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☆ IRS reminder: Time to claim $1 billion in tax refunds from 2020 expires on May 17
▼ + stars: | 2024-05-09 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

There is $1 billion in unclaimed 2020 tax refunds up for grabs — but the last chance to file returns and collect the money is approaching. Nearly 940,000 taxpayers have until May 17 to file 2020 returns and claim their refund, the IRS said in a "final reminder" this week. The deadline is "terribly important" because there's a three-year refund expiration after each tax deadline, said certified public accountant John Karls, partner at accounting firm Armanino. "If you let if you let it slip, there's nothing anybody can do," said Bill Smith, national director of tax technical services at financial services firm CBIZ MHM. "You won't get your refund when the statute of limitations has run out."

Persons: —, John Karls, Roth, Bill Smith, CBIZ Organizations: Finance

You get tax forms such as W-2s and 1099s from employers and financial institutions each year. "It's the [IRS] matching software that's the biggest, most consistent problem for taxpayers," said Bill Smith, national director of tax technical services at financial services firm CBIZ MHM. Since the IRS already has a copy of your tax forms, its software can easily flag missing forms, Smith explained. When to expect tax formsWhile many tax forms must be sent by Jan. 31, others won't arrive until mid-February or beyond. While most taxpayers will receive forms from their employers or financial institutions, some may not, especially for small amounts.

Persons: Bill Smith, CBIZ, Smith, Henry Grzes, Tom O'Saben, Jan, " Smith, O'Saben Organizations: IRS, American Institute of CPAs, National Association of Tax, NEC, SA

☆ Michael Jordan's championship sneakers sold for a record-breaking $8m
▼ + stars: | 2024-02-03 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +2 min

A set of Michael Jordan's championship sneakers was sold for a record-breaking $8m, the BBC reports. The six individual sneakers were all worn by Jordan during the game-clinching NBA finals in the 1990s. During his career, the basketball superstar went to the NBA Finals six times and won each time. The set of winning sneakers include Air Jordan VI (1991), Air Jordan VII (1992), Air Jordan VIII (1993), Air Jordan XI (1996), Air Jordan XII (1997), and Air Jordan XIV (1998). The photos, taken by Bill Smith, were taken after the 1992, 1993, 1996, and 1998 NBA Finals.

Persons: Michael Jordan's, Jordan, Jordan VI, Jordan VII, Air Jordan VIII, Air Jordan XII, Air Jordan XIV, Bill Smith, Brahm Wachter, Matthew Kish, Sotheby's, Michael Jordan, He's Organizations: BBC, NBA, Air, Forbes, of Fame, Jersey, Charlotte Hornets, Business Locations: Dubai

☆ Child tax credit could change — but ‘don't wait on Congress’ to file your taxes, IRS commissioner says
▼ + stars: | 2024-01-30 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Tom Williams | CQ-Roll Call, Inc. | Getty ImagesAs the tax season kicks off, Congress is still negotiating a $78 billion tax package with retroactive changes, including a boost for the child tax credit. If enacted, the child tax credit changes could affect 2023 filings this season. If enacted, the child tax credit changes could expand access, increase the refundable portion of the tax break and add future inflation adjustments. How to handle retroactive child tax credit changesMeanwhile, there are lingering questions from tax professionals about how to handle possible tax law changes for 2023, especially for those who file early. By law, filers claiming the child tax credit or earned income tax credit won't receive refunds until Feb. 27 at the earliest, according to the IRS.

Persons: Danny Werfel, Tom Williams, Jason Smith, Bill Smith, CBIZ, Werfel, filers Organizations: Senate, IRS, Washington , D.C, CQ, Inc, Getty, Urban, Brookings Tax, Republicans, Friday Locations: Washington ,

☆ No, the IRS still isn't hiring an 'army' of armed auditors—here's how the agency is actually spending $80 billion
▼ + stars: | 2023-05-02 | by ( Ryan Ermey | ) www.cnbc.com time to read: +3 min

Last month, the IRS released a plan for how the agency plans to spend nearly $80 billion in funding granted through the Inflation Reduction Act passed in August. The IRS is already spendingThe IRS has already started using a portion of the appropriation to beef up customer services. More audits for wealthy filersThe biggest sticking point in the funding plan is IRS efforts to close the $600 billion "tax gap," the difference between what Americans owe and what they actually pay. To that end, the agency plans to higher more staff in order to ramp up auditing efforts on wealthy families, large corporations and business partnerships. What is clear, Smith says, is that corporations are likely to receive the "majority" of the uptick in IRS scrutiny.

