The Internal Revenue Service (IRS) plans to hire almost 30,000 new employees and invest $80 billion over the coming decade to modernize its outdated paper processes, according to a new report. The move is aimed at offering a better taxpayer experience and going after higher-income tax cheats, although some Republicans and other critics of the agency are expected to monitor this closely. The report details 190 key projects the IRS will undertake in the years ahead.

Optima Tax Relief is a full-service tax resolution firm that assists individuals and businesses in resolving tax debt with the IRS. With experienced tax professionals, a variety of services, and a money-back guarantee, Optima Tax Relief can help clients navigate complex tax issues. However, their services can be expensive, and they may not always resolve tax debt as quickly as desired.

SoFi, a digital personal finance company, offers up to $3m in Federal Deposit Insurance Corporation (FDIC) insurance for members who hold checking or savings accounts. The additional insurance is available via the newly created SoFi FDIC Insurance Network, a partnership with multiple banks designed to offer the best benefits to SoFi customers. The offer is currently open to new members and will be rolled out to existing ones over the next week.

SuperMoney has been named the “Best Financial Product Comparison Service” in the FinTech Breakthrough Awards program. The program recognizes the top companies and products in the financial technology industry. SuperMoney’s comprehensive comparison platform allows users to compare rates, terms, and fees from multiple lenders or providers for a wide range of financial products. The award is a testament to the company’s dedication to transparency and excellence in empowering consumers to make informed financial decisions.

Looking to understand how LVNV Funding ended up on your credit report? LVNV Funding is a debt buyer and collector that can purchase your old debts from creditors and report them to credit bureaus. But there are ways to dispute their appearance on your credit report and negotiate for their removal. Learn more about LVNV Funding, their business practices, and how to deal with their appearance on your credit report in this informative article.

The IRS has issued a warning about fraudulent schemes that encourage people to use false wage information on their tax returns to claim credits and receive larger refunds. One scam making the rounds on social media urges people to manually fill out Form W-2 with fake income information and file a bogus tax return electronically, sometimes resulting in refunds of up to five figures. The IRS is working with partners to monitor and prevent these fraudulent schemes and reminds people there is no secret way to get free money or a big refund. Attempting these schemes can result in severe consequences, including a $5,000 frivolous return penalty and criminal charges.

CIT Bank has launched a new savings product called the Platinum Savings Account, which offers an annual percentage yield (APY) of up to 4.40% on balances of $5,000 or more. This rate is 12 times higher than the national average and one of the best rates available in the market. There are no account opening or maintenance fees, and the account offers daily compounding interest. However, the APY drops to 0.25% on balances less than $5,000.

The IRS is reminding retirees who turned 72 in 2022 that April 1, 2023, is the deadline to start taking required minimum distributions (RMDs) from their IRA, 401(k), and other similar retirement plans. This special rule allows them to delay their first RMD until April 1, 2023. Taxpayers who receive their first RMD in 2023, on or before April 1, are required to receive their second RMD by December 31 of the same year. The April 1 deadline only applies to the first year’s required distribution, and all subsequent RMDs must be made by December 31st. Check out the IRS website for useful resources and publications to assist individuals in calculating their RMD.

CIT Bank has announced an increase in the APY for its Savings Connect account from 4.05% to 4.20% effective March 15th, 2023. CIT Savings Connect is a high-yield savings account that allows customers to earn more with the bank’s Relationship Rewards program. Customers can manage their accounts online or on the go with CIT Bank’s digital banking tools, including mobile banking and online banking. CIT Savings Connect is FDIC-insured, providing an added layer of protection for customers’ deposits.

The IRS is opening Taxpayer Assistance Centers on Saturdays (March 11, April 8, and May 13) for walk-ins without appointments from 9 a.m. to 4 p.m. Taxpayers can receive face-to-face help from IRS employees without an appointment during these special Saturday openings, except for making cash payments. Individuals are advised to bring the required documents and information during their visit. And are encouraged to explore self-service tools and resources available on IRS.gov to resolve common tax concerns online.