IRS

Heirs of IRAs and 401(k)s won't need to take annual distributions before cashing out within a decade of receiving the plans, the agency says.

If passed, the package would end the step-up in basis provision, which will mean significantly larger tax bills for wealthy estates.

The Internal Revenue Service is holding up millions of tax refunds for manual processing and its systems were unable to process many of the quarterly payments that needed to be sent by April 15.

The IRS and the Treasury Department are giving small businesses that received Paycheck Protection Program loans in the first round a way to deduct expenses they couldn’t claim last year.

As Congress considers Biden’s $2.25 trillion spending and tax proposal, party members are being explicit with their constituents about how much it’ll cost them.

Prosecutors say Carlos Kepke conspired with Smith from 1999 to 2014, and aided and assisted in the preparation of materially false tax returns.

The Internal Revenue Service is suspending a requirement for taxpayers who received too much on their advance payments for the Premium Tax Credit last year to repay the excess amount.

Commissioner Charles Rettig left open the possibility that there may be delays.

The service offered information on how to elect to apply an overpayment on 2020 taxes against Q1 2021 estimated taxes, which are still due on April 15.

A new initiative called Operation Hidden Treasure is only the latest in the service’s approach.