News Topic: IRS

The 57 charges involve $175 million allegedly stolen from the small-business loan program. Defendants are accused of lying on their applications and using funds to buy cars, jewelry and other luxury items. ... Read full article

Nearly 4 million households that were to be mailed paper checks will instead receive their pandemic relief aid via prepaid debit cards issued by MetaBank. ... Read full article

Borrowers and financial institutions may be feeling the strain from reduced operations at the FHA and IRS, which has suspended the release of certain income documentation during the budget impasse. ... Read full article

From medical expenses to home improvements, here's a look at some of the most frequently cited reasons homeowners are borrowing against their home equity. ... Read full article

Paycheck information gleaned from bank accounts is emerging as an alternative to verifying a mortgage applicant's income and employment with a 4506-T tax transcript request to the IRS. ... Read full article

The itemized deduction for investment fees may have been eliminated, but clients still need guidance on paying IRA expenses. Here's what to tell them. ... Read full article

Financial services groups are calling for more funding for the Internal Revenue Service that could fix flaws in the agency's system for verifying the income of mortgage applicants. ... Read full article

Problems with the IRS-managed Income Verification Express System, or IVES, have stoked concerns about delayed mortgage closings when volume picks up this spring. ... Read full article

Here's a look at what will happen at five federal agencies that support the mortgage industry if the government shuts down. ... Read full article

The IRS has taken corrective actions to speed up its income verification system, avoiding a possibly crippling slowdown for the mortgage industry, but long-term issues remain. ... Read full article

Top officials at the Internal Revenue Service met with mortgage industry groups this week to discuss possible fixes to the agency’s verification system, which lenders rely on to process mortgage loans. ... Read full article

Mortgage lenders are bracing for big delays in the processing of mortgage applications, citing a problem with the income verification system at the Internal Revenue Service. ... Read full article

The expected refund is tied to loans that investors bought when they acquired the failed BankUnited in 2009. ... Read full article

Rep. Patrick McHenry, R-N.C., plans to reintroduce legislation requiring the IRS to fast-track income verification, which proponents say could reduce the financial industry's dependence on credit bureaus. ... Read full article

The legislation introduced by Reps. Jared Polis, D-Colo., and David Schweikert, R-Ariz., would allow cryptocurrency users to make transactions of up to $600 without paying taxes. ... Read full article

Twenty-five years ago, the Supreme Court held that a Bankruptcy Court had the authority to order the IRS to allocate payments made "voluntarily" by a Debtor when necessary to effectuate a successful reorganization.    United States v. Energy ... Read full article

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J. Thomas Black, Attorney at Law ... Read full article