INSIDER
Treasury recovers $1.3 billion in unpaid taxes from high-wealth tax dodgers
Read full article: Treasury recovers $1.3 billion in unpaid taxes from high-wealth tax dodgersThe IRS has collected $1.3 billion from high-wealth tax dodgers since last fall, the agency says, crediting spending that has ramped up collection enforcement through President Joe Biden's signature climate, health care and tax package signed into law in 2022.
KSAT Money: How to prepare your finances before a natural disaster
Read full article: KSAT Money: How to prepare your finances before a natural disasterFinancial readiness is critical before any potential natural disaster to protect your hard-earned money, important documents and possessions. Here are some tips to help get you started.
Report: Trump may face a $100 million-plus tax bill if he loses IRS audit fight over Chicago tower
Read full article: Report: Trump may face a $100 million-plus tax bill if he loses IRS audit fight over Chicago towerA report by The New York Times and ProPublica says former President Donald Trump may face an IRS bill in excess of $100 million after a government audit indicates he double-dipped on tax losses tied to a Chicago skyscraper.
IRS acts to address wide disparity in audit rates between Black taxpayers and other filers
Read full article: IRS acts to address wide disparity in audit rates between Black taxpayers and other filersThe IRS says it's taken steps to address a wide disparity in audit rates between Black taxpayers and others filers.
How freelancers can prepare for changing tax requirements
Read full article: How freelancers can prepare for changing tax requirementsIf you’re a freelancer or gig worker who receives payments via apps like Venmo, Zelle, Cash App or PayPal, your tax reporting requirements will change for the 2024 tax year.
UIW offers free tax help through Volunteer Income Tax Assistance program
Read full article: UIW offers free tax help through Volunteer Income Tax Assistance programThe H-E-B School of Business and Administration at the University of the Incarnate Word is offering free tax preparation service through the Volunteer Income Tax Assistance program or VITA.
Janet Yellen is heading to Mexico after Treasury launches a new fentanyl trafficking strike force
Read full article: Janet Yellen is heading to Mexico after Treasury launches a new fentanyl trafficking strike forceTreasury Secretary Janet Yellen is heading to Mexico this week, a trip announced shortly after her agency created a new strike force to help combat illicit fentanyl trafficking.
Treasury's Yellen calls Republican effort to cut IRS funding for Israel 'damaging and irresponsible'
Read full article: Treasury's Yellen calls Republican effort to cut IRS funding for Israel 'damaging and irresponsible'The IRS commissioner says for the agency to keep building on its customer service and enforcement priorities it needs a reliable funding stream.
Democrats accuse tax prep firms of undermining new IRS effort on electronic free file tax returns
Read full article: Democrats accuse tax prep firms of undermining new IRS effort on electronic free file tax returnsCongressional Democrats are accusing big tax preparation firms including Intuit and H&R Block of undermining the federal government’s upcoming electronic free file tax return system.
House Republicans subpoena IRS and FBI agents involved in Hunter Biden case
Read full article: House Republicans subpoena IRS and FBI agents involved in Hunter Biden caseHouse Republicans have subpoenaed several FBI and IRS agents involved in the federal investigation into Joe Biden’s son Hunter Biden.
IRS whistleblowers air claims to Congress about 'slow-walking' of the Hunter Biden case
Read full article: IRS whistleblowers air claims to Congress about 'slow-walking' of the Hunter Biden caseHouse Republicans are raising unsubstantiated allegations against President Joe Biden over his family’s finances.
3 tax prep firms shared 'extraordinarily sensitive' data about taxpayers with Meta, lawmakers say
Read full article: 3 tax prep firms shared 'extraordinarily sensitive' data about taxpayers with Meta, lawmakers saySome congressional Democrats say three large tax preparation firms sent “extraordinarily sensitive” information on tens of millions of taxpayers to Facebook parent company Meta over at least two years.
GOP releases testimony of whistleblowers claiming interference in Hunter Biden case
Read full article: GOP releases testimony of whistleblowers claiming interference in Hunter Biden caseHouse Republicans have released testimony from two IRS whistleblowers who allege that the Justice Department interfered with their yearslong investigation into President Joe Biden’s son, Hunter.
IRS agent alleges Hunter Biden probe is being mishandled
Read full article: IRS agent alleges Hunter Biden probe is being mishandledAn IRS special agent is seeking whistleblower protection to disclose information regarding what the agent contends is mishandling of an investigation into President Joe Biden’s son, Hunter Biden.
