IRS

The amount of the penalty is based on when you file the correct information return or furnish the correct payee statement. The penalty for not filing a correct information return is separate from the penalty for not providing the correct payee statement.

The new tax plan doesn’t provide much detail on how the tax cuts will be paid for and who exactly will benefit. It also throws some important decisions back into Congress’ lap.

The IRS says that more than $1 billion in federal income tax refunds from 2013 has gone unclaimed so far, and will be lost to the nearly 1 million taxpayers who failed to claim them. Taxpayers have three years to file for an income tax refund, after which

It’s tax time and many Americans are waiting on their income tax refunds. But some taxpayers are still waiting to file because of lost or missing W-2 forms. If you are asking either of these questions, the IRS has answers: What if I lost my W-2 form? What if my work never sent me a […]

On the income tax reform agenda: Tax rate cuts, fewer brackets, repeal of AMT, cap on itemized deductions, elimination of personal exemptions, Sec 179 changes, 15% corporate income tax rate, repatriation tax, repeal of estate tax.

In an effort to fight fraud, the IRS delayed all returns with either of those credits this year. But the good news is, the IRS says it has started processing them and they should start being direct deposited the week of ...

Even tax professionals know how confusing taxes can be. For individual taxpayers, it can be like performing a root canal without any dental experience. For those with tax obligations in multiples states, or with more complex incomes and investments ...

Many refunds that included the EITC or Child Tax Credit had been held since the filing season started in late January due to new requirements of the 2015 Protecting Americans from Tax Hikes (PATH) Act.