On Wednesday, the Internal Revenue Service (IRS) notified Microsoft that it may owe $28.9 billion in back taxes, plus penalties and interest, from 2004 through 2013. The IRS says it believes that as of Sept. 30, its tax adjustments are correct and will elevate the issue to judicial proceedings, if necessary.
Gone are the days of collecting pay stubs, receipts, and government forms...hopefully. For the first time, the IRS will give taxpayers the option to go paperless for the 2024 tax season ahead of a more widespread digitization effort for the 2025 season.