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☆ IRS has started simplifying millions of complicated taxpayer notices ahead of the filing season
▼ + stars: | 2024-01-24 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Ronda Churchill | Bloomberg | Getty ImagesWith the opening of tax season only days away, the IRS has unveiled a plan to simplify the millions of complicated notices sent to taxpayers every year. As part of the agency's multibillion-dollar modernization efforts, the IRS has started to review and redesign hundreds of IRS notices — such as letters about unfiled returns, taxes owed or filing errors — aiming to help resolve issues faster and boost compliance. Known as the "Simple Notice Initiative," the program will eventually cover the roughly 170 million notices sent to taxpayers every year, according to the IRS. The agency aims to "review, redesign, and deploy" the majority of IRS letters received by taxpayers by 2025. The program builds on the agency's paperless processing initiative announced in August, which now allows taxpayers to respond to IRS notices online.

Persons: Janet Yellen, Ronda Churchill, unfiled, Yellen, Danny Werfel, Werfel, filers Organizations: Treasury, International Brotherhood of Electrical Workers, Bloomberg, Getty, IRS, National Taxpayer, Congress Locations: Las Vegas, Ronda

BRUSSELS (AP) — The European Commission will continue the use of the controversial chemical herbicide glyphosate in the European Union for 10 more years after the 27 member countries again failed to find a common position for or against a prolongation. The Greens political group of the EU Parliament immediately urged the Commission to backpedal and ban the use of glyphosate. The 10-year extension proposed by the European Commission required a “qualified majority,” defined as 55% of the 27 members representing at least 65% of the total EU population of some 450 million people. Pascal Canfin, the chair of the Environment committee at the European Parliament, blamed the EU Commission president for moving forward despite the stalemate. EU member states are responsible for authorizing the use of products in their national markets, following a safety evaluation.

Persons: unconclusive, ”, Bas Eickhout, unfiled, “, Pascal Canfin, Ursula von der Leyen, Emmanuel Macron Organizations: European Commission, European Union, Greens, EU, Environment, Monsanto, Bayer, Agency for Research, Cancer, World Health Organization, Environmental Protection Agency, Greenpeace Locations: BRUSSELS, backpedal, California, France, U.S, Germany, Italy

☆ What it’s like to work with ADHD
▼ + stars: | 2023-11-01 | by ( Aj Willingham | Brook Joyner | ) edition.cnn.com time to read: +9 min

I used to think I had done it all in spite of my ADHD, which was officially diagnosed eight years ago. One of the sad ironies for people who have ADHD is that we crave the order we can’t seem to create. A common tip for people with ADHD is to break down a task into manageable bits: Stand up. It’s certainly more important, which is why I’m writing this instead of shuffling downstairs repeating the phrase “Laundry and trash bag, laundry and trash bag” like a Druidic incantation. READ MORE: Signs of ADHD can be different in girlsThe stigma around ADHD and other learning differences is starting to crack as we discover more about what makes such brains tick.

Persons: AJ Willingham, vacantly, I’m, Brook Joyner, I’ve, Willingham, It’s, “, you’re, it’s, ” Organizations: CNN, National Association of Black Journalists Locations: you’re, Atlanta

☆ Some of America's richest people are just not paying their taxes — and millionaires alone could owe up to $34 billion
▼ + stars: | 2023-10-04 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

New IRS data shows that some of America's highest earners are just not paying taxes. Sen. Ron Wyden of Oregon requested data from the IRS on taxpayers who are not filing returns. Nearly 1,000 taxpayers making over $1 million aren't paying up and could owe billions. AdvertisementAdvertisementThe average American taxpayer pays $16,615 in income taxes annually — but for some of the wealthiest Americans, that number is zero. Nearly 1,000 taxpayers who make over $1 million annually didn't file taxes multiple times from 2015 to 2020, according to an IRS memo viewed by Insider.

Persons: Sen, Ron Wyden, —, they're, they've, Wyden, Danny Werfel, you'll Organizations: IRS, Service, Finance, Congressional Republicans, Treasury Department, Department of, Treasury, Harvard University, University of Sydney, Biden, Republican Locations: Oregon

☆ Taxpayers don’t have to worry about unannounced visits from the IRS anymore
▼ + stars: | 2023-07-24 | by ( Tami Luhby | ) edition.cnn.com time to read: +3 min

These visits will only continue in a few special circumstances, the agency said Monday. “Changing this long-standing procedure will increase confidence in our tax administration work and improve overall safety for taxpayers and IRS employees,” Danny Werfel, IRS commissioner, said in a statement. “These visits created extra anxiety for taxpayers already wary of potential scam artists,” Werfel said. “At the same time, the uncertainty around what IRS employees faced when visiting these homes created stress for them as well.”Typically, tens of thousands of unannounced visits take place each year. It will continue to focus on high-income taxpayers with tax issues, the agency said.

