In Bar Harbor, businesses are ‘cautiously concerned’ as they wait to learn whether the tourism season at Acadia National Park will be disrupted, the chamber of commerce says.
IRS
Posted inBusiness, Nation & World, News
Taxpayers will get higher standard deductions in 2025, IRS announces
It’s rising to $15,000, up $400 from this year.
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Posted inBusiness, Nation & World
Treasury recovers $1.3 billion in unpaid taxes from high-wealth tax dodgers
The IRS credits spending that has ramped up collection enforcement through President Biden’s signature climate, health care and tax package signed into law in 2022.
Posted inBusiness
IRS collects milestone $1 billion in back taxes from high-wealth taxpayers
The IRS says the campaign is focused on taxpayers with more than $1 million in income and more than $250,000 in recognized tax debt.
Posted inBusiness, Nation & World
IRS delays in resolving identity theft cases are ‘unconscionable,’ independent watchdog says
An independent watchdog within the IRS reports that while taxpayer services have vastly improved, the agency is still too slow to resolve identity theft cases
Posted inBusiness, Nation & World
Your tax refund could be bigger this year. Here’s what to do with it.
Experts generally advise putting it toward debt and savings, but, for many people, that’s unrealistic.
Posted inNation & World
The IRS has 940,000 unclaimed tax refunds from 2020. Is one of them yours?
People in the U.S. have until May 17 to submit tax returns for unclaimed refunds for tax year 2020, which total more than $1 billion nationwide.
Posted inBusiness, Nation & World, News
For IRS, backlogs and identity theft problems remain, but there is ‘cautious optimism’ watchdog says
The report serves as a reality check of sorts as IRS leaders say the funding boost is producing big improvements in services to taxpayers.
Posted inLocal & State, News
IRS reverses itself, now says $450 state payments for energy relief will be exempt from taxes
The federal agency had said this week that the payments would be taxed, drawing criticism from state officials.
Posted inBusiness, Nation & World, News
Treasury’s Yellen calls Republican effort to cut IRS funding ‘damaging and irresponsible’
House Republicans argue it would save taxpayer money, but independent budget analysts say it would actually cost taxpayers billions from uncollected tax revenues.