The Internal Revenue Service (IRS) has announced its intention to significantly ramp up tax audits by 2025, with the goal of identifying discrepancies in tax returns and improving tax compliance. This initiative will specifically target certain taxpayer groups and forms part of a broader strategy aimed at boosting tax collection efforts. IRS Audit Process: What … Read more
Meeting monthly expenses can be a challenge for many individuals, especially for those in the United States with limited income or, in February, only receiving Disability payments. In such cases, a tax refund from the IRS can provide much-needed financial relief, covering part of the upcoming expenses. While it’s true that United States citizens are … Read more
The IRS tax season has officially commenced with a significant milestone on January 27, 2025, marking the beginning of income tax filing for approximately 140 million returns. On average, tax refunds are around $2,825, a figure that underscores the importance of efficient processing and timely payments. With a large number of filers in the queue, … Read more
The Internal Revenue Service (IRS) has initiated layoffs of approximately 7,000 probationary employees, a move experts warn could significantly impair tax revenue collection and hinder efforts to pursue affluent tax evaders. These layoffs, among the most substantial reductions in the federal workforce this year, primarily affect newly hired compliance staff responsible for ensuring adherence to … Read more