The IRS is reminding taxpayers that if their 2025 tax return claims either the Earned Income Tax Credit or the Additional Child Tax Credit, it could be subject to delays. That’s because of a provision that prevents the IRS from issuing any refunds tied to those claims until after mid-February, no matter when you file…
Americans are expecting hundreds of billions in tax refunds this year, with the average refund expected to be about $3,800 for the 2026 tax season, according to recent reports. And, with millions of people carrying record levels of debt right now — household debt now exceeds $18.5 trillion — the tax refunds issued by the…
The IRS said in a statement that it will continue operations under the current lapse in appropriations until further notice, using funding from 2022 legislation. Taxpayers can expect IRS operations to continue as normal, with offices maintaining regular hours, online self-service help tools available and other services continuing as usual. READ MORE
The Internal Revenue Service is asking seasoned employees without any direct tax experience to perform entry-level tasks of answering phones and processing tax returns, a step impacted staff call unprecedented as the agency scrambles to prepare for filing season. The reassigned workers, who are being detailed out on an involuntary basis, are coming from the…
The Internal Revenue Service (IRS) deadline for filing certain tax forms—January 31, 2026—has now passed, and penalties may apply for filings that are either late, incorrect, or not sent to recipients on time. Read More
The tax cut isn’t coming from the federal government, but a handful of states. Eight states, including Kentucky, lowered their income tax rate, effective Jan. 1, according to the nonprofit thinktank Tax Foundation. Read more
The “One Big Beautiful Bill” act will go into effect for the 2026 filing season, bringing major tax changes and in some cases bigger deductions. Read more
Tax Day is coming. And if you work best against a deadline, here are several to jot down on your calendar. Read more
Taxpayers who buy a new car assembled in the U.S. may be able to deduct up to $10,000 on their tax returns beginning in 2025. The IRS has now issued additional guidance in the form of Proposed Regulations to help taxpayers understand the new car loan interest deduction under the One Big Beautiful Bill Act…
For some people, tax refunds could turn out to be much fatter in 2026 than they’d expect after dramatic changes in key tax rules hit 2025 federal income tax returns. Read more
