Tag #Tax Filing

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dailymail.co.uk

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Mar 12, 19:14

IRS Warns: Millions Risk Losing Nearly \$1 Billion in Unclaimed Tax Refunds

The IRS announced that approximately 1.1 million Americans are owed nearly \$1 billion in unclaimed 2021 federal tax refunds, with a median refund of \$781 and a deadline of April 15, 2025; failure to claim by this date transfers the funds to the U.S. Treasury.

IRS Warns: Millions Risk Losing Nearly \$1 Billion in Unclaimed Tax Refunds

The IRS announced that approximately 1.1 million Americans are owed nearly \$1 billion in unclaimed 2021 federal tax refunds, with a median refund of \$781 and a deadline of April 15, 2025; failure to claim by this date transfers the funds to the U.S. Treasury.

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What is the total amount of unclaimed 2021 federal tax refunds, and what is the deadline for claiming them?

The IRS urges approximately 1.1 million Americans to claim nearly \$1 billion in unclaimed 2021 tax refunds before the April 15, 2025, deadline. Failure to file by then forfeits the refunds to the U.S. Treasury. The median refund is \$781, but some, especially low-to-moderate income earners who may qualify for the Earned Income Tax Credit (EITC), could receive up to \$6,728.

nos.nl

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Mar 1, 13:09

Record Number of Early Tax Returns Filed in the Netherlands

The Netherlands' tax authority received its first 2024 tax return 4.5 minutes after opening its online portal on March 1st, with 85,000 returns filed by 7 a.m., exceeding last year's numbers. The deadline is April 30th, with a €469 penalty for late filings.

Record Number of Early Tax Returns Filed in the Netherlands

The Netherlands' tax authority received its first 2024 tax return 4.5 minutes after opening its online portal on March 1st, with 85,000 returns filed by 7 a.m., exceeding last year's numbers. The deadline is April 30th, with a €469 penalty for late filings.

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What is the immediate impact of the increased number of early tax returns filed this year compared to previous years?

On March 1st, the Dutch tax authority opened its online tax return portal. The first return was received after 4.5 minutes, compared to 3.5 minutes last year and 59 seconds in 2021. By 7 a.m., 85,000 returns were filed, 9,000 more than last year. The deadline is April 30th, with extensions available until August.

forbes.com

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Feb 4, 16:11

IRS Direct File Aims to Increase Tax Credit Claims, Reduce Poverty

The IRS's new Direct File online tax filing tool, available in 25 states, aims to increase claim rates for the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC), which together lifted 6.4 million people out of poverty in 2023; a 12-state pilot program showed 90 percent of users rated their ...

IRS Direct File Aims to Increase Tax Credit Claims, Reduce Poverty

The IRS's new Direct File online tax filing tool, available in 25 states, aims to increase claim rates for the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC), which together lifted 6.4 million people out of poverty in 2023; a 12-state pilot program showed 90 percent of users rated their ...

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What is the immediate impact of the IRS's Direct File program on poverty reduction, given its success in increasing tax credit claims?

In 2023, the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC) lifted 6.4 million Americans out of poverty. However, many eligible individuals don't claim these credits, primarily due to not filing tax returns. The IRS's new Direct File tool, available in 25 states, aims to address this by providing a free, user-friendly online filing system.

cnbc.com

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Jan 30, 19:11

Child Tax Credit Filing Errors Cause Refund Delays

The 2024 Child Tax Credit (CTC) offers up to \$2,000 per qualifying child under 17, but common filing mistakes, such as missing Social Security numbers or misunderstanding eligibility rules, cause delays in receiving refunds; the IRS aims to provide updates on the Where's My Refund portal by Februar...

Child Tax Credit Filing Errors Cause Refund Delays

The 2024 Child Tax Credit (CTC) offers up to \$2,000 per qualifying child under 17, but common filing mistakes, such as missing Social Security numbers or misunderstanding eligibility rules, cause delays in receiving refunds; the IRS aims to provide updates on the Where's My Refund portal by Februar...

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What are the key reasons for delays in receiving Child Tax Credit refunds, and what is their impact on families?

