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Internal Revenue Service

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Illinois pension
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Capitol News Illinois

State lawmakers consider pension changes

SPRINGFIELD (Capitol News Illinois) — Changes that would make Illinois pension systems compliant with Social Security by improving benefits for government employees hired since 2011 could be on the table when lawmakers return to Springfield in January.   The General Assembly passed legislation in 2010 to create a second tier of state pension benefits in hopes of reducing long-term liabilities. But the latest benefits structure for employees entering the government workforce after 2010, known as Tier 2, has raised concerns about […]

todayDecember 26, 2024 71

IRS tax season
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National

IRS: Tax season opens January 29

WASHINGTON (UPI) -- The Internal Revenue Service on Monday announced this year's tax filing season will officially begin on Jan. 29, when it will start accepting and processing returns for 2023. The agency said it expects more than 128.7 million individual tax returns to be filed and processed between then and the April 15 tax deadline. Americans who use software providers to file electronically or employ tax professionals to prepare their returns are free to file before Jan. 29, although the […]

todayJanuary 9, 2024 62

Sam McCann
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Capitol News Illinois

McCann to represent himself in corruption trial

McCann fires court-appointed attorneys on trial’s scheduled start date

SPRINGFIELD (Capitol News Illinois) -- Monday was supposed to have been the first day in the weeklong federal corruption trial of former Republican state Sen. Sam McCann, who allegedly misused more than $200,000 in campaign funds for personal expenses. A pull-down projector screen in the Springfield courtroom of U.S. District Judge Colleen Lawless stood ready to play host to prosecutors’ presentation prepared to accompany their opening statements. But in a bizarre turn of events as Lawless took the bench on […]

todayNovember 27, 2023 19

IRS
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National

IRS to no longer make unannounced visits

WASHINGTON (UPI) -- The IRS has announced a significant policy update on Monday, ending unannounced visits by officers. The move ends a practice the agency has employed for decades. Unannounced visits will end immediately as the Internal Revenue Service (IRS) will shift to sending letters to taxpayers. The policy change is part of an overall transformation of the agency to follow its new strategic plan and funding from the Inflation Reduction Act. "We are taking a fresh look at how the IRS operates […]

todayJuly 24, 2023 671

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Financial News

IRS to pay interest on delayed refunds

Interest to be accrued beginning July 1

WASHINGTON (UPI) -- The Internal Revenue Service (IRS) said Friday it will pay 5% interest to people with delayed tax returns starting in July. That's up a full percentage point from the last interest rate increase in April. In a Friday statement, the agency said the new rates on delayed refunds, considered overpayments by the IRS, will be 4% for corporations starting July 1. The interest will be 7% on large corporate underpayments exceeding $10,000, according to the agency. Explaining how […]

todayMay 21, 2022 27

tax
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Business & Lifestyle

IRS extends deadline for tax returns to May 17

WASHINGTON (UPI) -- The Internal Revenue Service on Wednesday pushed back the date by which Americans must file their federal tax returns to give people more time to pay what they owe during the pandemic-related economic downturn. The new filing and payment deadline is May 17, more than a month later than the traditional April 15 date.   "This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers […]

todayMarch 18, 2021 12

Business & Lifestyle

IRS, Treasury say tax filing deadline will stay at July 15

WASHINGTON (UPI) -- The Treasury Department and Internal Revenue Service say the tax filing deadline won't be extended beyond July 15. The normal April 15 deadline was postponed to July to help taxpayers facing hardship due to the coronavirus pandemic. There have been some calls for another extension, and Treasury Secretary Steven Mnuchin said the agencies mulled delaying it until September. "The IRS understands that those affected by the coronavirus may not be able to pay their balances in full by […]

todayJune 30, 2020 22

Business & Lifestyle

IRS delivers first coronavirus stimulus deposits to Americans’ bank accounts

WASHINGTON (UPI) -- The Internal Revenue Service (IRS) announced that the first round of payments distributed as part of a coronavirus relief package have been deposited in Americans' bank accounts. "IRS deposited the first economic impact payments into taxpayers' bank accounts today," the agency wrote on Twitter Saturday afternoon. "We know many people are anxious to get their payments; we'll continue issuing them as fast as we can." The distributions were established by a $2.2 trillion relief package signed in […]

todayApril 13, 2020 12

Business & Lifestyle

South Korea considering a crypto income tax of 20%

SEOUL (Heartland Newsfeed) -- Crypto holders living in South Korea may want to keep an eye out on recent actions being pursued by their government. A report released Monday from South Korean-based Yonhap News Agency revealed the country's Ministry of Economy and Finance's (SKMEF) tax office is reviewing a proposal that could result in the adoption of a cryptocurrency income tax, which could be as high as 20 percent. An unidentified official who spoke with Yonhap suggests that South Korea […]

todayJanuary 20, 2020 12

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