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Internal Revenue Service

Revenue service of the United States federal government

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Internal Revenue Service: Revenue service of the United States federal government
The Internal Revenue Service (IRS) is the revenue service of the United States federal government. The government agency is a bureau of the Department of the Treasury, and is under the immediate direction of the Commissioner of Internal Revenue, who is appointed to a five-year term by the President of the United States. The IRS is responsible for collecting taxes and administering the Internal Revenue Code, the main body of federal statutory tax law of the United States. The duties of the IRS include providing tax assistance to taxpayers and pursuing and resolving instances of erroneous or fraudulent tax filings. The IRS has also overseen various benefits programs, and enforces portions of the Affordable Care Act.

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IRS budgets cuts costing the feds billions of dollars

A sharp decline in funding for the tax agency has impaired its ability to audit big corporations and millionaires
CBS News - Published

Amazon.com defeats IRS appeal in U.S. tax dispute

Amazon.com Inc on Friday defeated an appeal by the U.S. Internal Revenue Service in what the online retailer has called a $1.5 billion dispute over its tax treatment of transactions with a Luxembourg..
Reuters - Published

â–¶ Videos for Internal Revenue Service

Is GOP Tax Reform Dead? [Video]Is GOP Tax Reform Dead?

In 2017, Republicans promised tax overhaul. The new law would simplify the nation's confusing tax code. People would be able to file their returns on a postcard, saving people time and making taxes..

Credit: Wochit News     Duration: 00:42Published

IRS Sets Its Sights On Bitcoin Speculators [Video]IRS Sets Its Sights On Bitcoin Speculators

The IRS is cracking down on cryptocurrency traders who didn’t report their earnings on their taxes. In 2018, the IRS launched a campaign to address noncompliance related to the use of virtual..

Credit: Wochit News     Duration: 00:50Published

Treasury, IRS sued over Trump's tax returns [Video]Treasury, IRS sued over Trump's tax returns

A House of Representatives panel filed suit on Tuesday against the U.S. Treasury and the Internal Revenue Service, as it wrangled to obtain President Donald Trump's tax returns. Nathan Frandino..

Credit: Reuters Studio     Duration: 01:04Published

House Panel Sues For Donald Trumps Tax Records [Video]House Panel Sues For Donald Trumps Tax Records

A U.S. House panel filed a lawsuit demanding President Donald Trump’s individual and business tax returns. According to Reuters, the lawsuit is against the U.S. Treasury Department and Internal..

Credit: Wochit News     Duration: 00:32Published

 

This tool offers a new way to estimate next year's tax refund

A new IRS online tool could turn out to be pretty useful for those trying to get a better handle on how much they're withholding in taxes.
USATODAY.com - Published

IRS goes after unpaid cryptocurrency taxes

Tax collectors recently found information on 13,000 Coinbase account holders—and they're insisting on Uncle Sam's cut
CBS News - Published

U.S. tax collectors urge owners of virtual currencies to pay back taxes, file amended returns

The U.S. Internal Revenue Service on Friday said it was sending thousands of letters to taxpayers who failed to report virtual currency transactions, saying they may owe taxes.
Reuters - Published

Mortimer Caplin, Tactful but Tough Tax Collector, Dies at 103

As I.R.S. commissioner in the Kennedy administration, Mr. Caplin promised to be “both reasonable and vigorous” and largely succeeded.
NYTimes.com - Published

Trump signs IRS bill after returning from Asia — live updates

It's the first time the president has appeared since his trip to Asia and meeting with North Korean leader Kim Jong Un
CBS News - Published

IRS to taxpayers: Check your tax withholding now

If you owed more tax when you filed this year, make adjustments now to avoid that unpleasant surprise next tax season
CBS News - Published

DOJ says Congress can't force IRS to provide Trump's tax returns

The Justice Department says Congress does not have a "legitimate legislative purpose" for viewing the president's tax returns
CBS News - Published

The Islamic State, The Tax Refund Scam

Scott Pelley reports from the front lines in the fight against ISIS in northern Iraq, and con artists have been filing bogus tax returns and collecting millions. Steve Kroft finds out how far the scam..
CBS News - Published

The top 1% income earners by state: Here's how much you need to make to qualify

24/7 Wall St. reviewed Internal Revenue Service data to identify the minimum income threshold of the top 1% of earners in each state.
USATODAY.com - Published

What's the average annual income after taxes in every state?

