Irs
Latest news, explainers and analysis on Irs. Tracking 2 stories on Arth Vani.
Connected in the graph
Latest on Irs
US Retiree Wins $50,000 at Rodeos, IRS Questions Hobby vs. Business Income
A US retiree, after starting to receive Social Security benefits, won $50,000 (approximately ₹41.5 lakh) from rodeo competitions. This significant income led the US tax authority, the IRS, to investigate whether his rodeo activities should be classified as a hobby or a legitimate business for tax purposes, impacting how his winnings are taxed.
Donald Trump Appeals Order in ₹83,500 Crore IRS Tax Data Leak Lawsuit
Former US President Donald Trump has appealed a recent court order related to his ₹83,500 crore ($10 billion) lawsuit against the Internal Revenue Service (IRS). The lawsuit alleges that his confidential tax information was leaked by an agency contractor. The court order also saw his lawyer referred to the bar for potential disciplinary action.
Tax figures shown are indicative estimates for education only and depend on your specific situation. Consult a qualified tax professional or the Income-Tax Department before acting.