WEATHER ALERT
IRS workers involved in 2025 tax season can't take buyout until after the taxpayer filing deadline
Read full article: IRS workers involved in 2025 tax season can't take buyout until after the taxpayer filing deadlineIRS employees involved in the 2025 tax season will not be allowed to accept a buyout offer from the Trump administration until after the taxpayer filing deadline.
Elon Musk creates confusion about IRS' Direct File โ but the free tax program is still available
Read full article: Elon Musk creates confusion about IRS' Direct File โ but the free tax program is still availableBillionaire tech mogul Elon Musk posted on his social media site that he has โdeletedโ 18F, a government agency that worked on technology projects such as the IRS's Direct File program.
Scott Bessent confirmed as treasury secretary, giving him a key role in extending Trump's tax cuts
Read full article: Scott Bessent confirmed as treasury secretary, giving him a key role in extending Trump's tax cutsThe U.S. Senate has confirmed billionaire investor Scott Bessent as President Donald Trumpโs treasury secretary.
IRS announces January 27 as the start of the 2025 tax season
Read full article: IRS announces January 27 as the start of the 2025 tax seasonThe IRS on Friday announced January 27 as the official start date of the 2025 tax season, and expects more than 140 million tax returns to be filed by the April 15 tax deadline.
A million taxpayers will soon receive up to $1,400 from the IRS. Who are they and why now?
Read full article: A million taxpayers will soon receive up to $1,400 from the IRS. Who are they and why now?Approximately 1 million taxpayers will automatically receive special payments of up to $1,400 from the IRS in the coming weeks.
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.
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.
Ghost tax preparer scam: Humble couple overcharged $17,000 to file taxes
Read full article: Ghost tax preparer scam: Humble couple overcharged $17,000 to file taxes๐ Check out this shocking tax filing story! A humble couple paid $17,000 to file their taxes, only to discover they allegedly owed $30,000 to the IRS. ๐ฑ How did this happen? #TaxFiling #IRS #ScamAlert
Humble couple paid $17,000 to file taxes after they allegedly owed $30,000; how did it happen?
Read full article: Humble couple paid $17,000 to file taxes after they allegedly owed $30,000; how did it happen?The Penas claim Tax Doctors, LLCโs assessment found the Humble couple owed the IRS $30,000. Their tax preparer told them they would receive up to $20,000 in refund but must first pay the company $17,000 to file.
How freelancers can prepare for changing tax requirements
Read full article: How freelancers can prepare for changing tax requirementsIf youโre 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.
Texans have expanded tax filing choices with the introduction of Direct File
Read full article: Texans have expanded tax filing choices with the introduction of Direct FileAs tax season reaches its peak, taxpayers in Texas and 11 other states have a new, hassle-free option to file their taxes: Direct File.
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 governmentโs 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 Bidenโs 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 familyโs finances.
Ask Amy: $1.2K overpayment? How to know if a letter from the IRS is legit
Read full article: Ask Amy: $1.2K overpayment? How to know if a letter from the IRS is legitA letter about an IRS refund had one viewer on high alert. She sent that letter to the KPRC 2 Investigates team to ask if it was legit. We have what you should look for to verify a letter from the IRS.
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 โextraordinarily sensitiveโ 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 Bidenโs son, Hunter.
Tax expert shares what you need to know about IRS Fresh Start program and if you should enroll
Read full article: Tax expert shares what you need to know about IRS Fresh Start program and if you should enrollIdeal Tax highlights how the IRS Fresh Start program works, if you're eligible, and what else you need to know
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 Bidenโs 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 allItโs that time of year when throngs of taxpayers are buckling down to file their income tax returns before Tuesdayโs 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 Serviceโs new commissioner promises that with billions in new funding, the agency will be faster, more service-focused and tech- savvy and will provide โreal-world improvementsโ to taxpayers.
Have tax questions? Houston experts are taking calls until 6:30 p.m. to provide answers
Read full article: Have tax questions? Houston experts are taking calls until 6:30 p.m. to provide answersKPRC 2 Community is partnered with BakerRipley and Telemundo Houston to host a tax help phone bank on March 30 until 6:30 p.m. Volunteers are standing by to take calls in both English and Spanish. The phone number to call is 713-778-8920.
