A major Swiss bank admits it worked with U.S. taxpayers and others to hide more than $5.6 billion from the Internal Revenue Service. Banque Pictet, the private banking arm of the Pictet Group, has agreed to pay around $122.9 million in restitution and penalties in an agreement with prosecutors. If the bank complies with the … [Read more…]
Barron’s Roundtable panelists discuss how to adjust your 2023 portfolio to thrive in 2024. The Internal Revenue Service (IRS) is upping the ante for those who underpay their taxes by increasing the interest penalty assessed during next spring’s tax filing season. Earlier this fall, the IRS increased its interest penalty on estimated tax underpayments to … [Read more…]
The IRS said Tuesday it is again delaying implementation of a 2021 law that requires payment platforms like Venmo, Paypal or Cash App to send tax forms called 1099-Ks to anyone who receives more than $600 in the current tax year has. It is the second year in a row that the IRS has delayed … [Read more…]
The Internal Revenue Service announced its annual inflation adjustments last week. The IRS issued a press release describing the 2024 tax year adjustments that generally apply to income tax returns filed in 2025. The following points are from the press release and are of greatest interest to most taxpayers, according to the IRS: The standard … [Read more…]
New York (CNN) — If you like to plan your taxes in advance, the IRS this week released the new inflation-adjusted income tax brackets and standard deduction amounts that will apply for the 2024 tax year. Translation: These are the numbers that will be relevant to the tax return that most Americans will file in … [Read more…]