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 Time Running Out to Claim $1.5 Billion in Unclaimed Refunds for Tax Year 2019
How to File a Free Federal Tax Extension
Most people should have their individual tax forms and payments sent to the Internal Revenue Service (IRS) on April 18 of this year. There is not much time left for tax preparation, but filing a tax extension could buy you more to get your paperwork together. You can file Form 4868 for free to get…
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…
How to Use a Tax Refund to Fight Inflation
If inflation has eaten away at your budget the way waves erode a beach, then your tax refund might just provide a much-needed protective barrier. As of March, prices are up 6 percent over the past 12 months, according to the most recent consumer price index. At the same time, just over half of filers…
Bank Bonuses, Interest May Boost Tax Bill
With tax season in full swing, you may be consolidating the various charitable donation receipts, deductions, and W-2 forms that you’ll submit to the Internal Revenue Service (IRS). But if you received any bank sign-up bonuses or earned interest on your bank balance, you may owe additional taxes you might not have planned for. Interest…
IRS Moves to Crack Down on Tax Shelters for Small Businesses
April 10, 2023
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The Internal Revenue Service (IRS) has issued proposed regulations that would abolish certain tax shelters. The agency’s proposed rulemaking wants to classify certain types of insurance arrangements that let small businesses benefit from tax breaks as either “listed transactions” or “transactions of interest,” making it easier for the IRS to disallow certain claimed tax benefits. “Listed…
5 Reasons Your Children Should Not Inherit Your Business
By Daniel Scott There are some astounding statistics surrounding family business succession. First, the average lifespan of a family-owned business is only 24 years, or roughly one generation. In addition, nearly 60 percent of family-owned businesses fail to make it to the second generation, while nearly 90 percent fail to make it to the third…
5 Tax Tips for Older Adults
More than half of older taxpayers (57 percent) are worried they’ll have to pay more taxes this year because of the 5.9 percent Social Security cost-of-living adjustment in 2022, according to a January survey by The Senior Citizens League, a nonpartisan seniors group. Taxes for the over-65 set can feel more complicated for a variety…
How to Reduce the Risk of Fraudsters Accessing Your Business and Personal Bank Accounts
By John Kyle In 2021, Americans lost approximately $5.8 billion from identity theft. There were 2.8 million consumer identity theft incidents reported, which means there could have been much more. Of that, $2.3 billion were from imposter scams, and $392 million were from consumer online shopping. For businesses, 47 percent of all businesses had one…
Treasury Department and IRS Issue Guidance for Bonus Tax Credit for Fossil Fuel Communities
April 5, 2023
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The Biden administration issued final guidance on the bonus tax credit for American communities dependent on fossil fuels. The new rules, issued by the Department of the Treasury and the Internal Revenue Service on April 4, will allow “green” energy companies to secure additional tax credits when investing in local communities economically tied to oil and coal extraction….
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