Tag: Tax refunds
Here’s why your tax refund may be smaller in 2023, the IRS says
If you're expecting a tax refund in 2023, it may be smaller than this year's payment, according to the IRS. Typically, you get a federal refund when y [...]
IRS erred on child tax credit payments for millions of families
The IRS skipped about $3.7 billion in advance child tax credit payments for 4.1 million eligible households, but sent more than $1.1 billion to 1.5 mi [...]
The extended tax deadline is Oct. 17. Here’s what filers need to know
Cecilie Arcurs | Getty ImagesThere's about one month until the Oct. 17 tax deadline extension, and experts say filers need to prepare, especially for [...]
IRS interest jumps on Oct. 1. How much you’ll get for a missing refund
How to calculate your interestThe interest is an annual rate compounded daily, meaning you divide the 6% rate by 365, explained Tommy Lucas, a certifi [...]
IRS working to boost audit rates for higher earners
Jeffrey Coolidge | Photodisc | Getty ImagesThe IRS is working to boost its audit rates for the wealthiest Americans, according to a statement recently [...]
Tax pros ‘horrified’ by IRS decision to destroy data on 30 million filers
courtneyk | E+ | Getty ImagesAn audit by the Treasury Inspector General for Tax Administration revealed the IRS has tossed data for millions of payers [...]
IRS insists destruction of taxpayer data won’t affect payers
alfexe | iStock | Getty ImagesFilers won't be affected by the IRS decision to destroy data for millions of taxpayers, the agency said in a statement T [...]
Over 60 million tax returns could be completed automatically, study says
Tom Werner | DigitalVision | Getty ImagesThe IRS may have the ability to automate nearly half of tax returns, according to a working paper from the Na [...]
Here’s what to do if you missed the April 18 tax filing deadline
Sergey Mironov | Moment | Getty ImagesIf you missed the April 18 tax deadline, you may cut back on penalties by filing your return promptly, according [...]
How companies like Amazon, Nike and FedEx avoid paying federal taxes
The current United States tax code allows some of the biggest company names in the country to not pay any federal corporate income tax.In fact, at lea [...]
How to avoid a tax filing rejection if last year’s return is pending
Drakula & Co. | Moment | Getty ImagesThe IRS is backlogged and still sifting through tens of millions of pending returns, including many of last y [...]
The IRS sent more than 45 million refunds. This is the average payment
Bill Oxford | E+ | Getty ImagesThe IRS has issued more than 45 million tax refunds worth almost $152 billion in total, as of March 11, the agency repo [...]
Cash-rich states are slashing taxes amid revenue windfalls
Anchiy | E+ | Getty ImagesAnd this year, at least a dozen states have made cuts or are eyeing reductions, including both temporary and permanent measu [...]
The IRS has sent nearly 30 million refunds. Here’s the average payment
Cabania | iStock | Getty Images PlusDespite ongoing challenges, the IRS has sent nearly 30 million tax refunds, worth about $103.2 billion, the agency [...]
What to know before filing business taxes for the first time
In 2021, amid the ongoing pandemic and "Great Resignation," Americans filed a record 5.4 million applications for new businesses, according to data fr [...]