Youโve filed your taxes -- now, what should you do with those documents?
Read full article: Youโve filed your taxes -- now, what should you do with those documents?If youโve finally gotten your taxes filed, youโre probably ready to put it all away and move on. Have you considered which documents you should keep? And for how long?
Dealing with IRS delays: What is being done to help backlogs
Read full article: Dealing with IRS delays: What is being done to help backlogsWe are right in the middle of tax filing season for 2022. Still, millions of returns from previous years are still not processed. The backlog is impacting a lot of people, including one Houston woman who called our KPRC 2 Investigates team for help.
Dealing with IRS delays: What is being done to help backlogs
Read full article: Dealing with IRS delays: What is being done to help backlogsWe are right in the middle of tax filing season for 2022. Still, millions of returns from previous years are still not processed. The backlog is impacting a lot of people, including one Houston woman who called our KPRC 2 Investigates team for help.
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 stateโs safety net, districts with pending bond projects must now decide whether to pay more in interest or halt construction.
Seen at 7: What to do with your Tax Refund
Read full article: Seen at 7: What to do with your Tax RefundWe are in the middle of tax season, and if you are lucky enough to get a refund this year - what do you do with it? Nathan Grant, Senior Finance Industry Analyst at MoneyTips, shares some smart ways to spend your tax refund.
Need help with your taxes? IRS to open taxpayer assistance center in Houston this Saturday
Read full article: Need help with your taxes? IRS to open taxpayer assistance center in Houston this SaturdayThe Internal Revenue Service is extending help to taxpayers by opening a special assistance center in southwest Houston Saturday.
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 Trumpโs 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 districtsโ bond debt is about to reach its limit โ and it could mean raising taxes
Read full article: A Texas program that backs school districtsโ bond debt is about to reach its limit โ and it could mean raising taxesUnder the stateโs Permanent School Fundโs Bond Guarantee Program, schools get the best interest rate on bonds. That soon may be over if the federal government doesnโt act.
Houston area tax preparer sentenced to 3 years in prison for filing more than 40 fake tax returns, US attorney says
Read full article: Houston area tax preparer sentenced to 3 years in prison for filing more than 40 fake tax returns, US attorney saysA former Houston area tax preparer has been sentenced to federal prison following his conviction of fraudulently filing tax returns from 2014 to 2017, announced U.S. Attorney Jennifer B. Lowery.
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.
Houston woman pleads guilty to aiding in preparing 50 false income tax returns: DOJ
Read full article: Houston woman pleads guilty to aiding in preparing 50 false income tax returns: DOJA woman from the Houston area now faces prison time after she plead guilty to tax fraud, U.S. Attorney Jennifer B. Lowery announced.
KPRC 2 Investigates: Here are 3 signs of a bad tax preparer
Read full article: KPRC 2 Investigates: Here are 3 signs of a bad tax preparerWith child tax credits and stimulus refunds, you may need help figuring out your taxes this year. Mom and pop offices pop up this time of year, and you should know the red flags to look out for.
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 canโt.
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 โincomeโ means, and of course youโre 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?
KPRC 2 Investigates: Criminals steal money from bank accounts
Read full article: KPRC 2 Investigates: Criminals steal money from bank accountsIn many cases, the victim of check fraud is out thousands of dollars even though their bank cashed the forged or fraudulent checks. Our KPRC 2 Investigates team is getting answers about who is ultimately liable.
9+ deductions you should be making if you are self-employed
Read full article: 9+ deductions you should be making if you are self-employedWhether youโre new to owning your own business or a seasoned vet, taxes can be so stressful. Itโs easy to overlook things or simply forget an item here and there.
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 IRSโ 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 yearโs pandemic relief bill claim the second half of the payment they were due.
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.
