Understand refund timing and how to avoid delays
Several factors can influence the timing of a refund after the IRS receives a tax return. While the IRS issues most refunds in less than 21 days, taxpayers are advised not to depend on…
Read moreIRS reminder: Wage statements and certain information returns due by Jan. 31
WASHINGTON — As tax filing season nears, the Internal Revenue Service reminds businesses to submit wage statements and certain information returns to the federal government by Jan. 31. Filing the required…
Read moreIRS increases the standard mileage rate for business use in 2025; key rate increases 3 cents to 70 cents per mile
WASHINGTON — The Internal Revenue Service today announced that the optional standard mileage rate for automobiles driven for business will increase by 3 cents in 2025, while the mileage rates for vehicles…
Read moreIRS reminder to disaster area taxpayers with extensions: All or parts of 14 states, 2 territories need to file 2023 returns by Feb. 3; others have until May 1
ASHINGTON —The Internal Revenue Service today reminded disaster-area taxpayers who received extensions to file their 2023 returns that, depending upon their location, their returns are due by Feb. 3 or…
Read moreIRS reminder: Final 2024 quarterly estimated tax payment due Jan. 15
WASHINGTON — The Internal Revenue Service today encouraged taxpayers who paid too little tax in 2024 to make a fourth quarter estimated tax payment on or before Jan. 15, 2025. Income taxes…
Read moreDirty Dozen: Watch out for third-party promoters of false fuel tax credit claims
ASHINGTON — As part of this year’s Dirty Dozen tax scams, the Internal Revenue Service today warned taxpayers to watch out for promoters pushing improper fuel tax credit claims that taxpayers aren’t…
Read moreTaxpayers should continue to report all cryptocurrency, digital asset income
WASHINGTON — The Internal Revenue Service today reminded taxpayers that they must again answer a digital asset question and report all digital asset related income when they file their 2023 federal income tax…
Read moreIRS reminder to disaster victims with extensions: File 2022 returns by Feb. 15; all or parts of 8 states and 2 territories affected
WASHINGTON — The Internal Revenue Service today reminded disaster-area taxpayers who received extensions to file their 2022 returns that these returns are due on Feb. 15, 2024. Eligible taxpayers were those affected by…
Read moreIRS announces delay in Form 1099-K reporting threshold for third party platform payments in 2023; plans for a threshold of $5,000 for 2024 to phase in implementation
IR-2023-221, Nov. 21, 2023 WASHINGTON — Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service today released Notice 2023-74PDF announcing a delay of…
Read moreFinCEN Finalizes Rule on Use of FinCEN Identifiers in Beneficial Ownership Information Reporting
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is issuing a final rule that specifies the circumstances in which a reporting company may report an entity’s FinCEN identifier in lieu of information about an…
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