In fiscal 2023, the IRS closed nearly 583,000 tax return audits, resulting in $31.9 billion in recommended additional tax, according to thelatest Databook. For all returns filed between 2013 and 2021, the IRS examined 0.44% of individual returns and 0.74% of corporate returns as of the ...
As of February 16, the average tax refund is $3,207, the IRS said in itslatest tax seasonupdate. That's 2.1% higher than the same period a year ago. The bigger average refund marks a reversal from the dip that the typical taxpayer experienced in 2023, when refunds were 3% lower due ...
[2023 Tax Season Update] The IRS has announced that they will be delaying the introduction of the new $600 reporting threshold for 1099-K forms. This was to be introduced this tax season. This means the existing $20,000 and 200 transactions thresholds will remain in place through the curr...
Tax season is just around the corner, and staying ahead of the deadlines is key to a stress-free filing experience. Knowing when to file can save you from penalties, interest, and last-minute headaches, whether you're an individual taxpayer, self-employed professional, or business owner....
The IRS is moving forward with its 1099-K tax reporting change. Here's what that means for you.
In his Monday update, Cuban said while he doesn't expect all of his tax money to be used wisely, he's proud to give back to the country. Mark Cuban at the SXSW 2024 Conference and Festivals on March 10, 2024, in Austin, Texas.Amanda Stronza/SXSW Conference & Festivals via Getty Imag...
IRS Proposed Regulations Clarify Link Between Excess Benefit and Tax-E...Lisa B. Petkun
There is no doubt that many taxpayers file their returns before the filing deadline so they can get their tax refunds quickly. But remember, the IRS does need some time to process your tax return before it can issue the refund. Watch this video to learn
By understanding the process of revoking or modifying the authorization and taking the necessary steps to communicate changes to the IRS or by submitting a new Form 8821, taxpayers can maintain control over their tax information and update the authorization to align with their current preferences and...
to invest those gains in QOFs within a 180-day period and make an election on their tax return in order to defer the payment of tax on those capital gains (to the extent invested in a QOF) until as late as the end of 2026. Additional benefits are also available pursuant to ...