IRS Commissioner Chuck Rettig testifies before the Senate Finance Committee on April 7, 2022. Kevin Dietsch | Getty Images News | Getty Images The IRS backlog of tax returns has swelled over the past year, despite efforts to clear the pileup, according to an agency watchdog. There were 21.3 million unprocessed paper returns as of … Read more
Charles P. Rettig, commissioner of the Internal Revenue Service, testifies during the Senate Finance Committee hearing titled The IRS Fiscal Year 2022 Budget, in Dirksen Senate Office Building in Washington, DC, June 8, 2021. Tom Williams | Pool | Reuters The IRS is making progress on its backlog of unprocessed tax returns, but millions remain, … Read more
Guy Benhamou sends a picture of gas prices to friends while pumping gas at an Exxon Mobil gas station on June 9, 2022 in Houston. Brandon Bell | Getty Images If you’re self-employed or own a small business, you may soon be eligible for a little relief from soaring gas prices. Starting on July 1, … Read more
Bill Oxford | E + | Getty Images If you’re still waiting for a tax refund, there’s a silver lining: it may be accruing interest, and the rate jumps to 5% from 4% on July 1, according to the agency’s latest quarterly adjustment. Typically, the IRS has 45 days after the filing deadline to process … Read more
Gorodenkoff | Istock | Getty Images If you’re happily saying “I do” this year, be aware that the IRS can be a real buzzkill. While many couples end up paying less in taxes after tying the knot, some face a “marriage penalty” – meaning they end up paying more than if they had remained unmarried … Read more
If you filed a last-minute tax return, you may see your 2021 refund faster than you’d expect. Nine out of 10 refunds have arrived within 21 days this season, according to the IRS. As of April 15, the agency has issued more than 78 million refunds worth over $ 242 billion in total, and the … Read more
Prathanchorruangsak | Istock | Getty Images With one week left to file your federal taxes, it’s easy to overlook another sneaky deadline: the due date for first-quarter estimated tax payments. If you have income from self-employment, a small business, gig economy work, investments and more, you must make a payment by April 18. You need … Read more
Late. Ron Wyden, D-Ore., Speaks during a Senate Finance Committee nomination hearing on Feb. 23, 2021. Greg Nash | Pool | Reuters Americans increasingly favor a wealth tax on the ultra-rich. But despite an uptick in proposals, these policies have struggled to gain traction. President Joe Biden in March unveiled the latest federal wealth tax … Read more
bymuratdeniz | iStock | Getty Images There are 10 days until April 18, the tax deadline for most Americans, and the IRS has already sent more than 63 million refunds worth over $ 204 billion in total, as of April 1, the agency reported Friday. Almost one-third of Americans do not file until the last … Read more
If you’re among the millions of Americans scrambling to meet the tax deadline, it’s critical to avoid errors that may flag your return or even trigger an IRS audit. The agency has processed more than 78.8 million returns as of March 25, the IRS reported Friday, including nearly 58 million refunds. But with the tax … Read more