Persons: ” Tony Reardon, Biden, ” Danny Werfel, ” Werfel, “, ” Organizations: CNN, IRS, National Treasury Employees Union

☆ Nearly 1.5 million taxpayers are 'leaving money on the table' as key tax deadline nears, advisor says
▼ + stars: | 2023-07-12 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

There's a key tax deadline approaching for past-due filers, with an estimated $1.5 billion in unclaimed refunds up for grabs. Nearly 1.5 million taxpayers still have pending refunds from 2019, with a median payment worth $893, according to the IRS. The last chance to file or amend 2019 returns to claim your money is July 17. Filing 2019 returns could yield "thousands of dollars," Lucas said, especially for those claiming the so-called earned income tax credit, a tax break for low- to moderate-income workers. The earned income tax credit is "refundable" because you'll still qualify for a refund when the credit exceeds taxes owed.

Persons: Tommy Lucas, Moisand Fitzgerald Tamayo, Franklin, Lucas, you'll Organizations: Finance Locations: Orlando , Florida

The deal has divided lawyers representing cancer victims, many of whom claim that J&J has created the illusion of widespread support for a settlement that would deny plaintiffs just compensation. Johnson & Johnson is attempting to use the second bankruptcy of its subsidiary LTL Management to resolve all current and future claims stemming from its talc products. LTL quickly filed for bankruptcy again, arguing that its second effort has won more support from plaintiffs. The proposed settlement would resolve all of those unfiled claims, as well as any future claim alleging that a J&J talc product caused cancer. Mikal Watts, an attorney who supports the deal and says he has 17,000 talc clients, said that he did not agree with J&J statements about "secured commitments."

Persons: Brendan McDermid, Johnson, Johnson's, LTL's, LTL, U.S . Justice Department's, Moshe Maimon, Mikal Watts, Watts, Jim Murdica, Maimon, Murdica, Michael Kaplan, Kaplan, Dietrich Knauth, Alexia Garamfalvi, Stephen Coates Organizations: REUTERS, Johnson, Management, U.S . Justice, J, Thomson Locations: New York City, U.S, Trenton , New Jersey

☆ There's still time to claim your share of $1.5 billion in unclaimed tax refunds from 2019, IRS says
▼ + stars: | 2023-05-01 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

The 2022 federal tax deadline has passed for most Americans, but another key date is approaching for past-due filers. If you're one of the nearly 1.5 million people with an unclaimed tax refund from 2019, the last chance to file your return is July 17, according to the IRS. There's a state-by-state breakdown of median potential refunds for 2019 here. "The 2019 tax returns came due during the pandemic, and many people may have overlooked or forgotten about these refunds," IRS Commissioner Danny Werfel said in a statement. With the 2019 tax deadline extended until July, Werfel said, many Americans, particularly lower earners such as students and part-time workers, may have accidentally skipped the filing.

☆ You still have time to claim $1.5 billion in tax refunds from 2019, IRS says
▼ + stars: | 2023-04-13 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

There are nearly 1.5 million people with unclaimed refunds from tax year 2019, worth almost $1.5 billion, with a median payment of $893, the agency said on Wednesday. The last chance to file and collect 2019 refunds is July 17. "The 2019 tax returns came due during the pandemic, and many people may have overlooked or forgotten about these refunds," IRS Commissioner Danny Werfel said in a statement. "Taxpayers can request copies of tax documents from employers and other sources like loan service providers," said Kathy Pickering, chief tax officer for H&R Block. Another way to access older tax documents is through your IRS online account, she said.

☆ Here's what to do if you can't pay your taxes by April 18 — and how to avoid the 'biggest mistake,' tax pro warns
▼ + stars: | 2023-04-11 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Here's why: The failure to file penalty is 5% of your unpaid balance per month (capped at 25%) plus interest. Don't ignore IRS noticesAnother common mistake is ignoring IRS correspondence once you've fallen behind on your taxes, experts say. And if you miss a payment, the IRS can cancel the installment agreement and your remaining balance will be due, Pon warned. Offer in compromiseAnother option, offer in compromise, may allow you to settle for less than you owe. You can start with the Offer In Compromise Pre-Qualifier tool to gauge eligibility and send an application from the Offer in Compromise Booklet.

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