Unlike bank robbers, IRS auditors tend to look where the money isn’t. That’s what happened after the agency started scrutinizing more tax returns from the wealthiest Americans. A new report ...
The IRS has abandoned a 2020 Treasury secretary directive to audit 8% of individuals making more than $10 million and instead has shifted to focusing on high-income taxpayers making more than $ ...
Opinions expressed by Forbes Contributors are their own. A tax attorney writing on litigation, fraud and foreign reporting. In recent years, the IRS has focused its attention and resources on ...
After a Washington Post report last month described how shady tax preparers have often gone unpunished by the Internal Revenue Service and the Justice Department, IRS Commissioner Daniel Werfel ...
Retirement accounts such as IRAs and 401(k)s allow older account owners to make additional contributions each year, known as catch-up contributions. The idea is to allow people who are getting ...
It’s no surprise that many people distrust the IRS and IRS audits. The confusing nature of tax laws and the IRS potentially reexamining your federal income tax return, can be daunting.
Talk of new IRS agents has been in the news since the Inflation Reduction Act allocated $80 billion in increased funding for the IRS over ten years. The funds could help improve tax compliance ...
The Internal Revenue Service's long-awaited plan to overhaul its operations is finally here. On Thursday, the IRS released its Strategic Operating Plan for the next decade, which details how it ...
We fact-checked former President Donald Trump’s speech accepting his party’s nomination. By Eugene Kiely, Lori Robertson, Robert Farley, D'Angelo Gore, Alan Jaffe, Jessica McDonald, Saranac ...
Some high-profile personal finance commentators are big fans of the “backdoor Roth IRA.” I’m not — at least not for high earners — and here’s why: If you’re making enough money to be ...
If building wealth is one of your goals this year, you’re not alone. Roughly 48% of Americans are making financial ...
In recent years, the IRS has focused its attention and resources on large partnerships. In 2021, the agency launched an initial phase of its Large Partnership Compliance (LPC) program. Under this ...