Tag #Tax Refunds

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IRS Staff Cuts to Cause Tax Refund Delays

President Trump's planned cuts to the IRS workforce of over 6,000 employees by the end of this week will likely lead to significant delays in tax refund processing, particularly for those filing near the deadline or requiring assistance; tax experts advise filing early and electronically to mitigate...

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cnbc.com
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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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Higher Tax Refunds to Boost Select Retail Stocks in 2024

Increased 2024 tax refunds, projected by Wolfe Research due to IRS inflation adjustments to tax brackets and standard deductions, are expected to particularly benefit lower-income consumers and positively impact select retail stocks like Walmart, Ross Stores, and Five Below.

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elpais.com
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Spain Changes IRPF Refund Process for Mutualists

The Spanish Tax Agency altered the IRPF refund process for mutualists, suspending all unapproved refund requests before December 22, 2024, requiring yearly claims starting 2025 instead of lump-sum payments for multiple years, affecting thousands of retirees.

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cbsnews.com
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DOGE's Access to IRS Data Sparks Privacy Concerns, Refund Delay Fears

Democratic senators Ron Wyden and Elizabeth Warren are raising concerns about Elon Musk's cost-cutting group, the Department of Government Efficiency (DOGE), gaining access to sensitive IRS data, potentially delaying tax refunds for millions of Americans and raising privacy concerns.

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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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forbes.com
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Trump's Executive Orders to Delay Tax Refunds

President Trump's executive orders mandating a return-to-office policy and imposing a hiring freeze on federal employees will likely delay tax refunds this year, impacting the IRS's ability to process returns efficiently due to reduced staffing and operational challenges.

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