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Rich Paying Less Income Tax, Half of Households Pay None

WASHINGTON - Still scrambling to file your taxes? You'll probably take little consolation in hearing that the super rich pay a lot less taxes than they did a couple of decades ago. And nearly half of U.S. households pay no income taxes at all. The Internal Revenue Service tracks the tax returns with the 400 highest...

One Tax Preparer Doubles as a Sex Worker, The Other Does Psychic Readings

Most of Lydia Tinker's customers come to her because she does a great tax return, but some come back because they want a psychic reading. For the past 35 years, Tinker, a licensed tax preparer in La Mesa, Calif., has offered psychic readings from the spirit world to her customers, many of whom would simply be happy with a...

IRS Awards $4.5M to Whistleblower

PHILADELPHIA -- An accountant who tipped off the IRS that his employer was skimping on taxes has received $4.5 million in the first IRS whistleblower award. The accountant's tip netted the IRS $20 million in taxes and interest from the errant financial-services firm. The award represents a 22 percent cut of the taxes...

Schedule M: The 2010 Tax Credit Explained [VIDEO]

"M" may stand for "money." Part of the 2009 stimulus package was President Barack Obama's Making Work Pay tax credit, or Schedule M, which adjusted federal withholding tables to increase take-home pay by up to $400 for working individuals and up to $800 for working married couples. As the New York Times reported last...

Opinion: What Does Government Do?

Pop quiz. What's the biggest single job the federal government undertakes? National defense? Nope. Homeland security? Wrong. Transportation? Not even close. Law enforcement? No way. Education? Getting colder. Foreign aid? Are you kidding? Nope, the biggest single thing the federal government does these days is ......

Background on IRS

The Internal Revenue Service (IRS) is the revenue service of the United States federal government. The agency is a bureau of the Department of the Treasury, and is under the immediate direction of the Commissioner of Internal Revenue.

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