(Bloomberg) — The US Internal Revenue Service issued an unusual public apology to hedge fund manager Ken Griffin for failing to protect his confidential tax data from being stolen and leaked to the media by a contractor now in prison. Most Read from Bloomberg That contractor, Charles Littlejohn, pulled off one of the most egregious […]
The IRS on Tuesday said it “sincerely apologizes” to billionaire investor Ken Griffin and thousands of other wealthy people whose private tax information was leaked to the news media by a former contractor. The unusual statement came as part of a negotiated settlement with Griffin who, in exchange, agreed to drop a long-running lawsuit against […]
NEW YORK (AP) — The Internal Revenue Service said Thursday a review of 1 million claims for the Employee Retention Credit representing $86 billion shows the “vast majority” are at risk of being improper. The ERC was designed to help businesses retain employees during pandemic-era shutdowns, but it quickly became a magnet for fraud. Its […]
ST. LOUIS — A stack of tax documents has Brennen Woolfolk steaming. “Infuriating because you already work all year to get these things and then you have your children’s stuff that’s supposed to be sacred, but I guess not all the time is that the case,” said Woolfolk. Woolfolk was attempting to complete his taxes […]
Americans who choose to pay their taxes quarterly face a concerning surge in penalties imposed by the Internal Revenue Service (IRS). These penalties stem from the agency’s assertion that these individuals underpay their tax obligations. In light of this trend, Yahoo Finance’s Kerry Hannon offers strategies to help taxpayers avoid additional fees. For more expert […]
WASHINGTON (AP) — The IRS plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the U.S. Treasury Department says. The guidance and ruling being announced Monday includes plans to essentially stop “partnership basis shifting” — a process by which a business […]
WASHINGTON (AP) — The IRS plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the U.S. Treasury Department says. The guidance and ruling being announced Monday includes plans to essentially stop “partnership basis shifting” — a process by which a business […]
**Video above: Attempted robbery, shooting led Akron police to unrelated illegal gambling operation earlier this year CLEVELAND (WJW) — For years their lifestyles included extravagant gambling trips, luxury vehicles, country club memberships and stacks of cash and silver at multiple properties. All the while the two Northeast Ohio men were running illegal gambling businesses in […]
The Internal Revenue Service (IRS) has introduced a significant change in the way taxpayers file their federal tax returns. Beginning in the 2025 tax season, the IRS plans to make Direct File a permanent option for individuals to submit their tax returns directly to the agency. Yahoo Finance’s Rebecca Chen sheds light on the platform’s […]
Most people who received money from Norfolk Southern in the wake of last year’s fiery train derailment in eastern Ohio won’t have to pay taxes on millions of dollars in aid payments after all. The Internal Revenue Service said Wednesday that most of the payments people who live near East Palestine, Ohio, received to help […]
A 50-year-old man used an obscure IRS rule to withdraw $20K a year from his retirement savings — without any penalty. Here’s how When Eric Cooper, a 50-year-old early retiree, needed to tap his retirement savings before the age of 59 and a half, he faced the possibility of steep penalties. But he found a […]
Former President Donald Trump may face an IRS bill in excess of $100 million after a government audit indicates he double-dipped on tax losses tied to a Chicago skyscraper, according to a report by The New York Times and ProPublica that drew on a yearslong audit and public filings. The report’s findings could put renewed […]