Tax

The Internal Revenue Service issued its annual inflation adjustments Monday for tax year 2021, revising more than 60 tax provisions, including tax rate schedules, standard deduction amounts and more.

The service is better at detecting identity theft in business tax returns, according to a new report, but it’s still letting many potentially fraudulent claims get through.

Any capital-gains tax increase resulting from a Democratic “Blue Wave” victory on Election Day is unlikely to have a big impact on stock prices, according to Goldman Sachs Group Inc.

The heirs of Samsung Electronics Co. Chairman Lee Kun-hee, who died Sunday, could face billions of dollars in inheritance taxes. But that doesn’t necessarily mean they’ll have to cede control over the group by selling shares.

The Internal Revenue Service is giving taxpayers more time until Nov. 21 to register their dependents for the $500 per child Economic Impact Payments provided under the CARES Act.

Grant Thornton has prevailed in an appeal by a former tax client who had sued after the firm failed to advise him of a tax strategy that potentially could have saved him over a million dollars and then allegedly tried to cover up the error.

The Internal Revenue Service said Friday it would restart issuing its 500 series of balance-due notices to taxpayers later this month after they were paused on May 9 due to the COVID-19 pandemic.

The leaders of Congress’s main tax-writing committee are wondering if the Internal Revenue Service will be ready to handle next tax season as it’s still processing millions of pieces of correspondence that went unopened for months during the COVID-19 pandemic.

The Internal Revenue Service is reversing course on the automatic revocation notices that it sent to more than 30,000 tax-exempt organizations.

Add in the complexities of this year’s presidential race, and we have a recipe for uncertainty and fear.