IRS announces January 29 as start of 2024 tax season
11 months, 2 weeks ago

IRS announces January 29 as start of 2024 tax season

Associated Press  

WASHINGTON — The IRS on Monday announced January 29 as the official start date of the 2024 tax season, and expects more than 128.7 million tax returns to be filed by the April 15 tax deadline. “As our transformation efforts take hold, taxpayers will continue to see marked improvement in IRS operations in the upcoming filing season,” said IRS Commissioner Danny Werfel in a news release. “IRS employees are working hard to make sure that new funding is used to help taxpayers by making the process of preparing and filing taxes easier.” Agency leadership says this year more walk-in centers will be open to help taxpayers, enhanced paperless processing will help with IRS correspondence and enhanced individual online accounts will be available for taxpayers. In June-2022, the IRS faced more than 21 million backlogged paper tax returns, with National Taxpayer Advocate Erin Collins stating at the time: “The math is daunting.” Now, with increased funding the IRS expects a smoother filing season with less backlogs, but now it is seeing persistent threats of funding cuts.

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Income Tax Deadline: Last one week left to file tax return for THESE taxpayers. Check details
1 month, 2 weeks ago

Income Tax Deadline: Last one week left to file tax return for THESE taxpayers. Check details

Live Mint  

Taxpayers who are meant to get their accounts audited have only one week left to file their income tax return for AY 2024-25. The last date to file income tax return for these taxpayers is November 15. The income tax department recently issued a statement that says that it's the last week left for taxpayers whose accounts are audited or …

Record income tax return filing; three-fourths of filers opt for new tax regime
4 months, 3 weeks ago

Record income tax return filing; three-fourths of filers opt for new tax regime

Live Mint  

New Delhi: Income tax return filings touched a record 72.8 million by end of July, the due date for declaring income earned in FY24 that ended in March, with three-fourths of the filers opting for the new personal income tax regime, the Central Board of Direct Taxes said on Friday. Out of the total tax returns of 72.8 million filed …

ITR Filing AY 2024-25: Boost Your Tax Refund By Claiming THESE 5 Lesser-Known Deductions
7 months, 2 weeks ago

ITR Filing AY 2024-25: Boost Your Tax Refund By Claiming THESE 5 Lesser-Known Deductions

News 18  

Tax Deductions You Can Claim To Save On Your Taxes? Here are a few deductions that may not be popular, but could offer potential tax savings: National Pension Scheme: Contribution to NPS Tier 1 account is eligible for an additional deduction of Rs 50,000 under section 80CCD. Medical expenditure incurred for senior citizen parents: While many taxpayers are familiar with …

140,000 people did their taxes with the free IRS direct file pilot. But program’s future is unclear
7 months, 3 weeks ago

140,000 people did their taxes with the free IRS direct file pilot. But program’s future is unclear

Associated Press  

WASHINGTON — The IRS said Friday that more than 140,000 taxpayers filed their taxes through its new direct file pilot program and participants saved roughly $5.6 million in fees they would have otherwise spent with commercial tax preparation companies. The government pilot program, rolled out this tax season in 12 states, allows people with very simple W-2s to calculate and …

Tax Day 2024: What happens if you miss tax filing deadline? Here's what to know about extensions, refunds
8 months, 1 week ago

Tax Day 2024: What happens if you miss tax filing deadline? Here's what to know about extensions, refunds

Hindustan Times  

On this Tax Day, refunds are looking a bit bigger for taxpayers. The IRS is promoting the customer service improvements the agency rolled out since receiving tens of billions in new funding dollars through Democrats' Inflation Reduction Act. So far, the IRS has delivered more than $200 billion in refunds through early April, and the latest agency numbers show that …

It’s Tax Day. And your refund may be big this year
8 months, 1 week ago

It’s Tax Day. And your refund may be big this year

Associated Press  

WASHINGTON — On this Tax Day, refunds are looking a bit bigger for taxpayers. So far, the IRS has delivered more than $200 billion in refunds through early April, and the latest agency numbers show that 101 million people have filed returns this tax season. From cutting phone wait times to digitizing more documents and improving the “Where’s My Refund” …

The IRS has unclaimed tax refunds that are about to expire. Is one of them yours?
8 months, 3 weeks ago

The IRS has unclaimed tax refunds that are about to expire. Is one of them yours?

