Tax season is about to begin. The IRS is already facing a backlog

The 2021 tax filing season will begin on Monday, Jan. 24, 2022, the Treasury Department announced Monday. But amid the ongoing pandemic and a lack of resources at the Internal Revenue Service, Treasury officials warn it will be a challenge for taxpayers and tax preparers facing a frustrating filing season. Normally, the IRS would have … Read more

IRS Warns Some Taxpayers May Have Received Incorrect Child Tax Credit Letter 6419

IRS sends letters to millions of parents who received advance Child tax credit payments last year, urging people to refer to these forms – letter 6419 – when filing their tax returns. But on Monday, the agency warned that some of those letters may contain incorrect information. The misinformation could have serious financial implications for … Read more

The IRS has $1.5 billion in unclaimed refunds. But April 18 is the last day to claim the money.

The IRS said it has nearly $1.5billion in unclaimed tax refunds – and the tax agency is urging people to take action by April 18 to claim all the money owed to them . Unclaimed refunds come from about 1.5 million taxpayers who failed to file taxes in 2018, the agency said. Because there is … Read more

Billions of Stolen Crypto. Illicit assets of the oligarchs. Financial crime is more complex than ever – and investigators say they need help tracking

In its more than 100 year history, the IRS Criminal Investigative Unit has helped lock up Al Capone and John Gotti. It is the sixth largest federal law enforcement agency in the nation and the only one authorized to investigate federal criminal tax violations and prosecute related financial crimes, such as money laundering, currencies and … Read more

IRS will ‘absolutely’ resolve backlog before year’s end, Commissioner Charles Rettig says

The IRS could eliminate its huge filing backlog by the end of the year, IRS Commissioner Charles Rettig said Thursday. His rosy prognosis comes as millions of people are still waiting for the overburdened agency to process returns from previous tax-filing seasons and send out their refunds, even as the IRS entered a new tax-filing … Read more

IRS says it has a plan to reduce the backlog: Hire 5,000 workers — no tax experience required

The IRS began the current tax season with a massive backlog of tax returns, prompting the National Taxpayer Advocate to describe the agency as “in crisisNow the IRS says it has a plan to deal with its current backlog of 7.2 million filings: Hire 5,000 workers this month — no tax experience necessary. The tax … Read more

IRS audits the poor at 5 times the rate of everyone else, analysis finds

Tax season is a difficult time for taxpayers, who are understandably keen to get their refunds fast and who may worry that processing issues could delay their checks. But some Americans may have more to worry about than others: low-income households with less than $25,000 in annual income. This group is five times more likely … Read more