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Rising interest rates factor into the Internal Revenue Service’s latest move on taxes. Photo Illustration: WSJ; STEFANI REYNOLDS/Agence France-Presse/Getty ImagesFailing to keep up with tax payments now could lead to an expensive surprise come next spring. As of Oct. 1, the Internal Revenue Service is charging 8% interest on estimated tax underpayments, up from 3% two years ago. The increase is one of the many effects of rising interest rates.
Persons: STEFANI REYNOLDS Organizations: Agence France, Internal Revenue Service
IRS Delays Tax Rule for Online Sellers—Again
  + stars: | 2023-11-21 | by ( Ashlea Ebeling | Richard Rubin | ) www.wsj.com   time to read: 1 min
The IRS again postponed enforcement of a law requiring e-commerce platforms like eBay to send the agency information about users earning more than $600 in revenue a year. Photo Illustration: Budrul Chukrut/SOPA Images/Getty ImagesThe Internal Revenue Service offered a surprise paperwork reprieve to millions of Americans as tax-filing season nears, delaying a new requirement affecting people who sell stuff on eBay , resell concert tickets, and use payment processors such as Venmo. For the second straight year, the IRS postponed enforcement of a law that requires those e-commerce and payment platforms to send the agency information about many users who receive more than $600 in revenue a year.
Persons: Budrul Chukrut Organizations: IRS, eBay, Internal Revenue Service
Karl Yee was about to pay a nearly $112,000 Massachusetts tax bill for his late mother’s estate when he got a reprieve from the governor. A retroactive change to the state’s estate-tax law had dropped the estate’s bill to $12,000. “Hallelujah!” he said, after hearing the news.
Persons: Karl Yee Locations: Massachusetts
Your tax bill may be slightly lower next year due to inflation adjustments. Photo: iStockHere’s an upside to persistent inflation: More of your income will be taxed at lower rates next year. The Internal Revenue Service announced its annual inflation adjustments to federal income-tax brackets for 2024 Thursday, an increase that slightly outpaces the current inflation rate. This means some Americans will pay less in taxes, said Jim Young, an accounting professor at Northern Illinois University.
Persons: Jim Young Organizations: Internal Revenue Service, Northern Illinois University
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Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/personal-finance/irs-revs-up-tax-credit-for-buying-evs-59b845d
Persons: Dow Jones
When Dr. James Rocconi’s third wife left him, he rushed to update his will and other estate-planning documents to ensure she would get nothing when he died. But since the handwritten change he faxed to his insurance company wasn’t accepted, his three children from his first marriage ended up in a six-year legal fight with her over the benefits after he died in 2017.
Persons: James Rocconi’s, wasn’t
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/arts-culture/music/irs-taylor-swift-eras-tickets-beyonce-lionel-messi-tax-480d346c
Persons: Dow Jones, lionel Organizations: messi
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/personal-finance/retirement/these-teens-opened-roth-iras-before-they-could-even-vote-ad2b2a9d
Persons: Dow Jones
These Teens Opened Roth IRAs Before They Could Even Vote
  + stars: | 2023-09-10 | by ( Ashlea Ebeling | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/personal-finance/retirement/these-teens-opened-roth-iras-before-they-could-even-vote-ad2b2a9d
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/personal-finance/taxes/investors-taxes-money-markets-bonds-cds-savings-c4fe75d1
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/personal-finance/taxes/the-moves-wealthy-families-are-making-to-skirt-estate-taxes-2f312331
Persons: Dow Jones
New Tax Rules Can Save You Thousands on Home Renovations
  + stars: | 2023-08-09 | by ( Ashlea Ebeling | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/tax-rebates-energy-efficient-home-improvements-renovation-e6cdb19a
Persons: Dow Jones
Pass On Your Heirlooms, Not Family Drama
  + stars: | 2023-07-30 | by ( Ashlea Ebeling | ) www.wsj.com   time to read: 1 min
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Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/retirement-tax-break-qlac-annuity-contract-ee88fe4c
Persons: Dow Jones, ee88fe4c
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/irs-delays-new-payout-rules-for-inherited-retirement-accounts-again-383a2248
Persons: Dow Jones, 383a2248
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/tuition-saving-private-529-plan-stanford-georgetown-princeton-2e19eca7
Persons: Dow Jones, 2e19eca7 Organizations: stanford, georgetown, princeton
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/the-retirement-tax-break-that-will-pay-you-an-annual-income-3f7a9a9a
Persons: Dow Jones
IRS Sends Taxpayers Bills With Wrong Due Dates
  + stars: | 2023-06-08 | by ( Ashlea Ebeling | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/irs-sends-taxpayers-bills-with-wrong-due-dates-edc7cd5e
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/couples-can-soon-put-over-10-000-a-year-into-health-savings-accounts-4a2a1e0d
TurboTax owner Intuit will make payments ranging from $29 to $85 to about 4.4 million taxpayers. Photo: ShutterstockMillions of Americans who were charged for tax preparation that should have been free will receive settlement checks from TurboTax starting next week, New York’s attorney general said Thursday. TurboTax owner Intuit agreed to the $141 million settlement a year ago over allegations its TurboTax software deceived low-income Americans into paying to file their taxes when they qualified to file for free. Intuit will make payments ranging from $29 to $85 to about 4.4 million taxpayers, New York Attorney General Letitia James said.
What Happens if You Die Without a Will? It Depends
  + stars: | 2023-05-02 | by ( Ashlea Ebeling | ) www.wsj.com   time to read: 1 min
Despite potentially devastating consequences for their heirs, millions of Americans still haven’t written a will. While the total real wealth of households has tripled over the last three decades according to the Congressional Budget Office, 54% of Americans told Gallup they didn’t have a will in 2021. Even the wealthy put off estate planning—one in five Americans with investible assets of $1 million or more don’t have a will, according to a recent Charles Schwab survey.
The Confusing Fallout of Dying Without a Will
  + stars: | 2023-05-02 | by ( Ashlea Ebeling | ) www.wsj.com   time to read: 1 min
Despite potentially devastating consequences for their heirs, millions of Americans still haven’t written a will. While the total real wealth of households has tripled over the past three decades, according to the Congressional Budget Office, 54% of Americans told Gallup they didn’t have a will in 2021. Even the wealthy put off estate planning—one in five Americans with investible assets of $1 million or more don’t have a will, according to a recent Charles Schwab survey.
Tax Day: IRS Left Fewer Taxpayers on Hold This Year
  + stars: | 2023-04-18 | by ( Ashlea Ebeling | ) www.wsj.com   time to read: 1 min
The Internal Revenue Service says it is no longer dropping the call. The agency answered 2.4 million more taxpayer phone calls with live assistance this year through April 7, compared with the same period last year. And wait times fell to four minutes, down from a sitcom-length 27 minutes a year ago.
A Last-Minute Tax Guide for Procrastinators
  + stars: | 2023-04-14 | by ( Ashlea Ebeling | ) www.wsj.com   time to read: 1 min
It is probably time to stop kidding yourself and ask for a tax-filing extension. While tax preparation giants like H&R Block and TurboTax still offer appointments to meet with a tax professional or the use of their do-it-yourself software through April 18, many accountants are telling procrastinators to request an extension.
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