During the past decade, the IRS has gotten more business-like about the taxpayers they select to audit. Like all smart businesses, the IRS wants to turn a profit these days. Currently, tax returns are selected for audit based on the chance that the IRS will find enough errors or missing income to generate additional taxes – and perhaps penalty and interest.
A Kansas woman formerly employed by the Internal Revenue Service faces up to 10 years in federal prison and fines after admitting she stole thousands in public funds, a federal prosecutor said Thursday.
The United States posted a $3B federal budget surplus for the month of January, marking the first surplus in about five years.
The Internal Revenue Service announced on Friday afternoon that taxpayers and tax professionals will be able to start filing two major tax forms starting Sunday covering education credits and depreciation.