The Internal Revenue Service is facing a busy and uncertain future, with major staffing cuts, a decrease in funding, and high turnover — including a veritable revolving door of acting commissioners, ...

It is advisable to consult the official Income Tax website to confirm which form should be used while filling out returns. ITR-1 can be used by resident individuals with an income less than Rs 50 ...

No one wants to be audited by the IRS. And, in fact, very few US taxpayers have been in recent years. Less than 1% of all returns filed between 2013 and 2021 had been audited as of the end of ...

Salaried individuals who file income tax returns annually should take note of key changes introduced by the Income Tax Department in the format of Form 16—the document that outlines salary, tax ...

every year should be aware that the tax department has introduced some changes in the format of Form 16 related to tax deduction and perquisites. The changes effected in the Form 16 format will ...

There’s an extra reason to keep your expression of wish forms up to date — that is the decision to include unused defined contribution pensions in your estate for inheritance tax purposes from April ...

Millions of employers have filed amended employment tax returns (Form 941-X) claiming the credit for periods in 2020 and 2021. Since the enactment of the CARES Act, the IRS has issued roughly $250 ...

Ex-Treasury Secretary Larry Summers said Trump's IRS cuts could cost the government $1 trillion. A Yale economist told BI that his estimate is conservative, and actual losses could top $2 trillion.

While tax season is over for most Americans, the Internal Revenue Service continues to process refunds after the filing deadline. Depending on how you file can affect how long you'll have to wait ...

Data shows the IRS' Direct File free tax-filing tool has helped save taxpayers money. Now lawmakers want to know why the Trump administration may soon pull the plug on the program. The Trump ...

WASHINGTON, DC - AUGUST 18: The Internal Revenue Service (IRS) building on Thursday, Aug. 18, 2022 ... More in Washington, DC. (Kent Nishimura / Los Angeles Times via Getty Images) In this episode ...

The IRS has become ground zero for some of the most heated political battles of President Trump’s first 100 days in office. The tax collection agency is the site of controversies ranging from ...