Income Tax

This penalty is equal to 5 percent of the additional taxes owed amount for every month (or fraction thereof) your return is late, up to a maximum of 25 percent. Previously, the minimum penalty for failing to file a return within 60 days of the due date ..

They may have grown up with an always plugged-in and mobile world, but Millennials are actually more likely to turn to paper than any other age group, a new survey shows.

The emails are designed to trick taxpayers into thinking these are official communications from the IRS or others in the tax industry, including tax software companies. The phishing schemes can ask taxpayers about a wide range of topics.

It's tax season, and that means a lot of confusion when it comes to many aspects of American's tax responsibilities. The National Association of Enrolled Agents has come up with a list of eight frequently-encountered tax myths that could affect your taxes

Americans are ignoring simple precautions and best practices this tax season that could easily lead to stolen identities and hacked personal information, according to a new national survey by IDT911, a data security and identity theft protection firm.

Investigations completed in the last five quarters nationwide have resulted in fast food employers paying more than $6.7 million in back wages owed to nearly 18,000 employees.

The credit is available to workers aged 18 years or older who have contributed to a company-sponsored retirement plan or IRA in the past year and meet the Adjusted Gross Income (AGI) requirements.

Examples of frivolous arguments also include contentions that the only “employees” subject to federal income tax are employees of the federal government; and that only foreign-source income is taxable.