IRS

Concerned that tax rates and IRS bills may rise under Biden, wary advisors note that Roth plans are not just for younger investors.

The Internal Revenue Service is mailing letters to taxpayers explaining why they may not be getting as much of a Recovery Rebate Credit as they were expecting on their taxes.

The Internal Revenue Service responded Tuesday to calls for extending more tax deadlines by giving taxpayers until May 17 to make IRA and HSA contributions and file some refund claims.

Guidance from the IRS can be confusing, explains Bloomberg’s Alexis Leondis.

“We need to study just what impact it’s had,” the Treasury secretary said during a House Financial Services Committee hearing Tuesday.

Yet another IRS change to tax rules amid the COVID pandemic is complicating tax-planning opportunities for financial advisors this filing season.

Collecting all unpaid income tax from the top 1% would boost revenue to the U.S. Treasury by $175 billion a year.

Fewer than two out of every 100 taxpayers reporting over $1 million in income were audited by the Internal Revenue Service in fiscal year 2020, according to a new report.

The Internal Revenue Service is pushing back the tax-filing deadline until May 17 after heavy pressure from Congress and tax and accounting groups.

“Even the easy returns are not simple right now,” a CPA says.