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☆ IRS watchdog pushes for transparency on pandemic-era small business tax credit backlog
▼ + stars: | 2024-06-26 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Erin Collins, national taxpayer advocate at the Taxpayer Advocate Service, speaks at a Senate Appropriations subcommittee hearing in Washington, D.C., on May 19, 2021. Many taxpayers are experiencing "long delays and uncertainty" amid a backlog of roughly 1.4 million pandemic-era small business tax credit claims, according to the National Taxpayer Advocate. "It’s time for the IRS to be transparent on how and when it plans to move forward addressing these ERC claims," she wrote. Some 85% of pending ERC claims are more than 120 days old. "The IRS is between the proverbial rock and a hard place when it comes to ERC claims," Collins said in a statement.

Persons: Erin Collins, Collins Organizations: Taxpayer Advocate Service, Washington , D.C, National Taxpayer, ERC, IRS, Finance Locations: Washington ,, U.S

☆ The IRS says its direct file program saved Americans $5.6 million in filing fees. Now they're making it permanent.
▼ + stars: | 2024-05-30 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

And so, after a successful pilot run, the tax agency has announced that it's making its new free direct file program permanent. The Direct File program first launched in twelve states for the 2023 filing season following a successful pilot. "Since the direct file pilot was completed in April, we have heard directly from hundreds of organizations across the country, more than a hundred members of Congress, from individual direct file users, and those that are interested in using direct file," Werfel said. The new Direct File program has encountered some pushback from paid tax services. Did you use Direct File and save time or money?

Persons: —, It's, haven't, Janet Yellen, Danny Werfel, Aaron Mok —, Werfel, Rick Heineman, Heineman, filers, Natalie Quillian, Biden's Organizations: Service, IRS, Business, Treasury Department, Intuit TurboTax, Treasury, House Locations: Yellen

☆ Recessions Actually Make People Live Longer
▼ + stars: | 2024-03-19 | by ( Aki Ito | ) www.businessinsider.com time to read: +6 min

Recessions, it would seem, help us stay fitter, and live longer. The new paper, along with other research into recessions, provides an important reminder that economic growth isn't — and shouldn't be — the only measure of our collective well-being. If recessions save lives, that comes with a corollary: Boom times cost lives. Sure, economic growth provides jobs. If the new research tells us anything, it's that we still have a long way to go in striking a healthy balance between economic growth and social welfare.

Persons: grads, Amy Finkelstein, didn't, that's, Aki Ito Organizations: Business Locations: Japan, San Francisco

☆ 4 red flags for an IRS tax audit — and how to avoid the 'audit lottery,' according to tax pros
▼ + stars: | 2024-02-13 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

But everyday filers could still face an audit — and certain issues are more prone to IRS scrutiny, experts say. Audit rates of individual income tax returns decreased for all income levels from tax years 2010 to 2019, largely due to lower IRS funding, according to a report from the Government Accountability Office. Here are some of the biggest IRS audit red flags. Unreasonable tax breaksAnother red flag could be excessive deductions compared to what's considered normal for your income level, according to Losi. Earned income tax creditThe earned income tax credit, a tax break for low- to moderate-income workers, has historically been scrutinized "because the refundable part attracts certain bad actors," said Steber.

Persons: Ryan Losi, Mark Steber, Jackson Hewitt, Steber, what's, Losi, Erin Collins Organizations: Getty, IRS, Office, NEC, lotto, Center, filers Locations: Syracuse, U.S

☆ Internal documents reveal new details of X stock awards to staff, including what happens if the company IPOs or is acquired
▼ + stars: | 2023-10-31 | by ( Kali Hays | ) www.businessinsider.com time to read: +13 min

The documents reveal the latest estimated valuation of X, when and how staff are getting equity awards, and how that stock vests over time. X stock doesn't trade daily like a public company, so the valuation disclosed is by definition vague. Most people who received X equity were granted 1,200 units, or increments thereof based on performance, according to one of the documents viewed by Insider. Any X Stock Awards you receive under the X Equity Plan will be provided to you in addition to and separate from any deferred cash awards. Stock Awards are typically earned over four years, with a 6 month cliff.

