May 05

Tough new IRS penalties set to target Russian banks

Russian banks that buy U.S. securities after July 1 will forfeit 30 percent of the interest and dividend payments. The withholding applies to stocks and bonds, including U.S. Treasuries. Some previously owned securities would be exempt from the withholding, but…

Apr 14

Chances of being audited by IRS lowest since 2005

WASHINGTON -- As millions of Americans race to meet Tuesday's tax deadline, their chances of getting audited are lower than they have been in years. Budget cuts and new responsibilities are straining the Internal Revenue Service's ability to police tax…

Apr 05

The Volunteer Income Tax Assistance Program is a nationwide organization of tax preparers available to help low-income taxpayers. Last year alone, VITA helped prepare almost one and a half million individual tax returns completely free of charge.

Each year about 42 million tax returns are prepared by tax professionals who are unaccredited and unregulated by the IRS. After a plan to regulate them was struck down by a federal court last year, there's more regulation on hairdressers…

Latest News