Due to the devastating nature of the wildfires currently raging in California, the Internal Revenue Service (IRS) has extended most tax deadlines for people and businesses in affected areas to January 15, 2021. 

Efforts to flatten the coronavirus curve have led to extremely high unemployment numbers and lowered business revenues across the country. As businesses and individuals are struggling to stay afloat, the Internal Revenue Service (IRS) and most state revenue departments have responded by creating a variety of tax relief and deferral options. Are you worried about your state tax bill? You may be able to get some relief. Here is an overview of some of the most prominent state-tax relief efforts due to the coronavirus.

The Internal Revenue Service (IRS) is holding over $1 billion in unclaimed income tax refunds from 2015 alone and similar amounts from other years. In some cases, the money was returned to the IRS due to closed bank accounts or wrong addresses. In other cases, refunds sit waiting because taxpayers didn’t file a tax return to claim their refunds.

The IRS gives you until April 15th (or the following business day if April 15th falls on a weekend or holiday) to file your tax return, but ideally, you should file as early as possible. Filing your return early in the tax season gives you a lot of benefits and can potentially even save you money. Wondering why you should file early? Take a look at these reasons:

Established in 1998 to provide independent oversight to the Internal Revenue Service (IRS), the Treasury Inspector General for Tax Administration (TIGTA) regularly audits IRS processes. In September 2019, the group completed an audit of various aspects of the IRS appeals hearing process. The TIGTA found several mistakes that are worrisome for taxpayers.

Over the last five years, the Internal Revenue Service (IRS) has issued over $2 billion in erroneous or fraudulent tax refunds related to amended tax returns. On July 31, 2019, the U.S. Treasury Inspector General for Tax Administration (TIGTA) released a report. The report detailed why these mistakes are happening. It also outlined the actions the IRS should take to get on top of this issue.

Losing your partner can be emotionally debilitating, and on top of dealing with that aspect of the loss, you also have to handle numerous financial issues. Wondering how becoming a widow affects your income tax situation? Here’s a look at some of the essentials.

The most sweeping tax reform in over 30 years, the Tax Cuts and Jobs Act (TCJA) brings a lot of changes for businesses. If you run a business, you’ve probably been making quarterly payments on your 2018 income tax bill already, but you may not realize the whole scope of the changes until you file your 2018 return at the beginning of next year. To help you prepare, here’s a look at some of the most significant changes.

If you requested an extension on your 2017 income tax return, you need to file by October 15th. Just around the corner, this is the absolute last date you can file if you want to avoid serious penalties. Get ready with these tips.

As of September 28, 2018, the Internal Revenue Service (IRS) is ending the Offshore Voluntary Disclosure Program (OVDP). By law, all US citizens and residents are required to report foreign financial accounts to the IRS, if the total value of all their foreign accounts is over $10,000 at any time in the tax year. However, many people were failing to report these amounts.  To help them avoid serious repercussions, the IRS offered a temporary voluntary disclosure program. If you volunteered the information to the IRS, the agency waived some penalties and criminal charges. Here’s what you need to know about this program and its final days: