The Latest Breaking News from IRS

Managing business finances can be challenging, especially for those lacking experience. Proper organization and record-keeping are crucial for accurately reporting taxes and maximizing deductions, which can significantly reduce tax liability and improve financial health.

The IRS fines hostages for taxes they couldn't pay while they were detained. A bill in Congress is trying to fix this.

The three women filed thousands of fraudulent tax returns, according to authorities.

The Family Research Council is a conservative advocacy group with a “biblical worldview.” While it has a church ministries department that works with churches from several evangelical Christian denominations that share its perspectives, it does not represent a single denomination. Although its activities are primarily focused on policy, advocacy, government…

S corporations pass income, losses, and credits to owners, who report them on personal taxes.

Knowing how your IRA balance compares to your peers could be the nudge you need to save more for retirement.

The IRS treats cryptocurrency as property, not currency, under Notice 2014-21. This classification is pivotal because it means every transaction involving cryptocurrency—whether selling, exchanging, or even making purchases—triggers a taxable event.

Partnerships don't pay federal tax; income, losses, and credits pass to partners, who report them. Learn more about partnership taxes here.

There’s some confusion over whether you can escape taxes on Social Security benefits based on age.