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A man wanted in Liechtenstein for leaking secret bank records told lawmakers on Thursday about elaborate sham transactions and code words used to outsmart the IRS
The U.S. Internal Revenue Service has asked the Swiss government to help in an expanding investigation of alleged tax evasion by U.S. clients of banking giant UBS AG.
The Internal Revenue Service mailed out the last of 112 million stimulus checks on Friday to people who filed their tax returns by April 15. A total of $92 billion has been pumped into the nation's sagging economy since last April.
A federal judge agreed Tuesday to allow the IRS to serve legal papers on Swiss banking giant UBS AG in an expanding investigation into U.S. taxpayers who may have used overseas accounts to hide assets and avoid taxes.
The Internal Revenue Service, citing the drain that high gas prices are having on people's finances, said Monday it is raising the automobile mileage rate that businesses and others can claim
The IRS says it's still trying to reach some 5 million Americans -- primarily seniors and veterans -- who have not filed the tax returns needed to qualify for their stimulus checks.
About 5 million people who do not normally file income-tax returns have yet to apply for their stimulus checks, Internal Revenue Service Commissioner Douglas Shulman told the House Ways and Means Committee Thursday.
There are two proven paths to building wealth: You can increase the amount of money you make, or you can increase the amount of money you keep.
Up to 350,000 households aren't getting the $300 per child owed them as part of their economic stimulus rebate payments due to human error and computer glitches
Gerri Willis answers reader's questions.
A man wanted in Liechtenstein for leaking secret bank records told lawmakers on Thursday about elaborate sham transactions and code words used to outsmart the IRS
The U.S. Internal Revenue Service has asked the Swiss government to help in an expanding investigation of alleged tax evasion by U.S. clients of banking giant UBS AG.
The Internal Revenue Service mailed out the last of 112 million stimulus checks on Friday to people who filed their tax returns by April 15. A total of $92 billion has been pumped into the nation's sagging economy since last April.
A federal judge agreed Tuesday to allow the IRS to serve legal papers on Swiss banking giant UBS AG in an expanding investigation into U.S. taxpayers who may have used overseas accounts to hide assets and avoid taxes.
The Internal Revenue Service, citing the drain that high gas prices are having on people's finances, said Monday it is raising the automobile mileage rate that businesses and others can claim
The IRS says it's still trying to reach some 5 million Americans -- primarily seniors and veterans -- who have not filed the tax returns needed to qualify for their stimulus checks.
About 5 million people who do not normally file income-tax returns have yet to apply for their stimulus checks, Internal Revenue Service Commissioner Douglas Shulman told the House Ways and Means Committee Thursday.
There are two proven paths to building wealth: You can increase the amount of money you make, or you can increase the amount of money you keep.
Up to 350,000 households aren't getting the $300 per child owed them as part of their economic stimulus rebate payments due to human error and computer glitches
Gerri Willis answers reader's questions.
The only thing as certain as death and taxes for some of us is procrastination.
The slowing U.S. economy may be contributing to increased numbers of home-based workers who trade their company parking passes and briefcases for bunny slippers and laptops.
One more tax-season dread: A week before the filing deadline, Treasury watchdogs said Monday that poor controls over IRS computers could allow a disgruntled employee, agency contractor or outside hacker to steal taxpayers' confidential information
The Internal Revenue Service has left sensitive taxpayer information vulnerable to disgruntled IRS employees, contractors or hackers, according to independent auditors.
As taxpayers rush to file tax returns, independent auditors are warning that the Internal Revenue Service has not done enough to safeguard some of its computer systems, leaving sensitive taxpayer information vulnerable to disgruntled IRS employees, contractors or hackers.
Who's an entrepreneur's best friend during tax season? If "accountant" is your answer, you may need to reconsider.
Dear FSB: What is the IRS form that grants a seven year postponement for determining whether or not a business qualifies as a business or as a hobby? This exemption gives a small company a few years in which to turn a profit and thereby qualify as a business.
Police arrested made more than a dozen arrests at the IRS building of protesters who marked the fifth anniversary of the invasion of Iraq
The IRS on Monday said it would begin sending out 130 million tax rebate payments aimed at boosting the economy on May 2.
More Americans than ever before are being audited, as the Internal Revenue Service is working hard to collect every single greenback it can. The total number of individual returns audited last year increased 7% from 2006, shooting to 1.38 million from 1.29 million.
The tax man's deadline is still weeks away, but 46.9 million taxpayers have already filed their 2007 returns and received $106.7 billion in refunds, the Internal Revenue Service said Monday.
It's an old crime with a new twist. Never missing an opportunity, fraudsters are hitting the phones and the Internet looking for victims.
On the heels of the government's plan to stimulate the economy by sending out special tax rebates, authorities say crooks are posing as officials from the Internal Revenue Service or Social Security Administration.
The decision to add 20 million seniors to the ranks of Americans who'll get rebates as part of the economic stimulus plan was in the end an easy one to make.
It remains to be seen if the economic stimulus package signed into law by President Bush on Wednesday really jumpstarts the economy.