But if you're still missing key forms or feeling overwhelmed, you can buy more time by filing a free tax extension. You can avoid a late-filing penalty with an extension by the federal deadline on April 18. You may also need a separate state income tax extension, depending on where you live. How to file a federal tax extensionIf you can't make the April 18 tax deadline, there are a few ways to file for a federal extension, with or without a tax professional. One option is to file Form 4868 online via IRS Free File, which offers free guided tax prep software.

Bill Oxford | E+ | Getty ImagesWith the tax deadline approaching, the IRS has issued roughly 54 million refunds worth about $158 billion as of March 17, the agency reported Friday. Indeed, the average refund payment was $2,933 compared to $3,305 at the same point last year. For example, many families got relief in 2021 from the enhanced child tax credit, worth up to $3,600 per child, and the child and dependent care tax credit of up to $4,000 per dependent. For 2022, the child tax credit returned to a maximum of $2,000 per child, and the child and dependent care tax credit was $1,050 per dependent. As of March 19, 2021, the average refund was $2,929, only $4 less from the numbers reported Friday.

☆ Digital nomads can rent apartments on 'standby' for a fraction of the cost — but you might be forced to move out with 3 days' notice
▼ + stars: | 2023-03-18 | by ( Hannah Towey | ) www.businessinsider.com time to read: +5 min

Landing's latest offering is a membership tier called "standby," and it's the rental equivalent to flying standby on an airline. "Standby" members pay a flat $1,295 monthly fee to access 20,000 fully-furnished apartments across more than 375 cities, with the exception of New York and California. That means if standard members want your apartment, you could be kicked out with as little as three days' notice. If that happens, however, you can transfer to any available Landing apartment at no additional cost — but it's not guaranteed it'll be in the same city. A Landing apartment.

☆ The IRS has issued nearly 8 million tax refunds. Here’s the average payment
▼ + stars: | 2023-02-14 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Bill Oxford | E+ | Getty ImagesThe tax season is underway, and the IRS has issued nearly 8 million refunds worth about $15.7 billion as of Feb. 3, the agency reported. The average refund amount was $1,963, down from last year's payment of $2,201 at the same point in the filing season. Of course, the average may change as the IRS processes millions more returns before the April 18 deadline. As of Feb. 3, the IRS processed more than 16.7 million returns, over 29% more than the previous year, according to the report released last Friday. The nearly 8 million refunds compare to around 4.3 million the previous year.

☆ Landing cut roughly a third of its Alabama staff — but first the real estate startup had the laid-off workers train their cheaper, Mexico City-based replacements
▼ + stars: | 2022-10-13 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +6 min

The furnished-apartment rental company Landing laid off 110 employees last week. According to the company, it launched its Mexico operation in 2020, which has grown to include at least 100 employees. The two laid-off employees described training the Mexico City-based colleagues over Slack, Zoom, and the business-messaging application Intercom. However, two laid-off employees disagreed with this assessment and told Insider that while some employees had been moved into markets earlier this summer, they still required the help of a centralized operations team. "One of Bill's 10 business principles is to execute relentlessly," the laid-off employee said.

☆ How this 32-year-old high school dropout built a business that sold to Target for $550 million
▼ + stars: | 2018-03-29 | by ( Sarah Berger | ) www.cnbc.com time to read: +11 min

"At that point he [my father] said, 'Alright he's going to do what's he's going to do,'" Smith adds. Finding inspiration in the grocery aisle The initial plan for Shipt, Smith says, was to build a business around same-day delivery for big box retailers. "[My wife and I] went to the grocery store for the first time with a 1-year-old and a newborn and it was such a huge pain. What made Shipt stand out Shipt currently offers unlimited, same-day delivery service for its members for $99 a year, or $14 a month. Smith says Shipt really started to see some success in late 2015.

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