Tax refunds

Taxpayers and clients have scads of wrong ideas about taxes — and they have even more wacky notions about tax refunds.

Time is running out for nearly 940,000 individuals to claim refunds from 2020, with a May 17 deadline approaching for filing the necessary tax returns.

With the final stats from this year's filing in, it seems clear that it was one of the most normal in years.

Taxpayers who filed early this year and reported state tax refunds they received in 2022 as taxable income should consider filing an amended return.

With input from tax influencers, a Keeper report discusses five enduring Tiktok myths about personal finances.

The agency said unexpectedly that it was still deciding whether state rebates to taxpayers were taxable income.

NTA Erin Collins expressed concern Wednesday about continuing delays by the service in processing tax returns filed on paper last year.

The Internal Revenue Service is holding up millions of tax refunds for manual processing and its systems were unable to process many of the quarterly payments that needed to be sent by April 15.

A COVID-wrecked economy has changed the calculus for some financial planners.

An estimated 9 million people haven't yet received Economic Impact Payments provided under the CARES Act.

The agency finalized plans to stop the temporary procedures for Forms 1045 and 1139.

By law, these payments are taxable so clients will need to report them on their 2020 federal income tax returns.

This may be the final chance for eligible clients to submit for the additional economic impact payments under the CARES Act this year.

“Time is quickly running out for these taxpayers," IRS Commissioner Chuck Rettig said in a statement.

The Internal Revenue Service won’t charge people who threw their stimulus money away because they thought the envelope was junk mail.

The Internal Revenue Service and the Treasury Department are beginning to send nearly 4 million economic impact payments by prepaid debit card, instead of by paper check or direct deposit.

The Internal Revenue Service is bringing in more help to deal with the flood of calls about economic impact payments.

The IRS is giving taxpayers who want to receive their payments by direct deposit a tight deadline.

The Internal Revenue Service has posted information on how people who weren’t supposed to receive their economic impact payments for the novel coronavirus pandemic should return the money.

Despite the July 15 deadline extension as a result of the coronavirus, some taxpayers are advised to file early.