With tax season in full swing, the IRS is offering a peek at early tax filings, and the number so far may bode ill for Americans hoping for a juicier refund. The agency, which started accepting tax returns for the 2022 tax year on Jan. 23, said it has received almost 19 million fili...
The IRS is already warning of a "challenging" tax season that promises to bring complications and potential delays for taxpayers. That's largely due to the deluge of unprocessed paper returns the agency is working its way through: At the end of December, the IRS had 6 million unprocessed ind...
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Tax filingbegan today, with the IRS accepting tax returns starting January 29. Last year, the average tax refund was $3,167, or almost 3% less than the prior year,accordingto IRS statistics. By comparison, the typical refund check jumped 15.5% to almost $3,300 in 2022, when taxpayers re...
Under the law, taxpayers usually have three years to file and claim their tax refunds. If they don’t file within three years, the money becomes the property of the U.S. Treasury, according to the IRS. But for 2020 tax returns, people have a little more time than usual to file to ...
The news from the IRS comes as some Americans are still waiting to receive their refunds from the 2021 tax year. As of mid-November, the IRS had to process about 3.7 millionindividual tax returnsreceived this year, including 1.7 million returns requiring error correction or other special handlin...
IRS Commissioner Danny Werfel wants people to take advantage now. “There’s money remaining on the table for hundreds of thousands of people who haven’t filed 2020 tax returns,” he explained in a statement. “We want taxpayers to claim these refunds, but time is running out for people ...
A tax break for charitable deductions was also allowed to expire, which could affect more taxpayers. “The reason people’s returns are changing this year is that they’re no longer accounting for stimulus payments and other credits,” tax expert Howard Gleckman of the Urban-Brookings Tax Policy...
Tax season officially begins today, as the IRS starts acceptingindividual tax returnsfor tax year 2023. Three-quarters (75%) of filers expect a refund, according to anew survey from Intuit Credit Karma, with more than a quarter (27%) of them predicting it will be larger than last year. ...
The IRSauditsa percentage of income tax returns annually as part of its enforcement mission. The agency randomly selects taxpayers to audit or singles out those whose returns are related to others audited. While there is no single factor that determines who gets an IRS audit each year, there ...