The traditional penalty for an individual who has not filed their taxes by the deadline is 5 percent of the tax due for each month the return is late. The penalty accrues up to a maximum of 25 percent ...

Workers with or without qualifying children who have low to moderate incomes may be eligible to claim the EITC.

IRS Form 941, also known as the Employer's Quarterly Federal Tax Return, is used when businesses report the income taxes, payroll taxes, Social Security, and Medicare taxes withheld from their ...

PeopleImages.com / Getty Images Form W-9, Request for Taxpayer Identification Number (TIN) and Certification, is an Internal Revenue Service (IRS) tax form that businesses use to collect ...

W-2 forms should have arrived in mailboxes and inboxes by Jan. 31. Here's what to do if you haven't gotten yours yet. Macy Meyer Writer II Macy Meyer is a North Carolina native who graduated from ...

Taxpayers can still receive a stimulus check up to $1,400 depending on how they filed their 2021 tax returns. The Internal Revenue Service announced in December that it would be distributing ...

Marni Rose McFall is a Newsweek reporter based in London, U.K. Her focus is on internet trends, U.S. politics and popular culture. She has covered fashion, culture, art and music extensively.

Acting IRS chief counsel William Paul is set to be demoted to his previous role, and replaced by Andrew De Mello, another IRS attorney who was nominated by President Donald Trump to serve as the ...

The agency will review a number of technology modernization initiatives that have been taken in recent years, including the new Direct File free filing system for tax returns that was launched ...

What Is Form 5329: Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts? Form 5329 is an attachment to the federal income tax return that must be filed by taxpayers ...

The IRS is on its third Commissioner in just over a month. Secretary of the Treasury Scott Bessent announced that IRS Chief Operating Officer Melanie Krause will become acting IRS Commissioner ...

A frustrating thing about working hard to earn money is knowing the IRS will tax a portion of your earnings. Federal taxable income generally includes wages, tips, royalties, commissions ...