Will go higher as previous administration’s tax cuts expire. Americans are now paying the most in individual income taxes ever. According to a new budget analysis presented to…
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IRS to Raise Interest Rates in April
They set new rates every quarter per federal code. As of Friday, April 1, interest rates on amounts due to the Internal Revenue Service will increase for the…
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Treasury Department Announces IRS Backlog Strategy
Extra work from pandemic addressed with “aggressive plan.” The Department of the Treasury recently announced that they would be enacting an “aggressive plan” to catch up on heavily…
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IRS Will Begin Receiving Returns January 24
Agency is still catching up on 2020. Tax filing season for 2021 tax returns will begin on Monday, January 24, 2022, the Treasury Department announced. However, the office…
Read MoreIRS Increases 401(k) Contribution Limit
Maximum contributions to IRAs is unchanged. The Internal Revenue Service announced that workers will be able to set aside more money for their 401(k) plans in 2022. The employee contribution limit…
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IRS Seeks Authority to Regulate Cryptocurrencies
The agency is also asking Congress for additional resources. Charles Rettig, Commissioner of the Internal Revenue Service, has asked Congress for new authority and resources in order to…
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IRS will Begin Child Tax Payments in July
88% of American children eligible. The IRS announced that it would begin the implementation of direct payments to American families with children starting on July 15. The payments,…
Read MorePossible Delays for Child Tax Credit Program
Congress’ timeline for new program poses challenge for the IRS. Commissioner Charles Rettig of the Internal Revenue Service has expressed concerns over the implementation of monthly payments under…
Read MoreIRS to Delay Tax Deadline
Taxpayers will have an additional month. The Internal Revenue Service is planning to delay the April 15 tax filing deadline by about one month, although they are still…
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IRS Backed Up on Tax Returns for Last Year
As of December 25, some 6.9 million returns had not been processed. Stimulus payments have not been received by many taxpayers because their 2019 tax returns have not…
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