What Are The Tax Rates For Different Types Of Retirement Income?

Your IRAs, pensions, taxable accounts and Social Security distributions create various tax implications. So, it’s vital to understand them and implement strategies to reduce your tax liability and maximize your retirement funds.

IRS Tax Refunds Scam: Beware Of Fake IRS Letter Trying To Steal Your Identity

The IRS issued a statement explaining what to look out for with the latest tax scam that is being used to steal people's identities. The aim of the scam is to make people believe that they are owed a tax refund by the IRS, when they're not.

IRS Weighs Guidance For Small Business Tax Credit. ‘People Were Duped,’ Taxpayer Advocate Says

The IRS warned business owners about “third parties” promoting the employee retention credit in October and recently renewed its warning by adding the issue to its annual list of Dirty Dozen tax scams for 2023.

Key Things To Know As Supreme Court Nears Decision On Biden’s Student Loan Forgiveness

If the justices greenlight President Joe Biden’s relief, many borrowers will immediately get $20,000 of their student debt cancelled – if they’d received a Pell Grant in college, a type of aid available to low-income families – and as much as $10,000 if they didn’t.

This One-Time Strategy Can Waive IRS Tax Penalties. ‘It’s Like A Get Out Of Jail Free Card,’ Expert Says

Described like a 'Get Out Of Jail Free Card', this lesser-known first-time penalty abatement may waive IRS fees in certain situations, tax pros say. However, there are specific IRS guidelines to qualify for penalty relief.
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The IRS Is Resuming Debt Collections. Here’s What To Do If You Can’t Pay Your Taxes

As the IRS returns to normal operations, collection activities will resume as well. The agency is ramping up efforts to collect overdue taxes after many debt-collection activities were paused in order to provide relief to taxpayers during the COVID-19 crisis.