Will there be tax implications when you have joint tenants with right of survivorship?
REAL ESTATE MATTERS | The IRS has a rule that states that a homeowner may keep up to $250,000 (up to $500,000 if you’re married) in profits from the sale of a primary residence, as long as the owner has lived in the home for two of the past five years.
washingtonpost.comTax season is over but the frustration about filing isn't.
The tax deadline has passed but the frustration hasn't for many taxpayers who file for an extension, couldn't file electronically, never did reach anyone by phone to address their issues, or who are still waiting for their 2020 refunds from the IRS.
washingtonpost.comHouse lawmakers launch investigation of face-scan contractor ID.me
The House probe marks an escalation of years of controversy over the government’s growing reliance on facial recognition, which boiled over earlier this year after the IRS said it would require Americans to scan their faces in order to access their IRS tax accounts.
washingtonpost.comFeds launch website for claiming part 2 of child tax credit
The White House and Treasury Department launched a revamped Child Tax Credit website meant to help people who were eligible for the expanded tax credit under last year’s pandemic relief bill claim the second half of the payment they were due.
Advance child tax credit payments from IRS might not be available for parents of kids who were born in 2021
Another round of child tax credit payments from the Internal Revenue Service is set to hit accounts of qualifying families on Monday but for people who had a baby in 2021, there might not be any advance payments at all.
Leak of billionaires' tax data draws GOP outcry over privacy
Republicans in Congress are alarmed by the leak of confidential IRS data to ProPublica that has enabled the investigative news organization to reveal that famous billionaires including Warren Buffett, Bill Gates and Mark Zuckerberg paid little in U.S. income tax at times.
Need some extra time to file your taxes? You got it
The Internal Revenue Service says it’s delaying the traditional tax filing deadline from April 15 until May 17. The new deadline does not apply to estimated tax payments that are due on April 15; those remain due by that day. The pandemic hit in the middle of last year’s tax filing season, setting the agency back in terms of processing. A number of lawmakers and professionals from the tax community have urged the tax filing season be extended to accommodate for these pressures. Rettig is expected to speak to the committee tomorrow about how the IRS is managing this filing season and the need for this extension.
Before you file taxes online, here’s how to do it securely
SAN ANTONIO – Like most Americans, Matthew Starcez is filing his tax return online. “We’ve been doing our taxes online for the last seven years,” he said. Even if someone steals your password, multi-factor or two-factor authentication could still stop them from getting into your account. But before you even file, security experts say it’s a good idea to make sure your sensitive online financial accounts and router are secure with strong passwords. It’s also available for Mac and Windows computers, but you may need to enable it in the security settings.
Millions of taxpayers still waiting for 2019 refunds to arrive, report says
As people get ready to either file their tax returns or receive refunds from returns already filed for 2020, the IRS is still dealing with a big problem. In mid-February and based on data through Jan. 30, the IRS said it hadn’t yet processed 6.7 million individual income tax returns for 2019. The issue is so serious that the House Ways and Means Committee is asking the IRS to return the deadline for 2020 returns beyond April 15. AdIt remains unclear how much longer those anticipating their refunds from 2019 will have to wait, or if this year’s deadline will be extended. But for the IRS, it could be difficult to focus completely on 2020 in the coming months with millions of 2019 returns still not processed.
Texan taxpayers affected by winter storms have two extra months to file their returns this year, IRS says
SAN ANTONIO – The Internal Revenue Service is extending tax season deadlines for Texans affected by last week’s winter storms. Individuals and businesses included in the Federal Emergency Management Agency’s recent disaster declaration now have until June 15, 2021, to file their tax returns and pay anything they owe to the IRS. For example, individual tax returns and quarterly estimated income tax payments -- typically due on April 15 -- are now due on June 15. Affected taxpayers can deduct personal property losses not covered by their insurance or through other reimbursements, according to the IRS. For more information on the IRS’s changes for those affected by the winter storms, click here.