Record notice volume: The IRS has sent 1.4 million CP53E letters this year as it phases out paper refund checks in favor of direct deposit. Confusion and scams: Some taxpayers report receiving notices ...

Forbes contributors publish independent expert analyses and insights. Ashley L. Case, J.D., LL.M., writes about tax and estate planning. Form 56 serves as a conduit of communication between taxpayers ...

The move addresses a gap that had left some companies unable to easily recoup taxes already paid.

As per the Income Tax Act, 1961, bank depositors had to submit Form 15G/Form 15H to the bank to avoid Tax Deducted at Source (TDS). Some depositors were confused about which of the two forms applied ...

See more of our trusted coverage when you search. Prefer Newsweek on Google to see more of our trusted coverage when you search. The Internal Revenue Service (IRS) has announced a major expansion of ...

An IRS installment agreement allows taxpayers to pay off their tax debt over time through monthly payments. While these plans prevent aggressive collection actions, interest and penalties continue to ...

Four new tax deductions are available on federal returns for eligible taxpayers whether they itemize deductions, such as claiming mortgage interest, or claim the standard deduction. All four big tax ...

Millions of Americans could be owed a refund from the IRS as a result of a recent court ruling. Last month, a U.S. Court of Federal Claims decision expanded the interpretation of a specific tax code ...

The Internal Revenue Service has published a new Schedule 1-A and updated instructions for claiming the new tax breaks in the One Big Beautiful Bill Act for tips, overtime, car loans, and senior ...

The enhanced deduction for seniors applies on 2025 tax returns to adults born before Jan. 2, 1961. If you're 65 or older now, you can claim an additional deduction of up to $6,000 or $125,000 for ...

As tax season kicks off, families with minor children can now register for Trump accounts. To open the account, an election must be made on IRS Form 4547. Form 4547 can be filed separately or with ...

One of the most tax-friendly provisions of an IRA is the ability for IRA owners who are at least age 70½ to donate up to $108,000 (2025 limit) directly to an eligible charity from their IRA. This is ...