Entries by admin-wxc

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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 have longer to file. An extension of time to file will also automatically process when taxpayers pay all or […]

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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 National Retail Federation (NRF) and Hackett Associates. “As we entered 2022, the biggest question was […]

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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 businesses have been hit the hardest, with Black-, Asian-, and Latino-owned businesses being significantly more likely to report being in “fair or […]

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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 on their 2021 income tax return as the 2021 Recovery Rebate Credit. Through December 31, 2021, the IRS issued more […]

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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 information about filing deadlines, filers should look to Financial Crimes Enforcement Network’s (FinCEN) website PDF for further information. Filers missing the April deadlines […]

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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 a refund after the IRS receives a return. A manual review may be necessary when a return […]

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IRS warning: Scammers work year-round

WASHINGTON — As the new year begins, the Internal Revenue Service reminds taxpayers to protect their personal and financial information throughout the year and watch out for IRS impersonation scams, along with other schemes, that try to trick people out of their hard-earned money. These schemes can involve text message scams, e-mail schemes and phone […]

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Interest rates increase for the second quarter of 2022

WASHINGTON — The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning April 1, 2022. The rates will be: 4% for overpayments (3% in the case of a corporation); 1.5% for the portion of a corporate overpayment exceeding $10,000; 4% for underpayments; and 6% for large corporate underpayments. Under […]

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Tax Time Guide: Use the Where’s My Refund?

WASHINGTON — The Internal Revenue Service reminds taxpayers today that the fastest and easiest way to check on tax refunds is by using the Where’s My Refund?  tool on IRS.gov or through the IRS2Go mobile app. This year, more than ever before, those who don’t normally have to file a tax return may wish to do so […]