24/7 Wall St. analyzed IRS data to calculate average incomes after taxes. Taxes reduced incomes by as much as 33.6%, depending on the state.
USATODAY.com - Published

IRS memo contradicts Mnuchin, says agency must comply with subpoena for Trump's tax returns

The memo, first obtained by the Washington Post, appears to contradict the argument that Congress needs a "legitimate legislative purpose."
USATODAY.com - Published

I.R.S. Memo Undercuts Mnuchin on Withholding Trump’s Tax Returns

A draft legal memo written by agency staff members said the president must use executive privilege to block congressional requests.
NYTimes.com - Published

Businesses are paying their smallest share of tax revenue since 1960

The IRS data adds fuel to criticism that corporations aren't paying their fair share.
CBS News - Published

Corporate America paying lowest tax share since Eisenhower

Federal income tax revenue from U.S. corporations hasn't been this low since 1960, IRS data show
CBS News - Published

Congress' quest for Trump tax returns likely headed to court

The Treasury Department is expected to miss the deadline for a congressional subpoena for Trump's returns. Some Democrats would like to see the treasury secretary and IRS commissioner face legal..
CBS News - Published

Congress could hold AG William Barr in contempt. How often does that happen?

Past cases of contempt of Congress have involved a top White House lawyer, an attorney general and an IRS official.
USATODAY.com - Published

Gold Star widow hit with new tax bill on survivor benefits

Many Americans were surprised to get a much smaller tax return this year, or find out they actually owed money to the IRS. The new tax law is also causing hardship for thousands of Gold Star families..
CBS News - Published

FBI, IRS search homes, city hall office of Baltimore Mayor Catherine Pugh

The FBI and the IRS’s criminal division are searching the homes and the City Hall office of embattled Baltimore Mayor Catherine Pugh. Veuer's Justin Kircher has the story.
USATODAY.com - Published

Baltimore City Hall, mayor’s homes raided amid scrutiny over book deals

Catherine Pugh, the mayor of Baltimore, is under investigation as she faces scrutiny over book deals. The FBI has confirmed it is working with the IRS. CBS News chief justice and homeland security..
CBS News - Published

FBI raids homes of embattled Baltimore mayor over book sales scandal

FBI and IRS agents executed search warrants at the homes of Baltimore Mayor Catherine Pugh in the scandal over sale of her children's books.
USATODAY.com - Published

Trump attorney calls Congress a "junior-varsity IRS"

Democratic lawmakers have given the Treasury Department an April 23 deadline to disclose six years of the president's tax returns
CBS News - Published

Donald Trump's lawyer repeats: Don't give Trump taxes to Congress

Rep. Richard Neal, chairman of the House Ways and Means Committee, gave the IRS a new deadline of April 23 to produce Trump tax documents or face a subpoena.
USATODAY.com - Published

Trump Lawyer Urges Treasury Not to Release his Tax Returns

The Internal Revenue Service is facing an April 23 deadline to comply with a Congressional request.
NYTimes.com - Published

You just cut a check to the IRS. So what do your taxes pay for?

