A substantial number of Providence residents gathered at the Rhode Island State House this week to express opposition to proposed legislation that would permit the city to exceed the statewide 4% tax levy cap in fiscal year 2026. The bill, sponsored by Representative Rebecca Kislak and supported by Mayor Brett Smiley, seeks to authorize an… Read More
The IRS reminded taxpayers who missed the April 15 deadline to file their 2024 federal tax return as soon as possible. Those with a balance due are encouraged to file and pay promptly to reduce accumulating penalties and interest. While filing an extension offers more time to submit paperwork, it does not extend the payment… Read More
The IRS issued a reminder that individuals and businesses in federally declared disaster areas — including all of Florida — automatically have until May 1, 2025, to file their 2024 federal income tax returns and make payments. This extension applies to affected taxpayers in a total of twelve states, including Alabama, Georgia, North Carolina, and… Read More
Last Wednesday, March 26, the Treasury Department issued an interim final rule narrowing the Corporate Transparency Act’s beneficial ownership reporting requirement to apply only to foreign companies. Under the new rule, U.S. businesses are no longer required to report ownership details to the Financial Crimes Enforcement Network (FinCEN), while foreign entities registered to do business… Read More
The IRS reminds retirees that those who turned 73 in 2024 must begin required minimum distributions (RMDs) from IRAs, 401(k)s, and similar retirement plans by April 1, 2025, to avoid potential penalties. While RMDs are typically due by December 31 each year, first-time recipients can delay their initial withdrawal until April 1, but this means… Read More
The IRS announced that over 1.1 million taxpayers have unclaimed refunds for the 2021 tax year, with an estimated total of more than $1 billion. The median refund amount is $781, and eligible taxpayers must file their 2021 tax returns by April 15, 2025, to claim it. Many low- and moderate-income individuals may also qualify… Read More
Former IRS commissioners have raised concerns about tax season disruptions due to the recent layoffs of 6,000 to 7,000 IRS employees, primarily probationary hires. In recent interviews, former IRS commissioners highlighted that these laid off employees had undergone extensive training to improve taxpayer services and revenue collection. These actions could lead to longer wait times,… Read More
On February 19, Florida Gov. Ron DeSantis signaled support for eliminating property taxes, stating on social media that a constitutional amendment—requiring 60% voter approval—would be needed to make the change. While some homeowners welcome the idea, experts warn it could severely impact schools, public safety, and local governments reliant on property tax revenue. State Sen.… Read More
The IRS urges taxpayers to carefully select their tax preparers to safeguard their personal and financial information. As the agency reviews, while most preparers are reliable, some engage in fraud or identity theft. Taxpayers remain legally responsible for their returns, even when using a professional. To avoid scams, individuals should verify a preparer’s credentials, ensure… Read More
The IRS is making progress in reducing delays for tax-related identity theft victims, with processing times improving from a peak of 676 days in FY 2024 to an average of 506 days in FY 2025, according to National Taxpayer Advocate Erin Collins. A targeted effort has further cut wait times to approximately 100 days for… Read More