Have a Procrastination Penalty

There’s a 15-month window to make your IRA contribution for any given tax year. The earlier you make it, the more you benefit from the compounding effect.

Kiplinger

IRS Launches Direct File Program For Free Tax Filing

Learn about Direct File, the IRS's new free electronic tax return system simplifying tax filing.

Top News

Michigan man given three years’ prison for not reporting illicit drug profits

Matthew D Adams must also pay more than $3m in restitution for scheme in which he and an accomplice tried to launder funds

The Guardian - US

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What Are Education Tax Credits and How to Claim Them

A comprehensive guide on this tax credit, which may help you reduce the tax bill you owe to the IRS

Latin Times

2024 Honda Prologue Officially Qualifies For $7,500 Federal Tax Credit

The upcoming 2024 Honda Prologue has been officially listed by the IRS among electric cars eligible for the full $7,500 federal tax credit.

InsideEVs

Types of Income the IRS Doesn't Tax: What to Know for 2025

It may feel like the IRS taxes most of your hard-earned money, but some types of income are nontaxable.

Kiplinger

IRS Targets High-Income Earners For Unpaid Taxes

IRS targets high-income earners for unpaid taxes dating back to 2017, sending noncompliance letters to 125,000 individuals.

Top News

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How to protect yourself from AI tax fraud this season

Haywood Talcove, the CEO of LexisNexis Risk Solutions' Government group, a cybersecurity and data analysis company, broke down a new type of tax fraud for TheStreet.

The Street

Decoding Form 1099-K for the self-employed

The IRS Form 1099-K tracks income received through third-party payment methods, like credit credits, PayPal, and other payment services.

The Street

We discuss whether 401(k) contributions are tax deductible or tax deferred and explain how saving for retirement could reduce your yearly tax bill

One of the biggest advantages of investing in a 401(k) or other employer-sponsored retirement account is that the money you contribute is tax deferred, which reduces the amount of your income that is subject to tax this year.

The Street

Treasury Department Deploys AI To Combat Fraud

Discover how the Treasury Department is leveraging AI technology to combat fraud effectively and safeguard government funds.

Top News

Looking for the Right Tax Professional for You? Seven Factors to Consider

The right professional will help you more than just once a year.

Kiplinger

What is the Child Tax Credit and Who's Eligible in 2024?

With tax season in full force, learn more about what options are available for you such as the Child Tax Credit

Latin Times

Freelancers filing taxes will feel the impact of current Fed policy

Americans who underpay their taxes to the IRS will face a hefty fine this spring.

The Street

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Top News

Financial Considerations For Americans Moving Abroad

Understand financial challenges for Americans moving abroad: banking, taxes, retirement, and estate planning. Seek expert advice for a smooth transition.

The Street

Tax deadline 2023: Don't miss the last day to pay your taxes!

Time flies, and before you know it, Tax Day will be here. Don't forget — this is the last day to pay taxes for 2023.

Top News

IRS Whistleblowers Reveal Evidence Of Hunter Biden's Alleged Schemes

Ongoing legal proceedings involving Hunter Biden's business dealings and potential influence of Joe Biden under scrutiny.

Latin Times

What Is Earned Income Tax Credit and Who's Eligible in 2024?

A comprehensive guide on the little-known Earned Income Tax Credit

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Kiplinger

Three Strategies for Small Businesses to Reduce Taxes

Small businesses can lower their tax liability by taking advantage of tax breaks, tax credits and charitable donations. Here are some options.

The Street

We break down federal income taxes and give you step-by-step tips on how to do them

We break down the process of paying federal taxes and provide you with the most up-to-date information to make filing your 2023 and 2024 tax returns as painless as possible.

The Street

Las Vegas Strip gamblers likely to get a surprise IRS jackpot

The change would affect casinos all over the country and even ones operated by Royal Caribbean, Carnival and other cruise lines.

The Street

What are itemized deductions and how do they work?

For roughly 1 in 10 taxpayers, itemizing deductions — rather than claiming the standard deduction — is the better game plan. Here’s why.

Kiplinger

What Every Woman Needs to Know Before Retiring

A look at how women need to prepare differently than men for retirement due to factors like longevity and earnings.

The Street

Tax breaks for people with dependents

If you’re taking care of children or aging parents, you may qualify for tax breaks. Lisa Greene-Lewis, TurboTax expert and CPA, explains the details.

The Street

The nation's richest are evading more than $150 billion a year in taxes

According to the IRS, the nation’s millionaires and billionaires are evading more than $150 in taxes each year.

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