Tax News

March 17, 2017 9:18 am

The U.S. Treasury may be holding tax dollars that are owed to you. Unless you file for a refund, you won't get the money; the government doesn't voluntarily send it to you. Here are some situations in...

April 22, 2016 11:07 am

As you file your 2015 income tax return, you may find that the government owes you money. Last year (2014 returns filed in 2015), the average refund amount was more than $2,800. Here's what you shoul...

March 19, 2014 2:25 pm

The IRS is holding refunds totaling $760 billion for about 918,600 taxpayers who did not file their 2010 returns. The last day to file and claim the outstanding refunds related to these returns is Apr...

February 20, 2014 10:43 am

The IRS’s annual list of the Dirty Dozen Tax Scams has been released. Taxpayers who use or fall victim to these scams expose themselves to additional taxes, penalties, and in some cases, criminal pr...

January 23, 2014 11:24 am

With tax seasons comes the advent of tax scams by email and phone, including text messages. The IRS cautions taxpayers to be wary at this time of the year. Here are some pointers to help you:The ...

July 29, 2013 1:17 pm

A taxpayer who is owed a tax refund must file for it in a timely manner. The amount of the refund cannot exceed the portion of the tax paid within 3 years of the filing of the claim. However, a person...

April 4, 2013 3:38 pm

The IRS has noted that tax refunds are down from last year. As of March 22, the average refund was $2,985; it was $3,030 as of March 23, 2012. The IRS paid $187.7 billion in refunds as of March 22, 20...

March 15, 2013 4:15 pm

Taxpayers who are owed refunds but have not yet filed 2009 returns have until April 15, 2013, to do so. If they don’t file by this date, they lose the refund forever. The IRS estimates that nearly 9...

December 18, 2012 12:00 pm

Taxpayers owed a refund can check the status of it online. The IRS has made easier than ever to do so for returns filed in 2013. The IRS says that refunds usually will be issued within 21 days and tha...

August 3, 2012 11:54 am

It’s not great to learn that your hard-earned tax dollars are being sent by the government to scamsters. The Inspector General for Tax Administration reports that the IRS has paid out billions of do...

June 11, 2012 10:46 am

The federal Defense of Marriage Act (DOMA), which was enacted in 1996, defines marriage for federal law purposes as between a man and a woman. Recently, a federal appellate court said that DOMA is unc...

March 29, 2012 3:44 pm

The Senate Finance Committee learned that the number of identity theft cases that the IRS received between 2009 and 2011 nearly tripled. To better protect taxpayers, one senator introduced the Identit...

February 29, 2012 12:20 am

The clock is ticking on your ability to collect your 2008 refund if you haven’t already done so. You have until April 17, 2012, to submit a tax return for 2008, which acts as a claim for refund. The...

February 9, 2012 11:40 am

The IRS released IRS2Go 2.0, which is an expanded version of its smartphone application. The new app works on both the iPhone and Android platforms. It enables taxpayers to check the status of their f...

November 30, 2011 9:26 pm

Have you received a tax refund if you are owed one? The IRS reports that it is looking for 99,123 taxpayers who are owed $153 million in refunds. Their checks were undeliverable because of mailing add...

June 13, 2011 12:00 am

The IRS e-file program has now passed the one billion return mark. The program started with a pilot program in 1986. At that time, there were five preparers in three cities, with a total of 25,000 ret...

June 1, 2011 12:00 am

In general, rental real estate activities are automatically treated as passive activities, limiting annual losses to the extent of income from such activities. However, individuals who are "real estat...

April 29, 2011 12:00 am

Through the tax filing deadline of April 18, 2011, the IRS has reported that there were almost 101 million e-filed returns, representing an 8.8% increase from last year. This makes nearly one billion ...

April 18, 2011 12:00 am

Ever wonder how the federal government spends what you pay in income taxes? Now you can get a general idea by using a calculator (www.whitehouse.gov/issues/taxes/tax-receipt) from the White House call...

April 13, 2011 12:00 am

Tax scams can cost taxpayers penalties, criminal prosecution, and other serious consequences. Tax scams abound, and the IRS commissioner warns taxpayers to avoid them. In an effort to help, the IRS ha...

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Tax Glossary

Income in respect of a decedent

Income earned by a person before death but taxable to an estate or heir who receives it.

More terms