Category: Articles

A recent federal tax law change is prompting some fairs, livestock auctions, and Extension programs to notify 4-H and FFA families about how youth livestock sale proceeds may be reported to the Internal Revenue Service. Despite recent social media claims, receiving a Form 1099-MISC for livestock sales is not a new requirement, nor does receiving one automatically…

The last thing you probably want to think about right now is your tax return. But if you paid penalties or interest to the IRS during the pandemic, a Friday deadline could be your only chance to get that money refunded. According to National Taxpayer Advocate Erin M. Collins, tens of millions of taxpayers may…

Federal agents previously investigated the Southern Poverty Law Center’s paid informant program for possible tax crimes, but the probe failed to yield any charges after Internal Revenue Service lawyers determined it was legally structured, sources familiar with the matter told CBS News. Agents from IRS Criminal Investigation in 2019 and 2020 homed in on shell…

A Rocky Mount tax preparer has been sentenced to two years in federal prison for preparing fraudulent tax returns that caused more than $3 million in losses to the Internal Revenue Service, according to the U.S. Attorney’s Office for the Eastern District of North Carolina. The U.S. Attorney’s Office said Jessica Latoya Staten, 41, was…

Victims of identity theft face “unconscionable” delays at the Internal Revenue Service, a dynamic causing headaches and financial hardship for many Americans that comes amid steep staffing cuts at the federal agency, according to a report to Congress published Wednesday by the National Taxpayer Advocate, an internal IRS watchdog. More than 500,000 victims of tax-related identity theft are currently…

The Supreme Court declined to hear Murrin v. Commissioner, leaving a Third Circuit ruling in place that significantly expands when the IRS can go back and assess unpaid taxes—even decades after a return was filed—when the person who prepared the return committed fraud. That’s the case, according to the Third Circuit, even if the taxpayer didn’t know…

The IRS has released the 2027 contribution limits for health savings accounts, or HSAs, which offer triple-tax benefits for investors. Starting in 2027, the new HSA contribution limit will be $4,500 for self-only plans, up from $4,400 in 2026, based on the latest inflation adjustments. The HSA limit for family coverage will also rise in 2027. That cap will jump to $9,000,…

South Florida teacher Michelle Del Buono says she spent years saving for retirement. Now, she’s fighting to recover more than $133,000 that she says the Internal Revenue Service improperly seized from her investment account. “It’s like a big weight on my shoulders that can’t seem to break off,” Del Buono told CBS News Miami. Del Buono said her…

The impact of a federal court’s ruling over the weekend that vacated IRS guidance for wind and solar tax credits is likely limited as developers push toward a fast-approaching July 4 deadline to get projects under construction. “Practically speaking, I don’t think this is likely to have much impact on the market or behavior in the coming…

Georgia’s two U.S. senators and a metro Atlanta congressman are calling on federal officials to allow employees at an Internal Revenue Service campus in Chamblee to work remotely while the agency addresses what they describe as an ongoing rat and cockroach infestation. In a letter sent to Treasury Secretary Scott Bessent and IRS Chief Executive…