Residents of California, many of whom have received an extension to pay their 2022 taxes in the fall, were sent erroneous nearly-immediate payment due date notices by the Internal Revenue Service (IRS) over the last several weeks, with many reporting a lack of information and general confusion when questioning the tax agency for details. “I…
IRS Issues Rare Apology, Advises Some Californians to Ignore June Due Date Notices
June 12, 2023
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The IRS Rule That Most Home Sellers Don’t Know
Dear Monty: We recently sold our home. We have prepared and filed our tax returns in the past. Next year for our 2023 return, we are considering having an accountant file our return. Adding a home sale into the tax forms is a bit intimidating. Our primary concern is regarding what is tax deductible when…
IRS Says Little Time Left to Claim Your Portion of the $1.5 Billion in Tax Refunds
The Internal Revenue Service (IRS) has revealed that many people have not yet received their tax refunds for 2019. The announcement states that there is as much as $1.5 billion in unclaimed tax refunds. The 2019 tax forms were not due in April 2020 because of the COVID-19 pandemic. The IRS delayed the required filing…
Positive and Negative Aspects of Filing a Tax Extension
Filling out all your tax forms can be a time-consuming task. If you are short on time, you have the option of filing a tax extension. Once you do, it will give you another six months (until October 16) to get accurate paperwork to the Internal Revenue Service (IRS). Asking for a tax return extension…
IRS Says Time Running Out to Claim $1.5 Billion in Unclaimed Refunds for Tax Year 2019
The Internal Revenue Service (IRS) announced Wednesday that over a million Americans have unclaimed tax refunds for the tax year 2019 and face a looming deadline to claim a total of $1.5 billion before it becomes government property. The IRS said in a press release that that nearly 1.5 million people across the United States…
IRS Says Taxpayers in Some States May Be Eligible for Bigger Refunds
April 12, 2023
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The Internal Revenue Service (IRS) said Tuesday that taxpayers in nearly two dozen states should consider filing amended tax returns because they may have needlessly reported income from relief payments and so stand to get bigger refunds. The IRS said in a press release that taxpayers who reported certain state payments related to general welfare…
Sunak Criticised for Releasing Tax Documents During Partygate Grilling
British Prime Minister Rishi Sunak has been criticised for releasing long-awaited tax documents during his predecessor Boris Johnson’s partygate grilling. MPs questioned why Sunak—who made almost £2 million through income and capital gains in one year—chose to publish his tax affairs on Wednesday, one of the busiest news days in Westminster. On top of Johnson’s five-hour-long…
How to Deduct Property Losses After a Hurricane
By Joy Taylor From Kiplinger’s Personal Finance Question: My home suffered significant damage from Hurricane Ian last year. Can I deduct the loss on my tax return? Answer: Personal casualty losses of individuals are deductible to the extent the losses are attributable to federal disasters, such as hurricanes, earthquakes, blizzards, wildfires, tornadoes or major flooding…
IRS Delays Tax Document
By Kelley R. Taylor From Kiplinger’s Personal Finance Q: I Have a Side Job and I’m Paid via Venmo. Will I Be Getting a 1099-K Form to Report This Income on My Tax Return? Answer: Not yet. At the end of 2022, the IRS delayed implementation of the so-called $600 rule, which had caused a…
Americans’ Tax Refunds Are 14 Percent Smaller This Year, Latest IRS Data Show
The latest IRS update on tax filing data shows that Americans’ tax refunds so far this year are considerably smaller than they were last year, something that both tax experts and the agency itself predicted. As of Feb. 10, the average refund amount stood at $1,997, the latest IRS data show. That’s 14 percent lower than the…
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