Washington leaders have agreed on a $150 billion deal to stimulate the economy by giving workers rebates of as much as $600 or more.
If you're expecting a tax refund next year - or worse, if you're counting on it - you may have to wait.
A new e-mail scam is using last week's wildfires in California to prey on people with generous hearts.
People should be on the lookout for a new e-mail scam soliciting donations to California wildfire victims in the name of the Internal Revenue Service and the U.S. government
With just days to go before the IRS starts printing its 2007 tax forms, top tax writers on the Hill promised a temporary fix to the Alternative Minimum Tax (AMT) by year-end.
If lawmakers want to protect tens of millions of taxpayers from the Alternative Minimum Tax, they'd best make it snappy.
Home may be where the heart is, but for millions of at-home workers it might be where the tax deductions are, too.
The income gap between the wealthiest and poorest Americans grew to its widest level since the 1920s, according to a report published Friday.
For the seven million teachers and other nonprofit employees with 403(b) retirement plans, time is getting short. If you aren't happy with your investment options, you have little more than a week to arrange a transfer of your assets to the 403(b) provider of your choice without a tax penalty.
IRS employees ignored security rules and turned over sensitive computer information to a caller posing as a technical support person, according to a government study
More houses of worship are installing electronic tithing kiosks, and new IRS rules are one reason
Yum Brands Inc., parent of the KFC, Taco Bell and Pizza Hut fast-food chains, said Friday it could have to make some additional material tax payments stemming from a dispute with the Internal Revenue Service.
The Internal Revenue Service is seeking information from Citigroup and Lehman Brothers to determine whether they helped hedge funds with trades designed to avoid taxes, the Wall Street Journal reported Thursday.
When it comes to taxes, you may think you're off the hook until next year, but think again: the IRS has just ramped up its campaign of random tax audits. Gerri explains what to do if you're picked by the agency for an audit.
Question: Half my cash is in a money-market account with Ford Interest Advantage, which yields up to 6.07 percent. Is this a safe investment? Can I lose my money because it isn't FDIC-insured? -Michael Bilo, Clermont, Fla.
Last November, Dave Hanrahan, 37, of Vineland, N.J., decided to try something different to improve the returns in his retirement account. Rather than putting his money into the latest hot stock or ...
The IRS does a poor job in identifying tax-exempt groups that may have links to terrorists, according to a report released Friday
Democratic lawmakers and consumer groups again voiced their opposition to the IRS' private debt collection program Wednesday, even as the program has shown some signs of success.
After granting a two-day filing extension earlier this week, the IRS has extended for an additional week the time taxpayers affected by the nor'easter will have to file their federal tax returns.
Tick....tick...tick. Tax Day is almost here.
A recent government report found that the IRS may have compromised the personal information of more than 2,000 taxpayers because of security breaches.
Tax time can be confusing and tedious. But with only two weeks to go until Tax Day, you should be extra cautious to avoid these tax blunders that can cost you.
It's virtually guaranteed to happen every year - the IRS gets a slew of tax returns loaded with errors.
As a group, Americans are pretty philanthropic, but we also love to overstate our generosity. Especially when it comes time to filling out our annual tax return.
Challenging the IRS can feel like facing off against Goliath. So David, meet your slingshot: Nina Olson, the national taxpayer advocate.
So far this tax season, the average federal tax refund that taxpayers are getting is $2,548.
Here's some tax trivia for you: What is this year's deadline for filing your taxes?
Paying your taxes is painful enough. Don't get scammed by con artists trying to get your hard-earned money. We'll tell you how to avoid the most common tax scams out there.
Some 12% of people admit they think it's acceptable to cheat on their taxes. No wonder IRS Commissioner Mark Everson has made it his top priority to go after those who shortchange the government. T...
You have just a little over a month and a half to get those taxes in to Uncle Sam. If you do what you're supposed to do, and pay your taxes on time, you won't have any problems.
Some 12 percent of people admit they think it's acceptable to cheat on their taxes. No wonder IRS Commissioner Mark Everson has made it his top priority to go after those who shortchange the government.
You're rushing to drop the kids at school, fumbling with coats and lunch boxes, when you get the call. Mom's had a fall, and she's in the E.R. Your dad is panicked and asking you to come home, now.
Question: My wife and I are 55 years old and considering retiring in the next seven years. We have a retirement portfolio of more than $500,000 that includes $50,000 in annuities that we bought 20 years ago.
Rush Your Refund
When it comes to saving for retirement, it's natural to think you can never have too much of a good thing: The more you sock away in tax-deferred IRAs and 401(k)s the better, right? Not so fast. If...
There are some new savings opportunities this tax-filing season - and some traps to watch out for. Here are five.
Nothing says Hollywood glam like an IRS tax settlement.
After months of promises, delays and legislative jockeying, lawmakers will send a nearly $40 billion tax and trade bill to President Bush that renews for two years a host of expired business tax credits and popular individual tax breaks, and introduces a new, one-year itemized deduction for mortgage insurance premiums.
When it comes to saving for retirement, it's natural to think you can never have too much of a good thing: The more you sock away in tax-deferred IRAs and 401(k)s the better, right? Not so fast.
