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Imports Set New Record at U.S. Ports

Imports at the nation’s major retail container ports set a new record this spring and are expected to see near-record volume this month as retailers bring in merchandise ahead of rising costs and further supply chain issues, according to the…
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Taxpayers who owe and missed the April 18

WASHINGTON — The Internal Revenue Service encourages taxpayers who missed Monday's April 18 tax-filing deadline to file as soon as possible. While taxpayers due a refund receive no penalty for filing late, those who owe and missed the deadline…
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IRS reminds penalty relief related to Employee Retention Credit

WASHINGTON — The Department of the Treasury and the Internal Revenue Service have received requests from taxpayers and their advisors for relief from penalties arising when additional income tax is owed because the deduction for qualified…
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Extensions of time to file tax returns; some taxpayers instantly qualify

WASHINGTON — Taxpayers requesting an extension will have until Monday, Oct. 17, 2022, to file a return. Not everyone has to ask for more time, however. Disaster victims, taxpayers serving in combat zones and those living abroad automatically…
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U.S. Ports Seeing Brief Slowdown From Last Year But Imports Remain High

The nation’s major retail container ports have begun to catch up with the backlog of cargo seen over the past several months but could experience another surge this summer, according to the monthly Global Port Tracker report released by the…
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Many Small Businesses Still Struggling to Come Back from Pandemic

After two years of retooling and resilience, small businesses still face a difficult recovery, with nearly 80% of small businesses reporting continued negative effects and 63% reporting a reduction in revenue compared to 2019. Minority-owned…
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Letters about third-round of Economic Impact Payments issued

WASHINGTON — With the completion of special mailings of all Letters 6475 to recipients of the third-round of Economic Impact Payments, the Internal Revenue Service reminds people to accurately claim any remaining third-round stimulus payment…
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IRS reminds holders of foreign bank of April FBAR deadline

WASHINGTON – The Internal Revenue Service today reminded U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is April 15. For additional…
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Reasons why some tax refunds filed electronically take longer than 21 days

WASHINGTON — Even though the Internal Revenue Service issues most refunds in less than 21 days for taxpayers who filed electronically and chose direct deposit, some refunds may take longer. Many different factors can affect the timing of…