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Taxpayers aren't the only ones disappointed with taxes this year

May 15, 2023
Federal tax revenue is coming in short while the debt ceiling remains unresolved. The problem was signaled by meager refunds.
So far this fiscal year, the IRS has brought in an estimated $250 billion less than forecast, possibly caused by lower capital gains tax receipts and postponed filing in California.
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Tax refunds are smaller this year — and fewer people are getting them

May 12, 2023
Blame the termination of benefits that came with pandemic emergency measures.
The average refund amount is down more than 7% from last year so far, according to the IRS.
Stefani Reynolds/AFP via Getty Images

You can pay your taxes in cash — if you're up for the challenge

Apr 17, 2023
Jay Zagorsky of Boston University paid his taxes in $100 bills and exact change. A cashless society has some disadvantages, he says.
"There are some advantages of cash that we're going to lose once we suddenly go to a pure cashless economy," says Boston University professor Jay Zagorsky.
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Your tax refund may be smaller this year

Apr 5, 2023
Pandemic tax credits have dried up, like the temporary expansion of the child tax credit and the earned income tax credit.
Without pandemic-era expanded tax credits, low- and middle-income families will likely see lower tax returns.
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Were last year's state payments taxable? Taxpayers wait while the IRS decides.

Feb 9, 2023
It's will depend on why the payments were made and who got them.
The Internal Revenue Service building in Washington. Even though tax season is upon us, the agency hasn't yet ruled whether special payments from states will be exempt.
Stefani Reynolds/AFP via Getty Images

The IRS aims to improve customer service by hiring 5,000 additional workers

Sep 15, 2022
The agency's budget has been shrinking, its workforce is aging, and it's been saddled with new responsibilities.
Treasury Secretary Janet Yellen tours a new technology workspace at the Internal Revenue Service on Sep. 15. The agency is receiving $80 billion to upgrade technology and hire more staff.
Saul Loeb/AFP via Getty Images

Millions of college students are eligible for tax credits. But they have to file for them.

Apr 14, 2022
Students may be entitled to additional money if they're not claimed as dependents.
Students at the University of California, Berkeley. College students may be entitled to tax benefits and pandemic relief payments.
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Tax deadline fast approaching: Is the IRS ready?

Mar 25, 2022
It's still working through backlogs from previous couple of years.
Some people still haven’t gotten their 2020 tax refunds.
Stefani Reynolds/AFP via Getty Images

IRS urges taxpayers to prepare to file ... and to wait

Jan 13, 2022
In a statement Monday, the agency warned that it is still addressing a backlog of taxpayer inquiries from the past year.
Anticipating a high volume of calls and the ensuing backlog, the IRS is urging people to prepare as much as possible this tax season.
Justin Sullivan/Getty Images

IRS tells payment apps to report business transactions over $600

Jan 7, 2022
The threshold used to be much higher.
As the number of self-employed workers expands, the IRS is requiring online payment platforms like PayPal to report transactions greater than $600. The threshold used to be $20,000.
Eric Piermont/AFP via Getty Images