taxes

Trump has fought the release of his income tax returns for years. The Biden Justice Department says the IRS has to give Congress those documents.

Monthly child tax credit payments have started. Some low-income parents are hesitant to file with the IRS. That leaves a lot of money on the table.

Between the Powerball and Mega Millions jackpots that have been claimed so far this year, winners have paid more than $500 million in federal taxes.

The Senate’s $1 trillion bipartisan infrastructure bill calls for a crackdown on cryptocurrency tax reporting. Here’s how it may affect investors and brokers.

A $1 trillion Senate infrastructure bill unveiled Sunday would cut the timeline to claim the employee retention tax credit by three months, to Oct. 1.

Neither Trump nor his lawyers have said if they will challenge Friday’s order.

Former President Donald Trump has refused for years to voluntarily disclose his income tax returns. Congress can now see them, the Justice Department said.

The economy has improved and lawmakers are unlikely to offer another tax break to those who collected unemployment benefits this year, experts said.

Parents in poor households may not have filed a recent tax return or updated data via an IRS portal to be eligible for the payments, according to a report.

A whistleblower lawsuit accuses corporate headhunter Egon Zehnder International of depriving New York state out of $13.25 million in taxes.

“The pandemic really highlighted for a lot of people how important it is to have an emergency fund,” said Michelle Brownstein, a certified financial planner.

Millions of Americans who received unemployment compensation in 2020 were taxed on that income before it was made tax-free. Now the IRS is sending refunds.

Data for the 2019 tax year shows that 497 taxpayers have $25 million or more in aggregate IRA balances. Some lawmakers hope to curb use of those tax shelters.

Sen. Elizabeth Warren reignited her push for a tax on the accumulated wealth of the richest Americans by pointing at the Amazon founder.

The earned income tax credit is more generous for workers in 2021. Now there are calls to make that expansion permanent.

Whether cash or another type of prize, the IRS expects winners of any lottery to pay taxes on the value of their jackpots.

Nearly 90% of American families with kids get the child tax credit, including the new monthly payments. Some may use the money to invest for the future.

With crypto tokens, wash sale rules don’t apply, meaning that you can sell your bitcoin and buy it right back, whereas with a stock, you would have to wait 30 days.

For certain families, it makes sense to opt out of the advanced monthly child tax credit payments that began in July.

Older Americans with a savings shortfall may be eyeing riskier assets to boost returns. Experts cover what to know before adding cryptocurrency to a portfolio.