LA Times  

Roughly 940,000 people in the U.S. are running out of time to submit tax returns for unclaimed refunds — which total more than $1 billion nationwide — for tax year 2020, the IRS said. The federal tax collector said Monday that roughly 940,000 people in the U.S. have until May 17 to submit tax returns for unclaimed refunds, which total …

The IRS has 940,000 unclaimed tax refunds from 2020 that are about to expire. Is one of them yours?
8 months, 4 weeks ago

The IRS has 940,000 unclaimed tax refunds from 2020 that are about to expire. Is one of them yours?

Associated Press  

WASHINGTON — The IRS is warning taxpayers that they may be leaving more than $1 billion on the table. The federal tax collector said Monday that roughly 940,000 people in the U.S. have until May 17 to submit tax returns for unclaimed refunds for tax year 2020, which total more than $1 billion nationwide. There’s a May 17 deadline to …

US Tax refund calendar 2024: How soon can Americans expect their refund and other tips
10 months, 2 weeks ago

US Tax refund calendar 2024: How soon can Americans expect their refund and other tips

Hindustan Times  

There's no rushing such an official undertaking. As tax filing season officially starts Monday, Jan. 29, 2024, a limited number of taxpayers in 12 states will soon be eligible for a program that will allow them to calculate and submit their returns directly to the IRS without having to pay for commercial tax preparation software. The new Internal Revenue Service's …

IRS says it collected $360 million more from rich tax cheats as its funding is threatened yet again
11 months, 1 week ago

IRS says it collected $360 million more from rich tax cheats as its funding is threatened yet again

Associated Press  

WASHINGTON — The IRS says it has collected an additional $360 million in overdue taxes from delinquent millionaires as the agency’s leadership tries to promote the latest work it has done to modernize the agency with Inflation Reduction Act funding that Republicans are threatening to chip away. Along with the $122 million collected from delinquent millionaires last October, now nearly …

IRS aims to go paperless by 2025 as part of its campaign to conquer mountains of paperwork
1 year, 4 months ago

IRS aims to go paperless by 2025 as part of its campaign to conquer mountains of paperwork

Associated Press  

Most taxpayers will be able to digitally submit a slew of tax documents and other communications to the IRS next filing season as the agency aims to go completely paperless by 2025. And as the IRS pilots its new electronic free file tax return system starting in 2024, the agency will be able to process everything, including tax returns, digitally …

IRS will start taking tax documents digitally as it aims to go paperless
1 year, 4 months ago

IRS will start taking tax documents digitally as it aims to go paperless

LA Times  

The IRS says its paperless initiative should enable it to expedite tax refunds by several weeks. Most taxpayers will be able to digitally submit a slew of tax documents and other communications to the IRS next filing season as the agency aims to go completely paperless by 2025. “Thanks to the IRA, we are in the process of transforming the …

When are income taxes due in 2023?
1 year, 9 months ago

When are income taxes due in 2023?

CBS News  

We may receive commissions from some links to products on this page. TurboTax Free Edition TurboTax Deluxe $39 TurboTax Premier, $69 TurboTax Self-Employed, $89 H&R Block, from $0 to $80 How to e-file your taxes in 2023 When it comes to e-filing, also known as online filing, there seem to be as many options to get the job done as …

How to do your taxes in 2023 (and get your refund fast)
1 year, 9 months ago

How to do your taxes in 2023 (and get your refund fast)

CBS News  

We may receive commissions from some links to products on this page. We found the best online tax filing options, including IRS Free File and TurboTax, that should work for just about every and any kind of taxpayer. And it doesn't matter if you're reporting unemployment income or capital gains; if you meet the program's income eligibility, then IRS Free …

IRS announces Jan. 23 start date for tax filing season
1 year, 11 months ago

IRS announces Jan. 23 start date for tax filing season

Associated Press  

WASHINGTON — The official start date of the 2023 tax filing season is Jan. 23, when the IRS will begin accepting and processing 2022 returns, the agency announced Thursday. The news comes after the National Taxpayer Advocate reported Wednesday that the IRS watchdog is seeing “a light at the end of the tunnel” of the IRS’ customer service struggles, thanks …