Persons: they'll, Elon Musk, Fortune, X, virality, Musk, there's, Will, Jan Organizations: Twitter, Musk's, SpaceX, X, Inc, Common, New York Stock Exchange, NASDAQ, IRS, Internal Revenue Locations: United States, Shareworks

☆ IRS plan to use AI may affect wealthy taxpayers. Here's how
▼ + stars: | 2023-09-12 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

"Right now, you file a tax return and you play the audit lottery," said Robert Kovacev, tax controversy partner at law firm Miller & Chevalier. They can expect increased scrutiny from the IRS over the next few years. Robert Kovacev Tax controversy partner at Miller & Chevalier"They can expect increased scrutiny from the IRS over the next few years," said Kovacev. The change won't be immediate, but within three to five years, "there will be a noticeable increase in audits of large partnerships, large businesses and high-net-worth families," he said. There's IRS pressure to 'show results'watch now

Persons: Jeffrey Coolidge, Robert Kovacev, Miller, Chevalier, Kovacev, haven't Organizations: Photodisc, Miller

☆ The Student Loan Borrowers Who Will Continue to Struggle
▼ + stars: | 2023-06-30 | by ( Ron Lieber | Tara Siegel Bernard | ) www.nytimes.com time to read: +1 min

Now, imagine that you have three children, are separated from your spouse and are earning just $11.50 an hour after spending years raising them. That was the predicament that Joanna Leiserson found herself in when she was living in Spokane, Wash., in 2000 and her oldest child was about to start college. PLUS loans were the only way to afford the schools that best fit her children’s needs. And then there is the matter of any higher power that might have an opinion on the matter. “Which is a community in which all persons can live sustainable lives of dignity and respect.”

Persons: Joanna Leiserson, she’s, ”, “ I’m, Ms, Leiserson Organizations: Public, Republicans Locations: Spokane, —, forbearance

Georgetown University in Washington, D.C. Not everyone with debt would have been covered under the Biden administration’s student loan forgiveness plan. The Supreme Court has barred the Biden administration from carrying out its plan to extinguish up to $20,000 in federal student loan debt, and millions of borrowers will continue to struggle under the weight of their loans. Ms. Schmidt owes $64,000 in student debt, more than half of which is for her graduate work in nursing. But she’s already contemplating how she’ll finance her dream of becoming a civil rights lawyer, which typically requires an additional six figures in student debt. Yet her mother is still paying down student debt of her own.

Persons: Biden, Gina McDavitt, weren’t, Pell, “, ”, McDavitt, ” Ms, Ms, Monica Schmidt, Schmidt, Kevin Serna, Dorien Rogers, Rogers, Asha Anthony, she’s, —, Anthony, Mr, don’t, Joanna Leiserson, Brian Kaiser, “ I’m, Leiserson Organizations: Georgetown University, Biden, College of San, San Francisco State University, The New York Times, University of Phoenix, Northern Illinois University, Public, Schaun, Tax, Howard University, Salisbury University, The New York, Republicans Locations: Washington ,, College of San Mateo, Bay, Vallejo , Calif, Genoa, Ill, Germantown, Md, Credit, Montgomery County, Mesa, Maryland, Spokane, —, forbearance

NEW YORK/LONDON, June 1 (Reuters) - A bill backed by debt justice campaigners and civil society groups advocating on behalf of economically distressed countries could alter past and future sovereign debt restructurings covered by New York state law - and Wall Street is watching. Senate Bill S4747, the NY Taxpayer and International Debt Crises Protection Act, "relates to New York state's support of international debt relief initiatives for certain developing countries." The initiative has so far failed to accelerate debt relief talks, while private creditors are not even formally included in this initiative. It would "bring badly needed improvements to the framework for resolving unsustainable sovereign debt burdens," according to Nobel Prize-winning U.S. economist Joseph Stiglitz. If this bill passes, "I would recommend issuers not go through New York law, (but) through London or any other jurisdiction," said Rodrigo Olivares-Caminal, professor of banking and finance law at Queen Mary University of London.

