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Fort Smith/Fayetteville News | 5newsonline KFSM 5NEWS | Get the local news and weather where you live from 5NEWS. Covering Fort Smith, Fayetteville, Bentonville, and all of Northwest Arkansas and the River Valley.
Taxes
No, the average taxpayer will not have to pay $2,100 to cover the cost of student loan forgiveness
Expert Interviews
Effect of Student Debt Relief on Taxpayers | Expert Interview with Andrew Lautz
President Biden's student loan forgiveness program is great news for students. But how will it effect taxpayers. Andrew Lautz of the National Taxpayers Union Foundat
Taxes
Yes, the IRS is forgiving some late-filing fees because of the pandemic
To qualify for penalty relief you must file your 2019 and 2020 tax returns by Sept. 30, 2022. Taxpayers who’ve already paid penalties will automatically get refunds.
Taxes
Yes, the tax deadline for people who filed extensions is coming in October
You have until Oct. 17, 2022, to file your 2021 income tax return if you requested an extension. The IRS encourages taxpayers to file electronically ASAP.
World
Yes, King Charles III is exempt from paying inheritance tax
Queen Elizabeth II’s death at Balmoral Castle had people claiming King Charles III won’t have to pay inheritance tax like people in the U.K. do. That’s true.
Taxes
No, the average taxpayer will not have to pay $2,100 to cover the cost of the student loan forgiveness program
No, the average taxpayer will not have to pay $2,100 to cover the cost of the student loan forgiveness program
Education
No, people who receive student loan forgiveness won't have to pay federal taxes on that money
Federal tax-free student loan forgiveness through at least 2025 was promised as part of the American Rescue Plan of 2021. States decide if they want to tax instead.
Social Media
No, Congress did not make itself exempt from IRS audits
A viral tweet about the IRS that claims Congress voted to make its members exempt from audits was satirical. The IRS said anyone can be audited.
Government
No, Congress has not voted to make its members exempt from IRS audits
A viral tweet about the IRS that claims Congress voted to make its members exempt from audits was satirical. The IRS said anyone can be audited.
Government
No, viral IRS video and photos do not show IRS agent training
Viral video and photos show a college program that allows students to experience being an IRS criminal investigator for a day. They were recorded in 2017.
Money
Some electric vehicles ineligible for $7,500 tax credit
The Inflation Reduction Act includes tax credits for electric vehicles, but there are restrictions based on the price of the car and where it’s made.
Taxes
Yes, you still have to pay taxes even if you don't have a bank account
The IRS says not having a bank account doesn’t preclude you from taxes.
Expert Interviews
Effect of Student Debt Relief on Taxpayers | Expert Interview with Andrew Lautz
President Biden's student loan forgiveness program is great news for students. But how will it effect taxpayers. Andrew Lautz of the National Taxpayers Union Foundat
Taxes
Yes, the IRS is forgiving some late-filing fees because of the pandemic
To qualify for penalty relief you must file your 2019 and 2020 tax returns by Sept. 30, 2022. Taxpayers who’ve already paid penalties will automatically get refunds.
Taxes
Yes, the tax deadline for people who filed extensions is coming in October
You have until Oct. 17, 2022, to file your 2021 income tax return if you requested an extension. The IRS encourages taxpayers to file electronically ASAP.
World
Yes, King Charles III is exempt from paying inheritance tax
Queen Elizabeth II’s death at Balmoral Castle had people claiming King Charles III won’t have to pay inheritance tax like people in the U.K. do. That’s true.
Taxes
No, the average taxpayer will not have to pay $2,100 to cover the cost of the student loan forgiveness program
No, the average taxpayer will not have to pay $2,100 to cover the cost of the student loan forgiveness program
Education
No, people who receive student loan forgiveness won't have to pay federal taxes on that money
Federal tax-free student loan forgiveness through at least 2025 was promised as part of the American Rescue Plan of 2021. States decide if they want to tax instead.
Social Media
No, Congress did not make itself exempt from IRS audits
A viral tweet about the IRS that claims Congress voted to make its members exempt from audits was satirical. The IRS said anyone can be audited.
Government
No, Congress has not voted to make its members exempt from IRS audits
A viral tweet about the IRS that claims Congress voted to make its members exempt from audits was satirical. The IRS said anyone can be audited.
Government
No, viral IRS video and photos do not show IRS agent training
Viral video and photos show a college program that allows students to experience being an IRS criminal investigator for a day. They were recorded in 2017.
Money
Some electric vehicles ineligible for $7,500 tax credit
The Inflation Reduction Act includes tax credits for electric vehicles, but there are restrictions based on the price of the car and where it’s made.
Taxes
Yes, you still have to pay taxes even if you don't have a bank account
The IRS says not having a bank account doesn’t preclude you from taxes.
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