I.R.S. Commissioner to Quit as Trump Takes Office The president-elect has said he plans to nominate Billy Long, a former Republican congressman, to the role.
I owe 18k to the IRS Because I’m an idiot and have been doing my taxes wrong for 5 years. To be clear I’m not trying to get out of this. I realize I made a mistake and it’s my responsibility to fix it, I just want to do that in the smartest way possible. Also, I wasn’t partying with this money, I was paying on my student loans. I don’t think I can qualify for an of…
IRS IP PINs for 2025 are available now The tool is now showing my PIN for 2025 after I log in. Woot! Get it today to protect your tax return for 2024 (and any years that you file in this calendar year). https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin Important information about IP PINs An IP PIN is valid for one calendar year. A new IP PIN is generate…
I got a surprise IRS tax refund today… what’s going on? I already got my main Federal/IRS and state (I’m in Oregon) refunds in February 2024. Today I saw a direct deposit to my checking account for an IRS refund. The description on the line item follows the same formatting as my Feb. IRS refund. I don’t do early/quarterly returns or anything. I haven’t filed anything lately. What the heck is going on…
Tax Preparer Known as ‘the Magician’ Bilked I.R.S. Out of $145 Million A businessman in the Bronx falsified information on thousands of returns, committing one of the largest tax frauds in Department of Justice history, prosecutors said.
LPT: U.S. taxpayers should ask the IRS about its penalty amnesty program if they need to file/pay taxes and don’t. IRS won’t bring it up! The IRS has a penalty abatement program meant to allow taxpayer assessed penalties for the first time to request a one-time penalty amnesty. The program applies to the failure-to-file and failure-to-pay penalties as well as several others, and can save taxpayers significant amounts of money in certain cases. The penalty abatement waiver must be …
IRS Tax Relief Help, are they real? submitted by /u/obligingsquid3
Trouble understanding avoiding underpayment penalty IRS 90% Since I’m filing an extension, my estimate lets say would be $300k in federal taxes owed for last year. I can pay 270k and not get hit with the penalty and interest come time to file later this year? (i would obviously then be paying 30k when its my time to file later in the year). May seem silly but would appreciate any help. Thanks submit…
IRS Withdrew Money after Depositing Refund On 4/3 the IRS deposited my tax refund in the amount I was expecting. It appeared in my bank account as “Deposit from IRS TREAS 310 TAX REF”. However, this morning the IRS withdrew an amount that was $60 more than they previously deposited, showing up as “Withdrawal from IRS USATAXPYMT”. This amount was unexpected by me. Does anyone know what ha…
Time Is Running Out for Crypto Leaders to Reason With the IRS
Crypto Tax Proposal Open for Revision, IRS Officials’ Questions Suggest While crypto representatives and lawyers cautioned the U.S. Internal Revenue Service (IRS) that its crypto tax proposal is a dangerous and improper overreach, questions posed by a panel of IRS and Department of the Treasury officials at a Monday hearing may reveal some flexibility in the rule as it’s still being written.
Wow, so the IRS says I owe them for money I never received OK, so I worked for this company 1099 and paid my taxes for every year I worked there. I quit completely 31Dec2021. I received my retainer (money held for repairs on my work) in 2022. I reported that retainer and paid taxes on it. This year (2022), the IRS says I made $160K from that company on a 1099 and expects me to prove I didn’t. WTF? The b…
What happens if you owe the irs two years in a row and can’t pay it? Im on a payment plan already from last year and I already see a shortfall coming again next year. What happens if there is? I read somewhere you can’t add outstanding debt to an existing payment plan but maybe I read that wrong. Would they garnish my wages? Bc I won’t be able to pay everything I’m going to owe I’m 90% sure. submitted by /…
I’m about to move out on my own, what should I know about IRS, taxes, my papers and such? Genuine question. I’m a full time college student here in California 20f Turing 21 in February. I just need to know what should I watch out for in regards to changing my address, filing taxes, opening up things in my name or filing for FAFSA as an independent… if there is anything else please tell me. I’m in this alone and I really need to leave. Disclaimer: my p…
I got a letter from the IRS that they owe me more money than on my return. I did my own taxes this year. Based on what I put in turbo tax said I would get 1000 back. I get a letter from the IRS (state tax NY) saying they calculated I am owed a bigger refund. They have sent me the larger sum. Do I hace anything to worry about? submitted by /u/skald89
How does the IRS verifies expenses for a small business Let’s say someone opens a small business and makes $500,000 in sales and has $200,000 in expenses. Can the owner just say the business had $400,000 in expenses to avoid paying taxes? How does the IRS even verify this? submitted by /u/MoreCranberry3
IRS says I underestimated my income because of a Roth IRA withdrawal I received a letter from the IRS today (it’s definitely a real letter from them, not a scam) saying that I understated my income in 2021 because I withdrew money from my Roth IRA. I took $40k from my account for the down payment on my house. I’ve always been under the impression that there is no penalty for withdrawing from the principle balance…
The IRS is taxing me on a healthcare policy I don’t have? I recently got a letter from the IRS months after filing my taxes, requesting that I send them a 1095-A form and an 8962 Premium Tax Credit form but I’m confused af. I am still old enough to be on my parent’s insurance and it has not changed in my entire life, I filed my federal income taxes with TurboTax and paid what I owed. So I don’t know wh…
What the IRS’s New ‘Paperless Processing Initiative’ Means for You In an effort to modernize and streamline its operations, the IRS has unveiled plans to achieve “paperless processing” for tax returns by 2025. In a press release Wednesday, the agency lamented how it receives about 76 million paper tax returns and forms each year, and that “its limited capability to accept these forms… Read more…
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