Persons: Bill S4747, Alexander Flood, Patricia Fahy, Kathy Hochul, Joseph Stiglitz, Rishikesh Ram Bhandary, THE BILL, Rodrigo Olivares, Caminal, Rodrigo Campos, Jorgelina, Karin Strohecker, Aurora Ellis Organizations: NY Taxpayer, Senate, Institute of International Finance, Paris Club, China, WHO, Economic, Initiative, Boston, Global, Policy, THE, Queen Mary University of London, Thomson Locations: New York, United States, Ukraine, Sri Lanka, Zambia, Rishikesh, London, Paris, Brazil, Argentina, Rosario

☆ Yes, You Can Put Your Taxes on a Credit Card. Here’s How to Make It Work
▼ + stars: | 2023-03-23 | by ( ) www.wsj.com time to read: +14 min

Sign-up bonusesA much better strategy, according to credit card experts, is to use a hefty tax payment to help you qualify for a generous sign-up bonus on a new credit card. Downsides of paying taxes with a credit cardIn addition to fees, paying your taxes with a credit card isn’t without downsides. Most credit card issuers report your credit card balances and the amount of available credit to all three major credit bureaus monthly. Although having a large balance on a credit card can impact your credit score, the effects aren’t permanent. How to pay federal taxes with a credit cardThe IRS does not directly accept tax payments via credit card.

☆ How to Fill Out a Form 1040
▼ + stars: | 2023-03-20 | by ( ) www.wsj.com time to read: +15 min

Form 1040 contains every figure the IRS needs to calculate your tax bill or refund. The form is identical to Form 1040, but with larger text that makes the form easier to read.) Filing status and personal informationAt the top of Form 1040, you’ll indicate your filing status and provide your basic personal information. If you make estimated tax payments throughout the year, you might want some of your overpayment applied to your estimated tax payments for the following year. Signatures on Form 8879 can be electronic or physical, and once the form is signed you can submit your return for e-filing.

Our experts answer readers' tax questions and write unbiased product reviews (here's how we assess tax products). While the official date to file taxes this year is April 18, people have the option to postpone and file for an extension instead. See Insider's picks for the best tax software »Insider's Featured Tax Software TurboTaxTax SlayerH&R Block Tax Software Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Editor's Rating 4.2/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.6/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Learn more On TurboTax's website Learn more On Tax Slayer's website Learn more On H&R Block's websiteMyth No. "You can only file for one extension, giving you six more months to file your tax return," he says.

☆ Here’s when you should expect to receive your tax refund in 2023, according to the IRS
▼ + stars: | 2023-02-12 | by ( Jasmin Suknanan | Elizabeth Gravier | ) www.cnbc.com time to read: +2 min

While we have yet to see how the average refund size Americans receive in 2023 will compare to last year's refunds, here's what you need to know about how long you might have to wait for your refund check. Jan. 23, 2023 marked the beginning of tax season as the Internal Revenue Service (IRS) began accepting and processing 2022 tax returns. Last year, Americans received an average refund of $3,253 for their 2021 tax returns, NBC News reported. This year, though, the IRS is urging caution to any taxpayer who received from their state last year any special inflation-related tax relief or payments. You also have the option to receive live assistance or have a tax professional file your taxes on your behalf, which can decrease the likelihood of a mistake delaying your refund.

☆ Tax credits vs. tax deductions: How they differ, and what to know before you file
▼ + stars: | 2023-01-31 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Tax credits offer a dollar-for-dollar reduction in liabilityA tax credit offers a dollar-for-dollar reduction of your taxes. For example, let's say you get a $1,000 tax credit and have a $5,000 tax liability. It's therefore a more indirect way of cutting your taxes relative to tax credits, which directly lower your actual tax liability. On the other hand, a $1,000 tax credit would shave $1,000 off their actual tax bill total. Tax deductions are a lot more valuable [for people] in the 37% tax bracket than someone in the 10% tax bracket.

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