On Tax Day, you may be wondering where do all those hard-earned tax dollars go? Here's where.
USATODAY.com - Published

Finally, it's Tax Day: Here are the 5 things you need to know to file your taxes

It's the last day to file your 2018 taxes before getting into hot water with the IRS. If you’ve procrastinated, here's what you need to know.
USATODAY.com - Published

House Democrat sets new deadline for release of Trump's tax returns

Richard Neal set a new deadline for the IRS to furnish the committee with the president's tax returns: 5 p.m. on April 23
CBS News - Published

Where and how to mail your federal tax return

There’s no one IRS address. The one you use depends on where you’re filing from. Here’s where to send yours.
USATODAY.com - Published

Not ready yet to file your taxes? Time to get an extension

Don't feel pressured to get your return in by April 15 -- but be sure to follow the appropriate IRS rules
CBS News - Published

New York Democrats lead effort for Trump's state tax returns

"We have Donald Trump's tax returns here in the state of New York and we can provide them to Congress if the IRS, if the Treasury Department won't," N.Y. state Sen. Brad Hoylman told CBS News
CBS News - Published

Social security phone scam costing victims millions

The FTC said the old IRS scam took in $17 million in its peak. A new social security scam is already up to $19 million
CBS News - Published

Average tax refund is little changed at $2,833, IRS chief says

Most taxpayers feel their taxes haven't gone down under the new tax laws, and many believe they are paying more
CBS News - Published

What taxpayers should know about the new IRS Form 1040

New "postcard-size" form now has just 23 lines, but many taxpayers must complete one or more of six new schedules
CBS News - Published

IRS commissioner still working on letter regarding Trump taxes

"We have received the letter, we're working on the letter with counsel, we anticipate to respond," Rettig testified
CBS News - Published

Shouldn't it be easier — and cheaper — to file taxes?

For-profit tax preparation industry wants to limit how much the IRS can do when it comes to creating a free electronic tax filing system.
USATODAY.com - Published

Meghan Markle and her baby will be liable for U.S. taxes

The Duchess of Sussex and her baby will have to report their finances to the IRS, potentially exposing them to scrutiny
CBS News - Published

Last-minute tax tips

In our Eye on Money series, we talk about the rush to file tax returns. There is less than a week left for many people to meet the April 15 deadline. Massachusetts and Maine residents have until the..
CBS News - Published

Another tax headache ahead: IRS is changing paycheck withholdings and it'll be a doozy

The IRS is changing how you adjust your paycheck withholdings, and it won’t be easy.
USATODAY.com - Published

Small business owners struggling to understand the new tax law

The IRS estimated nearly 8 million LLCs will request extensions this year
CBS News - Published

Cat food and tanning oil? 6 outrageous tax deductions the IRS approved

Many Americans get creative with deductions to reduce their tax bill. Here are six the IRS approved and four that didn’t pass the smell test.
USATODAY.com - Published

Trump Asked That Confirmation of I.R.S. Counsel Be a Priority

The request raised questions about whether the president had other motivations. For months, he has seethed over vows by congressional Democrats that they would move to obtain his tax returns from the..
NYTimes.com - Published

House committee seeks Trump tax returns from IRS

U.S. House Ways and Means Committee Chairman Richard Neal has asked the Internal Revenue Service to provide six years of President Donald Trump's personal and business tax returns.
Reuters - Published

Democrats officially demand President Trump's taxes from IRS

Democrats have sent a letter to the IRS demanding President Donald Trump's personal tax returns and the returns for his businesses and trust.
USATODAY.com - Published

Top Democrat formally requests 6 years of Trump's tax returns

The Democratic chairman of the House Ways and Means Committee sent a formal request to the IRS requesting six years of returns
CBS News - Published

How large is the average federal tax refund in each state? Check this list

Delaware had the highest average federal tax refund, and Montana had the lowest, according 24/7 Wall Street's analysis of the 2917 IRS Data Book.
USATODAY.com - Published

Where does the IRS audit the most? Poor, rural counties

Taxpayers in poor U.S. counties are more likely to get audited by the agency than people in rich areas
CBS News - Published

How to pay your tax bill and options if you don't have the money, or need an extension

If you owe the IRS money this tax season, you several ways to pay your tax bill, both now and later. Here's what to know.
USATODAY.com - Published

Owe the IRS? It could cost you your house

Economist Stephen Moore is fighting a $75,000 debt to the IRS. He's one of many reluctant payers tax collectors deal with every year.
CBS News - Published

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