New push on US-run free electronic tax-filing system for all
Read full article: New push on US-run free electronic tax-filing system for allIt’s that time of year when throngs of taxpayers are buckling down to file their income tax returns before Tuesday’s filing deadline, and many often pay to use software from private companies such as Intuit and H&R Block.
New IRS leader promises faster, easier tax filing process
Read full article: New IRS leader promises faster, easier tax filing processThe Internal Revenue Service’s new commissioner promises that with billions in new funding, the agency will be faster, more service-focused and tech- savvy and will provide “real-world improvements” to taxpayers.
2 San Antonio residents charged in sophisticated stolen identity tax refund fraud scheme seeking $111 million from IRS
Read full article: 2 San Antonio residents charged in sophisticated stolen identity tax refund fraud scheme seeking $111 million from IRSA man and a woman from San Antonio are among seven people charged in a conspiracy to claim $111 million in hundreds of fraudulent tax refunds by using the stolen identities of accountants and taxpayers, federal officials said.
IRS to open San Antonio Taxpayer Assistance Center on Saturday
Read full article: IRS to open San Antonio Taxpayer Assistance Center on SaturdayIf you have an income tax issue that needs to be resolved, the Internal Revenue Service is opening its San Antonio Taxpayer Assistance Center on Saturday to provide assistance.
School districts face millions in extra costs as Texas program that backs bond debt hits its limit
Read full article: School districts face millions in extra costs as Texas program that backs bond debt hits its limitWithout the state’s safety net, districts with pending bond projects must now decide whether to pay more in interest or halt construction.
Volunteer Income Tax Assistance programs offers free help at San Antonio-area sites
Read full article: Volunteer Income Tax Assistance programs offers free help at San Antonio-area sitesIf IRS forms, tax jargon, and number-crunching make your head spin, there may be help available through the Volunteer Income Tax Assistance Program.
EXPLAINER: What's the debate over releasing Trump's taxes?
Read full article: EXPLAINER: What's the debate over releasing Trump's taxes?Now that the Democratic-controlled House Ways and Means Committee has voted to release former President Donald Trump’s tax returns, there's the potential of additional revelations in the coming days related to the finances of the longtime businessman.
A Texas program that backs school districts’ bond debt is about to reach its limit — and it could mean raising taxes
Read full article: A Texas program that backs school districts’ bond debt is about to reach its limit — and it could mean raising taxesUnder the state’s Permanent School Fund’s Bond Guarantee Program, schools get the best interest rate on bonds. That soon may be over if the federal government doesn’t act.
Man, wife sentenced after stealing over $1M in restaurant investment fraud scheme, officials say
Read full article: Man, wife sentenced after stealing over $1M in restaurant investment fraud scheme, officials sayA San Antonio couple was federally sentenced to prison for failing to report their income to the IRS and scheming to defraud business investors of over a million dollars, according to the Department of Justice.
Yellen tells IRS to develop modernization plan in 6 months
Read full article: Yellen tells IRS to develop modernization plan in 6 monthsTreasury Secretary Janet Yellen has directed the IRS to develop a plan within six months outlining how the tax agency will modernize its technology, customer service and hiring.
IRS unit gets no funds to enforce sanctions on rich Russians
Read full article: IRS unit gets no funds to enforce sanctions on rich RussiansThe IRS criminal investigation arm tasked with tracking down sanctioned Russian oligarchs' property failed to receive an infusion of money in the Ukraine aid package.
Quiz: How much do you know about income tax?
Read full article: Quiz: How much do you know about income tax?You likely know what “income” means, and of course you’re aware of federal and state taxes, and the fact that we have to do them (or have them prepared for us, in some cases), every year. But how much do you know about income tax overall?
Traded cryptocurrency in 2021? Here's how to approach taxes
Read full article: Traded cryptocurrency in 2021? Here's how to approach taxesAlternative finance has captured the attention of investors across the U.S. As the 2022 tax season approaches, traders who are new to cryptocurrency taxation will have to contend with the IRS’ rules for reporting on taxable events.
Feds launch website for claiming part 2 of child tax credit
Read full article: Feds launch website for claiming part 2 of child tax creditThe 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.