A host of popular tax breaks stand a good chance of being extended this week before the House and Senate close shop for the rest of the year.
1) To you, your kids will always be your kids. To the IRS, maybe not. At what age is your child no longer considered a child for tax purposes? [A] 13 [B] 17 [C] 18 [D] 19 [E] 24 [F] All of the abov...
The Internal Revenue Service confirmed Wednesday it is waiting for taxpayers to claim undeliverable refund checks as soon as they update their addresses.
Uncle Sam has been in hotter pursuit of high-income taxpayers, according to the fiscal year 2006 audit figures released on Monday by the IRS.
As a result of its crackdown efforts, the Internal Revenue Service generated a record $48.7 billion in revenue in fiscal year 2006, up 3 percent from a year earlier, according to a Government Accountability Office financial audit report released this week.
BY JOHN MORRISSEY, 57, WETMORE, KANS.
If you are covered by an employer-sponsored health plan, chances are you'll have a high-deductible plan linked to a health savings account to consider this year - along with the usual array of HMOs, PPOs and point of service plans. It may be a tempting choice, but when it comes to health insurance, the cheaper option often has hidden costs.
This year some important changes are likely to tax the patience of any charitable giver. Buried in the Pension Protection Act of 2006, passed in August, are some new limits to the deduction you can claim for your clothing and household items. To be eligible for donation, the item has be in "good used or better condition," which has not been further defined by the IRS.
We're about 40 days away from November's critically important midterm elections, and the campaign volume is rising.
The IRS isn't exactly known for its friendly phone calls, but the agency's move to hand over thousands of delinquent accounts to private agencies means the taxman may now be working the phones with even more determination.
The IRS has a surprising new enemy in the battle against abusive tax shelters: the U.S. Patent and Trademark Office. In recent years the Patent Office has begun granting patents to people who claim...
Overdue tax bill? The IRS is going to send collection agencies to your door. Beginning this week people who still owe taxes will start to get phone calls from private collection agencies. The IRS is giving three collection agencies information on over 12,500 taxpayers who owe less than $25,000 and have not disputed the debt. We'll tell you what your rights are and what you need to look out for.
If you paid for long-distance phone service between March 2003 and July of this year, you can bank on getting a refund between $30 and $60 on your 2006 federal tax return.
A lot more of Hollywood's elite that go to the Oscars will be coming home empty-handed.
The Internal Revenue Service is the latest agency to look at stock option practices at a growing number of companies, according to a published report.
The Internal Revenue Service lost $200 million to $300 million last year because a contractor failed to provide the agency with an updated computer program to catch fraudulently filed requests for tax refunds, according to IRS spokeswoman Nancy Mathis.
The Internal Revenue Service warned American taxpayers Friday to be on the lookout for a so-called "phishing" scam in which criminals send e-mails promising tax refunds.
An IRS plan to use a private debt-collection company for Americans who still owe taxes has run into a major roadblock, according to a news report Thursday.
It's down in an obscure part of your phone bill, and it's been on the books forever, but the telephone excise tax has made a lot of enemies over the years.
The tax deadline has come and gone... and you didn't give filing a single thought.
Papa John's is offering pizzas for $10.40. Staples has copy machines located on street corners. Activists are picketing at the post office.
It's just the news that hardworking taxpayers want to see in their inbox: an update on their refund from the Internal Revenue Service.
Calling all procrastinators! You have five days to file your tax return.
If you haven't filed your taxes yet, join the crowd.
In proposing changes to the rules governing how and when tax preparers may seek permission to use a client's tax-return information for non-tax purposes, the IRS tried to strengthen privacy protections while acknowledging the interests of the tax-preparation industry.
1) The IRS offers taxpayers lots of ways to turn lemons into lemonade. Which of these are NOT allowable deductions?
With tax day just a few weeks away, there is no better time to cross your t's and dot your i's.
Just over 1.2 million individual income tax returns were audited in fiscal year 2005, according to a report released late Friday afternoon by the Internal Revenue Service.
Just about anyone can set up a shingle and call themselves an accountant. And when tax time approaches, having the right person handling your financial accounts is more important than ever.
The Internal Revenue Service is warning taxpayers about a so-called "phishing" scam in which criminals are attempting to steal money by sending fraudulent e-mails purporting to be from the IRS.
Tax season is no one's favorite, but it can be particularly onerous if you're newly divorced or separated.
When you gather up your W-2s, 1099s and crumpled receipts to figure your taxes this time of year, you're probably hoping for some shred of good news. How's this: Because April 15 falls on a Saturda...
More and more people are battling with the IRS. Last year audits were up by 20 percent.
Never filed a tax return for 2002?
When you gather up your W-2s, 1099s and crumpled receipts to figure out your taxes this time of year, you're probably hoping for some shreds of good news. How's this: Because April 15 falls on a Saturday in 2006, you have two extra days to file.
The IRS has updated its estimate for tax year 2001 of what it calls the tax gap -- the difference between what taxpayers should have paid and what they did pay on time.
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