Tax season

Some taxpayers, including those who aren't millionaires, have been hammered by the limit, writes Bloomberg’s Alexis Leondis.

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.

The service offered information on how to elect to apply an overpayment on 2020 taxes against Q1 2021 estimated taxes, which are still due on April 15.

Rep. Lloyd Smucker's legislation is in line with a request from accounting and tax professional groups.

NCCPAP’s Stephen Mankowski shares details from the service on filing date extensions and more.

The Internal Revenue Service is mailing letters to taxpayers explaining why they may not be getting as much of a Recovery Rebate Credit as they were expecting on their taxes.

The Internal Revenue Service responded Tuesday to calls for extending more tax deadlines by giving taxpayers until May 17 to make IRA and HSA contributions and file some refund claims.

The Internal Revenue Service is pushing back the tax-filing deadline until May 17 after heavy pressure from Congress and tax and accounting groups.

For those with less than $150,000 in adjusted gross income who collected unemployment benefits this past year, the COVID relief bill allows them to receive up to $10,200 of those benefits tax-free.

“Even the easy returns are not simple right now,” a CPA says.