Tax season is here: Tips to get your refund processed quicker, without any delays
Read full article: Tax season is here: Tips to get your refund processed quicker, without any delaysThis season, the IRS will begin accepting returns on January 24. That's about two and a half weeks before last year's start date.
Here’s what you need to know during tax season if you received monthly child tax credit payments in 2021
Read full article: Here’s what you need to know during tax season if you received monthly child tax credit payments in 2021Here’s what you need to know during tax season if you received monthly child tax credit payments in 2021
Giving Tuesday: How these 4 tax break changes for 2021 can enhance contributions
Read full article: Giving Tuesday: How these 4 tax break changes for 2021 can enhance contributionsFor those who plan on donating to a charitable organization for Giving Tuesday, there could be some opportunities to receive money back when filing taxes next year.
Advance child tax credit payments from IRS might not be available for parents of kids who were born in 2021
Read full article: Advance child tax credit payments from IRS might not be available for parents of kids who were born in 2021Another 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.
Senator: Bipartisan infrastructure bill loses IRS provision
Read full article: Senator: Bipartisan infrastructure bill loses IRS provisionA Republican senator who helped negotiate a nearly trillion-dollar bipartisan infrastructure bill says a proposal to strengthen IRS enforcement to raise money to help pay for the bill's spending is officially off the table.
VP Kamala Harris touts forthcoming child tax credit to families, additional payment
Read full article: VP Kamala Harris touts forthcoming child tax credit to families, additional paymentVice President Kamala Harris is visiting a child care center to highlight the Biden administration’s efforts to expand child care and relieve the financial pressures of parenthood.
Leak of billionaires' tax data draws GOP outcry over privacy
Read full article: Leak of billionaires' tax data draws GOP outcry over privacyRepublicans 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.
TRUST INDEX: When is Tax Day? Viral meme, IRS extensions confuse taxpayers
Read full article: TRUST INDEX: When is Tax Day? Viral meme, IRS extensions confuse taxpayersThe meme, posted in 2018, not only gets the deadline wrong for the year it was posted, but it recently went viral, leading many on social media to believe the meme refers to this year’s tax returns.
New IRS imposter scam targets college students, staff members, FTC warns
Read full article: New IRS imposter scam targets college students, staff members, FTC warnsA new scam targeting college educators and students is hitting inboxes and tricking recipients into giving up their personal information.
Need some extra time to file your taxes? You got it
Read full article: Need some extra time to file your taxes? You got itThe 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.
Taxes: Answers to top FAQs about Social Security income
Read full article: Taxes: Answers to top FAQs about Social Security incomeEven for those of us who think we have some knowledge about anything tax related, it can be a stressful time. And it's certainly not a time when you want to play a guessing game.
Before you file taxes online, here’s how to do it securely
Read full article: Before you file taxes online, here’s how to do it securelySAN 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.
How do I file taxes if I’m working remotely in another state that’s not my residence?
Read full article: How do I file taxes if I’m working remotely in another state that’s not my residence?A common aspect of the COVID-19 pandemic over the past two or so years has been more employees working remotely, but that doesn’t necessarily mean all those people were working from their homes.
Millions of taxpayers still waiting for 2019 refunds to arrive, report says
Read full article: Millions of taxpayers still waiting for 2019 refunds to arrive, report saysAs 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.
You’ve filed your taxes -- now, what should you do with those documents?
Read full article: You’ve filed your taxes -- now, what should you do with those documents?If you’ve finally gotten your taxes filed, you’re probably ready to put it all away and move on. Have you considered which documents you should keep? And for how long?
5 situations in which pets can be used for tax breaks
Read full article: 5 situations in which pets can be used for tax breaksFor those animal lovers who spend so much money on their pets and hope to recoup some of that cash spent when tax season arrives, this is the cold, hard reality: For the most part, you can’t.
Texan taxpayers affected by winter storms have two extra months to file their returns this year, IRS says
Read full article: Texan taxpayers affected by winter storms have two extra months to file their returns this year, IRS saysSAN 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.
This checklist will help ensure you have everything prepared for filing this tax season
Read full article: This checklist will help ensure you have everything prepared for filing this tax seasonRegardless of whether you’ve paid someone for help or tried to do it on your own, even just gathering all the data you need for filing your federal income taxes can seem daunting.
