The Idaho State Tax Commission is urging taxpayers to promptly respond to identity verification letters to protect their tax refunds and prevent fraud. Last year alone, the commission thwarted nearly $30.1 million in fraudulent income tax refunds by sending out over 2,400 identity verification letters. Chairman Jeff McCray emphasized the importance of taxpayer cooperation, stating, … Read more
Taxpayers eagerly awaiting their tax refunds after filing for Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) benefits in the 2024 tax season can now mark their calendars. The IRS has officially announced the refund dates for these filers, shedding light on when individuals can expect their much-anticipated refunds. According to IRS … Read more
Average Tax Refunds Surge in 2024 Tax Season Factors Behind the Increase in Average Tax Refunds According to CBS News, amidst the ongoing challenges of inflation, there’s a glimmer of relief for many Americans as they receive their tax refunds for the 2024 tax season. Recent data from the IRS reveals that the average tax … Read more
California homeowners who made energy-efficient upgrades to their homes in 2023 stand to benefit from significant tax refunds this year. The Inflation Reduction Act of 2022 has expanded tax credits for energy-efficient home improvements, eliminating lifetime limits and offering lucrative incentives for greener living. Under the revised legislation, homeowners can claim two primary tax credits: … Read more
Inflation-adjusted Tax Brackets and Deductions Boost Refunds Proposed Child Tax Credit Changes Aim to Aid Low-Income Families According to First Coast News, millions of Americans have received their tax returns and many are seeing larger refunds this year. The Internal Revenue Service reports that refund amounts are 2% higher than in 2023 with an average … Read more
Delays Persist for Michigan Earned Income Tax Credit and Retirement Tax Rollback Michigan Treasury Department Addresses Backlog with Progress in Tax Return Processing According to 13 On Your Side, compounding the issue further are the delays encountered in processing tax returns associated with the Michigan Earned Income Tax Credit which stands at a notable 30%, … Read more
Implications of a Potential Shutdown on IRS Operations Congressional Action and Uncertainty Surrounding Federal Funding According to CNet, the possibility of a government shutdown looms due to deadlines for a proposed federal spending deal on March 1 and March 8 which could affect agencies like the IRS. If a shutdown occurs during tax season, it … Read more
Taxpayers in Maryland are experiencing delays in receiving their refunds as the state rolls out a new online tax-filing portal. The recent launch of the Maryland Tax Connect portal has caused frustration among filers, with some experiencing difficulties in processing their returns and receiving refunds promptly. Larry Zwick, a small business owner in Catonsville, voiced … Read more
The Internal Revenue Service (IRS) has released the anticipated refund dates for taxpayers who have claimed the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) in their tax returns. Taxpayers across the United States can now plan their finances accordingly as they await their refunds. According to IRS guidelines, taxpayers who have … Read more
Thousands of Maryland residents eagerly awaiting their tax refunds have been met with frustration and uncertainty as delays persist in the processing of returns. The Maryland Office of the Comptroller has attributed these delays to technical issues stemming from the recent launch of their new online tax portal. The system downtime, which occurred between January … Read more