IRS

The Internal Revenue Service has increased the annual limitation on deductions for Health Savings Accounts for 2015, the agency announced on Wednesday.

According to a new report by the watchdog agency that oversees it, an award program for Internal Revenue Service (IRS) employees honored some less than honorable staff.

United States Senators John Hoeven, R-N.D., and Maria Cantwell, D-Wash., have introduced a bill to modify new IRS rules they say make it too difficult for family farmers and small business owners to deduct equipment repair and supply expenses.

A former Potsdam orthodontist was sentenced Monday to more than eight years in federal prison for trying to cheat the Internal Revenue Service out of $36 million.

Registration for the 2014 IRS Nationwide Tax Forums is now open for enrolled agents, certified public accountants, certified financial planners and other tax professionals. Those who sign up by the pre-registration date will save $130 per attendee off the on-site price.

Even with the 10-day delay to this year's income tax filing season, the IRS has issued more in tax refunds compared to this point last year and more U.S. taxpayers used their home computers to file their returns, according to a report published today by the Treasury Inspector General for Tax Administration (TIGTA), which oversees the IRS.

It's the day after, and for some American taxpayers, there may be a lingering question... What can they do if they missed yesterday's April 15 deadline to file their income tax return and also didn't file an extension.

By law, the IRS can assess penalties to taxpayers for failing to file a tax return and for failing to pay taxes. But the failure-to-file penalty is generally higher than the failure-to-pay penalty.