The 2024 Child Tax Credit (CTC) offers up to \$2,000 per qualifying child under 17, with a refundable portion (ACTC) of up to \$1,700. Income limits are \$200,000 for single filers and \$400,000 for joint filers. Millions claim this credit, but errors delay refunds; the IRS aims for updates on the Where's My Refund portal by February 22nd for early filers.

cbsnews.com

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Jan 28, 22:13

IRS Tax Extensions: Deadline, Implications, and Future Trends

The IRS offers tax extensions until October 15th for filing, but taxes are due April 15th; millions utilize this option annually, reflecting difficulties with timely filing; understanding the rules is critical to avoid penalties.

IRS Tax Extensions: Deadline, Implications, and Future Trends

The IRS offers tax extensions until October 15th for filing, but taxes are due April 15th; millions utilize this option annually, reflecting difficulties with timely filing; understanding the rules is critical to avoid penalties.

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What are the key aspects of IRS tax extensions and their implications for American taxpayers?

The IRS allows taxpayers an automatic six-month extension to file taxes until October 15th by filing Form 4868, but taxes owed remain due April 15th. This extension applies to most, but exceptions exist for those living abroad or in combat zones, who receive further extensions. Failing to file by the extended deadline can result in penalties.

cnbc.com

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Jan 27, 16:11

2024 Tax Season: Key Changes and Deadlines

The IRS started accepting 2024 tax returns on January 27th, with an April 15th deadline; key changes include expanded free filing options, updated tax brackets, and a modified threshold for reporting digital payments exceeding $5,000.

2024 Tax Season: Key Changes and Deadlines

The IRS started accepting 2024 tax returns on January 27th, with an April 15th deadline; key changes include expanded free filing options, updated tax brackets, and a modified threshold for reporting digital payments exceeding $5,000.

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What is the long-term outlook for the electric vehicle and Child Tax Credits?

The future of certain tax credits remains uncertain. The electric vehicle tax credit, currently up to $7,500 for new vehicles and $4,000 for used vehicles, is slated to end, while the Child Tax Credit's future depends on Congressional action following the expiration of the TCJA in 2025. The lowering of the threshold for reporting digital payments will impact more individuals who use peer-to-peer payment platforms.

theglobeandmail.com

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Mar 3, 13:11

Delayed T3 Tax Slips Due to Canadian Government Policy Reversal

Due to a late reversal of the Canadian government's increase to the capital gains inclusion rate, the issuance of T3 tax slips by investment fund firms to unitholders is delayed to ensure accuracy; the CRA extended the deadline for filing 2024 T3 returns to May 1st.

Delayed T3 Tax Slips Due to Canadian Government Policy Reversal

Due to a late reversal of the Canadian government's increase to the capital gains inclusion rate, the issuance of T3 tax slips by investment fund firms to unitholders is delayed to ensure accuracy; the CRA extended the deadline for filing 2024 T3 returns to May 1st.

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What is the immediate impact of the Canadian government's late reversal of capital gains policy on individual taxpayers?

Due to a late reversal in Canadian government policy on capital gains inclusion rates, many investment fund firms are delaying the issuance of T3 tax slips to unitholders. This delay is to ensure the accuracy of reported capital gains, as firms recalculate amounts based on the reverted 50 percent inclusion rate instead of the initially proposed 66.7 percent. The corrected slips will be issued by May 1st, avoiding late-filing penalties.

kathimerini.gr

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Feb 10, 01:06

Greece Announces Major 2025 Tax Changes

The Greek tax authority (AADE) announced significant changes to the 2025 tax declaration process, including new deadlines (March 17th-July 15th), tax relief measures for various groups (farmers, freelancers, renovators), and penalties for late submissions (€2500 + €50/day).

Greece Announces Major 2025 Tax Changes

The Greek tax authority (AADE) announced significant changes to the 2025 tax declaration process, including new deadlines (March 17th-July 15th), tax relief measures for various groups (farmers, freelancers, renovators), and penalties for late submissions (€2500 + €50/day).

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What are the long-term implications of these tax adjustments for the Greek economy and its citizens?

