The Internal Revenue Service headquarters in Washington, DC. Photo: Getty Images After months of anticipation, small businesses now have a glimpse of what a revamped Internal Revenue Service could look like as the agency begins to transition to a digital-first approach. The IRS on Thursday released its $80-billion plan to begin the agency’s modernization efforts, […]
Given the stock market’s performance this year, you may be thinking about taking some losses—otherwise known as tax loss harvesting. It’s a good strategy when investments in a taxable account decline, but you want to avoid some traps. Tax loss harvesting is simply selling investments in taxable accounts that have paper losses so the loss […]
The Internal Revenue Service entered this tax filing season severely backlogged and shorthanded—the result of decades of underfunding exacerbated by Covid-19 related strains. As of early last month, the agency had 23.5 million tax returns and pieces of correspondence awaiting manual processing, including some paper returns filed as far back as April of 2021. Last […]
Internal Revenue Service computers keep spitting out perplexing letters and notices to taxpayers, and today the agency announced that it’s going to stop the machines, at least temporarily, in an effort to help taxpayers and tax pros. The 2022 tax season kicked off on January 24 for filing 2021 tax year returns, but millions of taxpayers […]
The Treasury Department is reassessing the Internal Revenue Service’s use of third-party facial recognition software ID.me for access to taxpayer accounts amid growing concerns about the company’s privacy practices. A department official told FOX Business on Friday that Treasury and the IRS are exploring alternatives to ID.me. Bloomberg first reported the news. “The IRS is consistently […]