Drazen_ | E+ | Getty Images The IRS on Wednesday unveiled plans for “dozens of new audits” of corporate jet usage as part of its increased scrutiny of large corporations, complex partnerships and top earners. More than 10,000 corporate jets operate in the U.S., and the agency believes some companies overstate deductions while using aircraft … Read more
IRS Commissioner Danny Werfel speaks at a Senate Finance Committee hearing in Washington, D.C., on April 19, 2023. Al Drago | Bloomberg | Getty Images After vowing in September to “substantially” reduce audits on a low-income tax credit, the IRS confirmed it’s taking steps to address the inequity. “We’ve announced a significant and dramatic reduction … Read more
Violetastoimenova | E+ | Getty Images House lawmakers are weighing relief for a “marriage penalty” that impacts the federal deduction limit on state and local taxes, known as SALT. While the bill doesn’t have broad support, it could help shape future tax policy discussions, experts say. Enacted via the Republicans’ 2017 tax overhaul, there’s currently … Read more
Image Source | Image Source | Getty Images As Americans file returns this season, some worry about IRS audits amid agency efforts to ramp up service, technology and enforcement. Recent IRS enforcement has targeted high-income individuals, large corporations and complex partnerships. But everyday filers could still face an audit — and certain issues are more … Read more
Artistgndphotography | E+ | Getty Images With tax season in full swing, the IRS has issued more than 2.6 million refunds worth about $3.65 billion, as of Feb. 2, the agency reported last week. So far, the average refund is $1,395, compared with $1,963 one year ago, which is roughly 29% smaller. However, since the … Read more
Wand_prapan | Istock | Getty Images There’s no debate that Social Security’s funds — which are projected to become insolvent in the next decade — need fixing. But a new research proposal published by the Center for Retirement Research at Boston College by experts at the opposite ends of the political spectrum has sparked considerable … Read more
Travis Kelce of the Kansas City Chiefs, left, and George Kittle of the San Francisco 49ers stand on stage during the NFL’s Super Bowl Opening Night show at Allegiant Stadium in Las Vegas, Feb. 5, 2024. Chris Unger | Getty Images Sport | Getty Images Sunday’s Super Bowl between the NFL’s San Francisco 49ers and … Read more
Witthaya Prasongsin | Moment | Getty Images If your tax refund or bill is bigger than expected, it could be time to adjust your paycheck withholding — and a simple calculation could help, experts say. Typically, you get a refund when you overpay taxes throughout the year, and you owe money when you don’t pay … Read more
Valentinrussanov | E+ | Getty Images If you’re eager to save money filing your taxes this season, there’s a free option that’s used by only a fraction of eligible taxpayers. Established in 2002, the program, known as IRS Free File, is a public-private partnership between the agency and the Free File Alliance, a nonprofit coalition … Read more
Filing taxes is more expensive this year as the industry raises prices to combat a growing accountant shortage. The cost of tax preparation and accounting fees grew 8.3% in November 2023 compared to the previous year, according to the U.S. Bureau of Labor Statistics. Taxpayers typically spend an average of $140 to file taxes every … Read more
