The Tax Court imposes a $25,000 frivolous-position penalty for persistent omission of wage and rental income. The Tax Court ...

In a letter ruling, the IRS determined that a recreational community club was not a qualified amateur sports organization.

A foreign tax redetermination may require taxpayers under Large Business and International Division examination to notify the ...

As long as the total of your liabilities exceeds the value of your assets when your debt is canceled, you may claim the ...

Form 941 is used to report income taxes, payroll taxes, Social Security, and Medicare taxes withheld from employee wages. Most employers who pay wages file Form 941.

With technology and AI increasingly used to perpetrate illegal acts, the IRS’ crime fighting arm is announcing a new program ...

Filing Federal Income Taxes Federal income taxes are reported and remitted to the IRS on forms created by the U.S. Department of Treasury and filed, usually electronically. The primary form used ...

With the 2025 tax season underway, the IRS Free File partnership could be just what you need to get your taxes done with ease and for $0. Macy Meyer is a North Carolina native who graduated from ...

Don’t jump the gun and file your taxes before receiving all of your tax documents. Second, if you don’t receive a W-2 or 1099 that you’re expecting, or you get an incorrect form, reach out to the ...

This isn’t enough to meet your federal tax liability when you file your Form 1040 individual tax return, so you’d owe $7,001 in taxes: $14,501 - $7,500 = $7,001. The IRS would refund you $499 ...

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Lea Uradu, J.D., is a Maryland state registered tax preparer, state-certified notary ...

The Trump administration is preparing budget cuts and further layoffs that could ultimately force the Internal Revenue Service to shed as much as 50 percent of its work force.Credit...Haiyun Jiang ...