The government has chosen to extend the upcoming tax deadline from April 15 to July 15. If you heard about that move, it sounds like a much-needed break during this coronavirus mayhem. But what exactly does this extension mean for taxpayers, and who does it benefit most?
(New York Times) — More than 48,800 of the nation’s prisoners claimed $130 million in fraudulent tax refunds by March of this year, and the numbers are probably much higher, according to a new watchdog report. The IRS paid $112 million of the claims, a small fraction of the $326 billion in refunds so far […]
(CNNMoney.com) — The first family paid $1.79 million in federal taxes for 2009 on adjusted gross income of $5.5 million, mostly from the sale of President Barack Obama’s books, the White House announced Thursday. Obama and first lady Michelle Obama reported $329,100 in donations to 40 different charities, with the largest reported contributions being $50,000 […]