IRS Begins Tax Season Hiring Freeze and Rescinded Job Offers Amid Budget Cuts #latestnews #todaynews

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The Internal Revenue Service (IRS) has started the tax season with a hiring freeze imposed by President Donald Trump in an executive order on Inauguration Day, and there is lingering uncertainty over how to make up for over $20 billion in budget cuts. The IRS expects to receive more than 140 million individual tax returns by the deadline. For the first time, the Direct File program will feature a “data-import tool” that allows tax filers to automatically enter information available in their IRS account. Taxpayers can file an extension that lasts six months, meaning those who obtain an extension will be allowed to submit their tax forms without penalty until October 15. The penalty amounts to 5% of the taxes owed for each month that the filing is late, up to a maximum of 25%. Additionally, defendants have been charged with filing over 8,000 false employment tax returns in what is described as the largest COVID-tax credit fraud to date.

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