Income Tax Return filing deadline today, taxpayers face technical difficulties
2 years, 1 month ago

Income Tax Return filing deadline today, taxpayers face technical difficulties

Firstpost  

Today is the last date for businesses to file their income tax returns for the assessment year 2022-2023. For the group of companies with the assessment year of 2022–2023, the Finance Ministry extended the deadline for filing an income tax return last month. For those whose accounts must be audited, the deadline for filing income tax returns has also been …

IRS erases last season’s backlog, but still faces 2022 crush
2 years, 6 months ago

IRS erases last season’s backlog, but still faces 2022 crush

Associated Press  

WASHINGTON — The Internal Revenue Service said Tuesday that it will have erased its backlog of last season’s tax returns by the end of this week. And with 143 million returns from this year’s tax season processed so far, agency officials say there’s a greater likelihood of being caught up on processing all returns by the end of this year. …

Taxpayers face overloaded IRS as filing season opens Monday
2 years, 11 months ago

Taxpayers face overloaded IRS as filing season opens Monday

Associated Press  

WASHINGTON — Count 30-year-old Ethan Miller among that subset of Americans who are actually eager to file their taxes once income tax filing season opens on Monday. “The IRS right now has unacceptable backlogs and the customer service that people are receiving is not what the American public deserves,” White House press secretary Jen Psaki acknowledged Friday. Agency officials are …

This Is The Quickest Way To Get Your Tax Refund In 2022
2 years, 11 months ago

This Is The Quickest Way To Get Your Tax Refund In 2022

Huff Post  

sesame via Getty Images Keep an eye out for your W-2 and 1099s and sign up for direct deposit. The IRS said that it is dealing with staffing shortages and a backlog of over 6 million individual tax returns from last year as of late December, and expects “enormous challenges” during this year’s tax filing season. To avoid any additional …

Tax season begins two weeks early due to virus, IRS funding
2 years, 11 months ago

Tax season begins two weeks early due to virus, IRS funding

Associated Press  

WASHINGTON — This year’s tax filing season will begin on Jan. 24, 17 days earlier than last year, the Internal Revenue Service announced Monday. “The pandemic continues to create challenges, but the IRS reminds people there are important steps they can take to help ensure their tax return and refund don’t face processing delays,” IRS Commissioner Chuck Rettig said. It …

Taxes 2020: Everything you need to know about filing this year
3 years, 7 months ago

Taxes 2020: Everything you need to know about filing this year

CNN  

Next Monday, May 17, is the official deadline for individuals to file their 2020 federal tax return, and in most instances their state tax return, too. While the original filing and payment due date was April 15, the IRS has pushed the deadline to May 17 to give individual filers, tax preparers and the IRS itself more time to sort …

‘The worst’: Tax professionals sound off on the 2020 tax filing season
3 years, 8 months ago

‘The worst’: Tax professionals sound off on the 2020 tax filing season

CNN  

It’s very hard to win a game when the rules keep changing as you’re playing. “So many hurdles have been thrown at us this year.” Deadline extensions, new retroactive tax breaks, new guidance and then revised guidance on how to incorporate all the changes have been rolling out ever since the American Rescue Plan was signed into law on March …

IRS plans to delay this year’s tax filing deadline to mid-May
3 years, 9 months ago

IRS plans to delay this year’s tax filing deadline to mid-May

CNN  

CNN — The Internal Revenue Service plans to delay this year’s tax filing deadline by roughly a month, to mid-May. “Almost a year later, we are still grappling with the massive economic, logistical and health challenges wrought by this devastating pandemic,” wrote Raskin and Pascrell in a letter sent to the IRS earlier this week. “The various coronavirus relief programs …

Income tax calendar 2021: Important dates and deadlines you should know
3 years, 11 months ago

Income tax calendar 2021: Important dates and deadlines you should know

India TV News  

The Income Tax department has issued a new e-calendar for the year 2021 having a list of all the important tax-related deadlines. Here is the direct link for Income Tax Calendar 2021 PDF Download: Here are all the important dates you should know from income tax perspective in 2021: January January 7: Due date for deposit of Tax deducted/collected for …

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