KPRC 2 Investigates IRS backlog frustration and how you can get help
Read full article: KPRC 2 Investigates IRS backlog frustration and how you can get helpKPRC 2 investigates the IRS backlog and how itโs impacting people in our area. Right now, the United States Treasury is still working on some 9 million tax returns from 2020. The delays are causing a domino effect for business owners who need their tax returns to get emergency disaster loans. One Woodlands couple called KPRC 2 Investigates because they worry they will have to close their business if they canโt get help soon.
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Former President Trump seeks to block Treasury Department from handing over his tax returns to Congress
Read full article: Former President Trump seeks to block Treasury Department from handing over his tax returns to CongressLawyers for Donald Trump on Wednesday urged a federal judge to block the Treasury Department from handing his tax returns over to the House Ways and Means Committee.
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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.
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Here is why you may want to opt out of child tax credit early payments
Read full article: Here is why you may want to opt out of child tax credit early paymentsThe first of six child tax credit payments to parents will hit bank accounts and mailboxes on July 15. Some families may absolutely need the money now to pay bills. That is why President Biden pushed the advance payments. If you donโt need it, there are several reasons you may want to opt-out of receiving the early payments.
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Determine your eligibility for the child tax credit with these online tools
Read full article: Determine your eligibility for the child tax credit with these online toolsThe Internal Revenue Service has launched two new online tools designed to help parents manage their monthly child tax credit payments.
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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.
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Senators push measure to accelerate DAF, foundation giving
Read full article: Senators push measure to accelerate DAF, foundation givingTwo key U.S. senators introduced legislation Wednesday designed to spur faster payouts from donor-advised funds and foundations, giving new momentum to an effort that has deeply divided philanthropy.
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Child tax credit payments start July 15. This is how much you can expect to get.
Read full article: Child tax credit payments start July 15. This is how much you can expect to get.Starting this summer, the federal government is sending money to parents with children as part of the expanded child tax credit. The child tax credit is not new. Parents can claim a $2,000 credit per child when you file your taxes. What is new this year is that the credit is much higher for certain families and you don't have to wait until you file your 2021 taxes to get it.
Have you done your taxes? Here are new deductions and credits to help you save more money
Read full article: Have you done your taxes? Here are new deductions and credits to help you save more moneyHave you done your taxes yet? If not, there are some new tax credits and deductions you need to know about so you get the most money back from Uncle Sam this year.
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Ask 2: What do I do if my stimulus payment was sent to a former address?
Read full article: Ask 2: What do I do if my stimulus payment was sent to a former address?At KPRC 2, weโre dedicated to keeping Houstonians informed. As part of our Ask 2 series, the newsroom will answer your questions about all things Houston.
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If you collected unemployment in 2020, you get a tax break
Read full article: If you collected unemployment in 2020, you get a tax breakHOUSTON โ If you collected unemployment in 2020, you could get a bigger tax refund. Usually, when you collect unemployment, you have to pay federal income tax on that money. This year, you do not have to pay taxes on $10,200 of those benefits if you earned less than $150,000. Mary Bynum emailed consumer expert Amy Davis, writing, โI collected unemployment in 2020 and filed my return and received my refund in mid-February. On the IRS website, the agency explains what forms you should use and file if you are doing your taxes yourself to get the tax break.
5 things you should know if youโre filing taxes for the first time
Read full article: 5 things you should know if youโre filing taxes for the first timeIf you grew up watching your parents get stressed around tax season, then you're probably not looking forward to filing yourself for the first time.
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IRS will delay tax filing due date until May 17
Read full article: IRS will delay tax filing due date until May 17The Internal Revenue Service says it's delaying the traditional tax filing deadline from April 15 until May 17. The pandemic hit in the middle of last year's tax filing season, setting the agency back in terms of processing. Additionally, the extension gives the IRS time to issue guidance on recent tax law changes. AdโNever before has the law changed so substantially in the middle of tax filing season," Patrick Thomas, director of Notre Dame Law Schoolโs Tax Clinic, said in a statement. A number of lawmakers and professionals from the tax community have urged the tax filing season be extended to accommodate for these pressures.
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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.
How do I file taxes if Iโm working remotely in another state thatโs not my residence?
Read full article: How do I file taxes if Iโm working remotely in another state thatโs 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 doesnโt necessarily mean all those people were working from their homes.