The 2025 tax adjustments offer substantial relief; for instance, farmers with four or more children receive an increased tax-free allowance, resulting in savings up to €240. The abolition of the professional tax benefits freelancers and those using APYs (€325 and €400-€500 respectively). Taxpayers completing renovations in 2024 can claim deductions up to €3200 over five years.

theguardian.com

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Feb 3, 19:11

Over 1 Million Miss UK Tax Deadline, Facing £100 Penalties

More than 1.1 million UK taxpayers missed the January 31st deadline to file their self-assessment tax returns, facing penalties starting at £100; HMRC estimates a potential £110 million in penalties.

Over 1 Million Miss UK Tax Deadline, Facing £100 Penalties

More than 1.1 million UK taxpayers missed the January 31st deadline to file their self-assessment tax returns, facing penalties starting at £100; HMRC estimates a potential £110 million in penalties.

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What factors contributed to the significant number of missed tax return deadlines?

The missed deadline is attributed to a combination of factors, including rising interest rates, reduced allowances, and frozen tax thresholds. This pushed many individuals, some unexpectedly, into needing to file for the first time. The large number of late filings underscores the impact of these economic changes on personal finances.

nbcnews.com

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Jan 29, 19:11

Accurate Tax Forms Prevent IRS Audits and Delays

To avoid IRS audits and ensure timely tax refunds, taxpayers must match income reported on forms like W-2s and 1099s with IRS records. Many forms arrive in January, but some may be delayed until February or March, necessitating proactive organization.

Accurate Tax Forms Prevent IRS Audits and Delays

To avoid IRS audits and ensure timely tax refunds, taxpayers must match income reported on forms like W-2s and 1099s with IRS records. Many forms arrive in January, but some may be delayed until February or March, necessitating proactive organization.

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How do the timing and availability of different tax forms influence the overall tax filing process?

Income reported on tax forms like W-2s and 1099s must match IRS records; discrepancies may trigger audits. While many forms arrive in January, some, especially investment statements, may be delayed until February or March. Taxpayers are responsible for reporting all earned income, even without a form.

cnnespanol.cnn.com

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Jan 28, 01:08

IRS Opens 2024 Tax Season: April 15th Deadline, Expanded Free Filing

The IRS opened for 2024 tax returns on Monday; the deadline is April 15th, with extensions available for disaster areas or via automatic six-month filing extension (payment still due April 15th); free filing is expanded to 25 states and taxpayers with AGI under $84,000.

IRS Opens 2024 Tax Season: April 15th Deadline, Expanded Free Filing

The IRS opened for 2024 tax returns on Monday; the deadline is April 15th, with extensions available for disaster areas or via automatic six-month filing extension (payment still due April 15th); free filing is expanded to 25 states and taxpayers with AGI under $84,000.

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How have recent changes to the 1099-K reporting threshold and the SALT deduction affected taxpayers filing in 2024?

The IRS's expanded Free File program aims to increase accessibility for taxpayers. The 1099-K reporting threshold change impacts those using online payment apps, requiring them to report transactions exceeding $5,000 (or lower in some states). Changes in income, marital status, or significant life events necessitate careful review of deductions and credits.

cnbc.com

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Jan 21, 19:10

IRS Free File Program Sees Increased Usage, Extended Through 2029

The IRS Free File program, a public-private partnership offering free federal tax filing to those with an adjusted gross income (AGI) of $84,000 or less in 2024, processed 2.9 million returns through May 11, 2025, a 7.3% increase from the same period in 2024; the program will continue through 2029.

IRS Free File Program Sees Increased Usage, Extended Through 2029

The IRS Free File program, a public-private partnership offering free federal tax filing to those with an adjusted gross income (AGI) of $84,000 or less in 2024, processed 2.9 million returns through May 11, 2025, a 7.3% increase from the same period in 2024; the program will continue through 2029.

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What is the impact of the IRS Free File program on taxpayer access to affordable tax preparation services?

In 2024, the IRS Free File program, a public-private partnership, assisted millions in filing taxes, offering free federal tax filing for individuals with an adjusted gross income (AGI) of $84,000 or less. This program, available through various software partners, accepts common tax forms, enabling convenient e-filing.

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