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The Internal Revenue Service is holding 29 million returns for manual processing — delaying refunds for many — because of pandemic-related law changes, processing errors, and fraud detection.
Due to the pandemic, filers got an unusual extension on the regular three-year return-filing window. They now have until May 17, 2024 to claim their refund for tax year 2020.
Of those, about 96% used a refund anticipation check, or RAC, the Treasury Inspector General for Tax Administration estimated in a report last week. Another 4% used a refund anticipation loan, or RAL.
That’s according to CPA Practice Advisor, a publication for tax pros, which each year publishes a refund timeline based on averages for IRS refunds over the last 20 years. The outlet said ...
This means that if you’re getting a tax refund, you’ve essentially given the government an interest-free loan of money that you could have been investing for yourself. That being said, there ...
With a non-refundable tax credit, if the credit exceeds the taxes due then the taxpayer pays nothing but does not receive the difference. In this case, the taxpayer from the example would end with a tax liability of $0 (i.e. they could make use of only $100 of the $300 credit) and the government would not refund the taxpayer the $200 difference.
The average refund amount was $1,395 as of Feb. 2, down 28.9% from $1,963 for the same period last year, the IRS reported. That’s based on nearly 2.6 million refunds disbursed so far versus 7.9 ...
The Tax Relief for American Families and Workers Act of 2024 includes a trio of business deductions that could impact 33 million small businesses and an expansion of the child tax credit, which ...
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