This new deduction applies to 2025 through 2028 federal income tax returns. To qualify for the deduction, the interest must be paid on a loan used to purchase a passenger vehicle for personal use that ...

According to the National Taxpayer Advocate, an independent organization within the IRS, the agency fields an estimated ...

For the first time, taxpayers will receive letters from the IRS detailing where they went wrong in their calculations. (AP ...

If you’ve received an IRS notice, your next steps could be critical. Life events like job loss, medical emergencies, or unexpected financial setbacks happen to many people, causing them to fall behind ...

With tax season set to kick off next week, the IRS is launching a new initiative to redesign and simplify common tax documents. The changes will eventually apply to around 170 million letters that are ...

A new piece of legislation was enacted into law on Dec. 1, aiming to streamline correspondence with the Internal Revenue Service and taxpayers who commit errors on their tax filings. The IRS Math and ...

Tax professionals warn that IRS wage garnishments may rise unexpectedly as penalties and interest accrue IRVINE, ...

The IRS audits very few returns, but its computers can spot mismatched income, overstated deductions, and other errors, triggering IRS notices, reviews, and costly follow-ups. When people say they’ve ...

"The IRS is aware and is working on the issue," said Barbara League, a partner at Orrick. "At this time, they have no estimated timeline during which it will be resolved." Attorneys and tax-exempt ...

During the global pandemic, the federal government made changes to give citizens a helping hand during an unprecedented time. Like many other government agencies, the Internal Revenue Service limited ...

The IRS continues to aggressively enforce certain foreign information return obligations. In many cases, these enforcement efforts are automatic—that is, the agency simply imposes the applicable ...