This week, the IRS announced that nearly 940,000 individuals nationwide have unclaimed tax refunds for the 2020 tax year, with a looming deadline of May 17 for submitting their tax returns. Estimated at over $1 billion, the average median refund for 2020 stands at $932. IRS Commissioner Danny Werfel stressed the urgency, urging taxpayers not… Read More

The IRS has launched its annual Dirty Dozen list, cautioning taxpayers about evolving phishing and smishing scams aimed at stealing sensitive taxpayer data. With email and text scams persisting, the IRS and its Security Summit partners emphasize the need for continued vigilance among individuals and businesses. These scams often involve fraudsters coercing recipients into clicking… Read More

With tax season underway, the IRS has already issued over 43 million refunds totaling nearly $135.3 billion, with the average refund standing at $3,145 as of March 8, up from $2,972 compared to the same period in 2023. However, this average might fluctuate as the IRS anticipates receiving millions more returns. Despite expectations for a… Read More

As outlined in his 2025 fiscal-year budget, President Joe Biden aims to make tax-free student loan forgiveness at the federal level permanent, following its enactment through the American Rescue Plan Act of 2021. Advocates, including Betsy Mayotte from The Institute of Student Loan Advisors, support this move, citing the significant stress borrowers face over potential… Read More

President Joe Biden’s State of the Union address last Thursday unveiled tax proposals aimed at the wealthy and large corporations, alongside new tax credits. Biden highlighted the urgency to make health insurance premiums permanent, proposing $800 annual tax credits per person to reduce healthcare premiums. Also, he emphasized the need for higher taxes on the… Read More

The IRS has upgraded its “Where’s My Refund” tool, offering taxpayers detailed messages conveying refund status in plain language, seamless accessibility through mobile devices and the IRS2Go app, and notifications indicating whether additional information is required by the IRS. These improvements address previous limitations where the tool lacked specificity regarding direct deposit timing or the… Read More

The IRS has unveiled a new initiative aimed at enhancing tax compliance among high-income taxpayers who have neglected to file federal income tax returns, totaling over 125,000 instances since 2017. This effort, fueled by funding from the Inflation Reduction Act, involves the issuance of compliance letters to these non-filers, with over 25,000 letters targeting individuals… Read More

During a House Ways and Means Committee hearing, IRS Commissioner Danny Werfel assured lawmakers of the IRS’s ability to promptly implement changes to the Child Tax Credit once the Tax Relief for American Families and Workers Act, currently stalled in the Senate, is passed. Werfel committed to a six to 12-week timeline for implementation, emphasizing… Read More

The Florida Senate Committee on Finance and Tax has unveiled a tax relief package totaling more than $900 million for the upcoming fiscal year, aimed at benefiting families and businesses. Among its provisions, the legislation intends to lower taxes on property insurance and essential items for families and seniors, aiming to keep Florida affordable. Scheduled… Read More

The IRS has entered the public testing phase for its Direct File pilot program, expanding beyond internal trials to taxpayers in twelve states including Arizona, California, Florida, Massachusetts, Nevada, New Hampshire, New York, South Dakota, Tennessee, Texas, Washington, and Wyoming. The pilot testing will be accessible to users in the selected states during short and… Read More