Earlier this week, I reported that Treasury Secretary Steven Mnuchin was still considering extending the tax season. Reactions to this idea were mixed. So, for today’s Fix The Tax Code Friday question, I want to know your opinion:
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The Internal Revenue Service continues to roll out processing for most federal income tax returns. The IRS announced this week that taxpayers can begin filing federal income tax returns with depreciation and education forms this week. On Sunday, February 10, the IRS will accept tax returns which include federal form 4562, Depreciation and Amortization, and…
“There is potential criminal activity.” That’s the latest word from Treasury Inspector General for Tax Administration (TIGTA) regarding the ongoing investigation into the missing emails at Internal Revenue Service. You know the ones. But in case you need a refresher, at the center of the firestorm that is the tax exempt organization scandal, is the…
The tax gap in the United States is estimated to be about $385 billion. The tax gap is the difference between what the Internal Revenue Service (IRS) expects to collect in taxes and what they actually collect. That sounds like a lot of money. And I agree that it is. But considering that the IRS…
Despite rumblings for a second stimulus check, the IRS hasn’t finished delivering the first stimulus check to all taxpayers. As of last month, more than 279,000 economic stimulus checks – that’s more than a quarter million – were yet to be delivered. Those checks are worth more than $163 million. Additionally, more than 104,000 taxpayers…
It’s Fix the Tax Code Friday! Remember that study that I cited from the Tax Foundation earlier in the week? That same report offered another statistic. In 2007, the cost of balancing the budget would have cost each taxpayer an additional $1,789 in taxes. This year, due to “the bailouts and the Troubled Asset Relief…
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Reading about the ridiculousness of the IRS sending out notices with amendments instead of just not sending the notices at all, I wondered why they found time to do all that but they still can’t seem to find the time to process a tax refund that was sent in March!