The IRS is keen to locate 1.5 million qualified Americans who are allocated to receive a combined amount of $1.5 billion in IRS tax refunds. The taxpayers have only until July 17, 2023, to claim their IRS tax refund money. American taxpayers have until July 17 to file their 2019 IRS tax return The…
Given current patterns, business owners wishing to get their Employee Retention Credit in a timely manner may need to reassess their expectations. Businesses Are Waiting Months For ERC Credits Due To The IRS Backlog As business owners seek the retroactive tax benefit, the IRS has a backlog of claims for the Employee Retention benefit (ERC)….
The pilot program, set to be launched next year, is confronted with administrative, operational, and technological obstacles. The IRS is planning to introduce a free tax-filing service called IRS Direct File, but it faces various challenges that could hinder its implementation While the Internal Revenue Service (IRS) is still finalizing the details, concerns about costs,…
The NAACP has criticized proposals to raise the debt ceiling, noting the detrimental consequences for Black Americans. The Debt Ceiling Deal Weakens Environmental Protection, IRS Capacity, And Public Assistance Though the package, which cleared the Senate late Thursday, keeps the country from defaulting on payments, it “reflects misplaced priorities,” according to NAACP CEO and President…
With Republicans and the White House dipping into the $80 billion to support other initiatives, some Democrats are concerned that the bonanza may be drained even further in the coming years. The Debt-limit Agreement Emphasizes The Danger Of The IRS Becoming A Congressional Piggy Bank The debt-limit agreement reveals an often-overlooked risk to the $80…
The Internal Revenue Service (IRS) has issued a reminder to taxpayers that certain energy-efficient updates to their homes may qualify them for home energy tax credits. IRS reminds taxpayers of expanded home energy tax credits for energy-efficient improvements The Inflation Reduction Act of 2022 expanded the credit amounts and types of qualifying expenses. Taxpayers who…
The initiative aims to provide taxpayers with an accessible option to avoid paying tax preparation companies like Intuit and H&R Block for their services. The IRS has announced plans to launch a pilot program next year that will enable a small group of individuals to electronically file their tax returns directly with the agency The…
The IRS intends to give you cash, and the organization is doing everything possible to spread the news. If you are eligible, you could receive $900 or more, yet you have just a few months to file for your funds. The IRS said this past month that there are roughly 1.5 million unpaid refunds for…
Policy and Tax experts say the recent data from the Department of Treasury Internal Service is vital to understand the country’s financial position and if raising a debt ceiling is possible. Department of the Treasury Internal Revenue Service on Debt Ceiling If the country’s debt has increased, the Department of the Treasury Internal Revenue…
This is the second consecutive year that the agency has raised the limit. The IRS has announced that it will increase the maximum contribution limit for 401(k), 403(b), and most 457 retirement savings plans to $20,500 in 2022 Additionally, the catch-up contribution limit for those aged 50 and over will increase to $6,500 in 2022,…