Category: US tax news

The ‘Net Investment Income Tax (NIIT) is a 3.8% federal surtax on investment income for individuals, estates and trust with higher income. It was introduced in 20143 to help fund healthcare reforms. It is calculated on capital gains from selling stocks, bonds and real estate, dividends, interest income, rental and royalty income, and passive business…

IRS Tax Tips Aug. 26, 2026 Issue Number: Tax Tip 2026-65 Tax transcripts: Know the different types and how to get them Taxpayers may need to access their tax records or transcripts for many different reasons. It could be needed for filing a tax return, applying for a mortgage or loan, to name a couple…

The IRS continues to take steps towards transforming the taxpayer experience in several ways. All taxpayers are encouraged to create an IRS Individual Online Account. While this is not a new tool, users are able to access their tax account information securely online and to help protect against identity theft and fraud. Anyone who can…

Issue Number: Tax Tip 2026-12 New and enhanced deductions for individuals There are several new tax deductions that have been introduced for the 2026 filing season. A deduction is an amount subtracted from the taxpayer’s income when filing. Deductions lower the taxable income resulting in lowering the federal income tax obligation. New deductions for 2026…

https://www.irs.gov/payments/quarterly-interest-rates IRS sets and publishes current and prior years interest rates quarterly for individuals and businesses to calculate interest on underpayment and overpayment balances. To get the latest information on interest rates sent to your email, subscribe to the IRS Newswire with e-News subscriptions.  On this page Current year quarterly interest rates Prior years quarterly interest rates How…

The extension deadline to file taxes is less than two weeks away. Most taxpayers who requested an extension to file their 2024 tax return must file by Wednesday, Oct. 15, to avoid a penalty for filing late. The IRS encourages taxpayers to opt for the fastest and safest option which is to e-file and choose…

Issue Number:    IR-2025-43 Inside This Issue IRS reminds taxpayers to access or create an IRS Online Account today  WASHINGTON – The Internal Revenue Service reminds taxpayers that it’s not too late to access or create an individual IRS Online Account. An IRS Online Account makes it easy for people to quickly get the tax…

Issue Number:    IR-2025-40 Inside This Issue  Reminder to those who owe: Payment plan options are available WASHINGTON — The Internal Revenue Service today reminds taxpayers that they don’t need to wait until April 15 to file their 2024 federal return, and if they owe and are unable to pay the balance in full, there…

WASHINGTON – The Internal Revenue Service today reminded taxpayers living and working abroad that they have until Monday, June 16, 2025, to file their 2024 federal income tax return and pay any tax due. This deadline applies to both U.S. citizens and resident aliens abroad, including those with dual citizenship. In general, on the regular…