IRS
What to know about unemployment tax refunds, IRS timeline and more
Millions of Americans who overpaid taxes on unemployment benefits will received refunds. Angela Lang/CNET If you received unemployment benefits during the pandemic last year, listen up. Based on new rules under the American Rescue Plan, workers who received unemployment benefits in 2020 cannot be taxed on that money (up to $10,200 for single filers) like …
Unemployment benefits: How you could get a $10,200 tax break from the IRS
Sarah Tew/CNET If you received unemployment benefits in 2020 and you paid taxes on those benefits, the IRS may owe you an additional refund. Under the American Rescue Plan Act, a $10,200 tax exemption was added that gives you a tax break on the unemployment benefits you received. The new stimulus bill also gives you more weeks …
IRS refunds will start in May for $10,200 unemployment tax break
Samuel Corum/Bloomberg via Getty Images The IRS will start issuing tax refunds in May to Americans who filed their returns without claiming a new break on unemployment benefits, the federal agency said Wednesday. The American Rescue Plan waived federal tax on up to $10,200 of unemployment benefits, per person, received in 2020. Households with $150,000 …
IRS: Pandemic, old technology, understaffing leave millions of 2019 tax returns untouched – WISH-TV | Indianapolis News | Indiana Weather
INDIANAPOLIS (WISH) — The backlog of federal income-tax returns was created in part by the coronavirus pandemic shutdown in spring 2020. Cory Haskett of Madison County, located northeast of Indianapolis, is one of the millions of U.S. taxpayers who has not received a 2019 federal tax refund from the IRS. He is waiting on close to $6,000 from the federal government. …
IRS delays filing deadline to mid-May, as IRS grapples with a backlog of 24 million unprocessed tax returns
The IRS shared the full scope of its backlog with the House Ways and Means Committee and the agency’s own government watchdogs. The numbers, obtained by The Washington Post, far dwarf the data the IRS has revealed to the public. The IRS later communicated its plans to adjust the tax filing deadline to House and …
IRS improving e-filing and technology for tax-exempt organizations
The Internal Revenue Service is rolling out new systems and expanding the number of forms that can be electronically filed by tax-exempt organizations, while also dealing with some technology glitches resulting from the COVID-19 pandemic. One of the first steps is a new Enterprise Case Management System that’s initially being piloted at the Tax Exempt …
XMR workgroup says IRS should study Monero — not try to break it
The United States Internal Revenue Service has better ways to spend taxpayer dollars than offering bounties to break Monero’s (XMR) privacy, a Monero working group says. After the IRS announced it is offering up to $625,000 to anyone who can break Monero, a major Monero-focused workgroup expressed their take on the matter. A spokesperson for …
IRS will allow people to save more money in health savings accounts
Next year, the IRS will allow people to put away even more money in health savings accounts, a tax-advantaged account you can use for medical expenses. Health savings accounts work alongside high deductible health plans. You can save money on a pretax or tax-deductible basis, have it grow tax free and then use the money …
IRS issues May 13 deadline to enter direct deposit for stimulus checks
There’s no better time to think about next year’s taxes than right after you file this year. Jayme Thornton | Tooga Productions | Getty Images There’s still time to submit your bank account information to the IRS to get your $1,200 stimulus payment more quickly. But that window is closing, the IRS said on Friday. …
New Carbon Capture Technologies Just Waiting For IRS Green Light
This carbon injection well near Reykjavik, Iceland captures CO2 from the air and fixes it into … [+] basaltic rock. Innovative carbon-capture projects are expected to proliferate in the U.S. once the IRS issues guidance on a tax credit. (Photo by Melanie Stetson Freeman/The Christian Science Monitor via Getty Images) Christian Science Monitor via Getty …