Eligible educators can deduct out-of-pocket expenses for COVID-19 protective items used in classroom, IRS says
Read full article: Eligible educators can deduct out-of-pocket expenses for COVID-19 protective items used in classroom, IRS saysSAN ANTONIO – If you’re an educator filing a tax return this year, you may be eligible to deduct unreimbursed expenses for COVID-19 protective items used in the classroom. The educator expense deduction applies to eligible educators for unreimbursed expenses paid or incurred after March 12, 2020, for the COVID-19 protective items. The IRS says eligible educators include any individual who is a kindergarten through 12th grade teacher, instructor, counselor, principal or aide in a school for at least 900 hours during a school year. The IRS will allow educators to deduct up to $250 of qualifying expenses per year. AdThe IRS says the deduction applies to expenses paid or incurred only during the tax year.
Working from home? Don’t expect a tax break
Read full article: Working from home? Don’t expect a tax break“Unfortunately, if you are an employee only, that is not something you can deduct,” said Jose Garcia, CPA and owner of Mission Tax and Financial. The Tax Cuts and Jobs Act eliminated home office deductions and replaced them with a fatter standard deduction. But some people can write off their home office expenses. Those who are self-employed, independent contractors or working in the gig economy can deduct qualified expenses. “What I suggest is try to negotiate something with your employer and see what options they provide to you,” Garcia said.
Filing a tax return? Here’s what you need to know this year.
Read full article: Filing a tax return? Here’s what you need to know this year.SAN ANTONIO – Tax season is right around the corner, and you’ll want to be prepared for some of the changes coming this year before you file. The IRS will use the time before tax season to test its systems due to some tax law changes last year. IRS Free File opened on Jan. 15, so you’re able to begin filing your return now if you have all the documents you need. The IRS says tax preparation software should help you determine what you’re due if you are eligible. RELATED STORIES:San Antonio tax services preparing for season amid pandemicDo you have to pay taxes on unemployment compensation?
Do you have to pay taxes on unemployment compensation? Yes, you do.
Read full article: Do you have to pay taxes on unemployment compensation? Yes, you do.All unemployment compensation received in 2019 must be reported on 2020 federal tax returns. Haywood also told KSAT that people who received unemployment benefits will not be eligible for the child credit. “Your state will send you Form 1099-G, which will show the amount of unemployment compensation paid to you during the year. If you repaid a portion of the benefits received, you can reduce the benefits received by the amount repaid,” according to H&R Block. While unemployment income is subject to federal and state taxes, Texas is one of 15 states that does not tax unemployment income because Texas does not have a state income tax.
IRS gets more relief payments out after delays
Read full article: IRS gets more relief payments out after delaysThe IRS said that after initial problems, it is getting more of the second round of relief payments to taxpayers. (AP Photo/Eric Gay)The IRS said that after initial problems, it is getting more of the second round of relief payments to taxpayers. A number of tax preparation companies said that they were able to resolve the issues. The IRS said Tuesday that it worked over the weekend to help a smaller set of impacted taxpayers and is reissuing payments for eligible taxpayers whose accounts may have been closed. No action is needed for most eligible taxpayers to get the payment.
Stimulus checks on the way for TurboTax customers after snafu that sent money to wrong bank accounts
Read full article: Stimulus checks on the way for TurboTax customers after snafu that sent money to wrong bank accountsA number of taxpayers who use tax preparation services, such as H&R Block and TurboTax, say their second relief payments were sent to the incorrect bank account. The IRS and the Treasury Department began issuing the Economic Impact Payments last week of Jan. 1, 2021. The delay in the direct deposits came after a number of taxpayers who used TurboTax said their second relief payments were sent to the incorrect bank account. You could be eligible to receive a Recovery Rebate Credit on your 2020 taxes if you did not receive the full amount of the economic stimulus payments. Read also: Didn’t get your relief payment yet?
Didn't get your relief payment yet? You aren't alone
Read full article: Didn't get your relief payment yet? You aren't aloneThe U.S. Treasury and IRS have sent out the bulk of the second economic impact payments, which are intended to provide some relief to Americans. However, frustration is high among millions of people who did not receive payments yet and must wait for the mail or file their taxes before they receive it. If you are eligible, check the IRS Get My Payment tool on its website to find out the status of you payment. However, some people may find that they get their payment in a different form this time than last. If you get the “Payment Status #2 – Not Available” message, then you will not receive the payment and instead need to claim it on your tax return.