Tax planning
How to avoid a tax filing rejection if last year’s return is still pending
Drakula & Co. | Moment | Getty Images The IRS is backlogged and still sifting through tens of millions of pending returns, including many of last year’s filings. If your 2020 return is part of the pileup, there’s a special step for your 2021 electronic filing. The agency processed more than 61.9 million returns as […]
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How to avoid a 6-figure tax penalty on foreign bank accounts
Chuyn | Istock | Getty Images Whether you’re an expat or U.S.-based, you may need to report your foreign accounts to the U.S. Department of the Treasury by April 15 — or face costly tax penalties. The anti-money laundering Bank Secrecy Act of 1970 requires Americans with overseas assets to disclose holdings via a Report […]
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Meet Erin Collins, National Taxpayer Advocate for the IRS
Erin M. Collins Source: Erin M. Collins If you’re one of the millions of Americans grappling with IRS issues, you may not realize there’s another option for your unresolved problems. The Taxpayer Advocate Service, known as TAS, is an independent organization within the agency, providing one-on-one guidance and fighting for systemic changes. Erin Collins, the […]
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The IRS has delivered more than 45 million tax refunds. This is the average payment
Bill Oxford | E+ | Getty Images The IRS has issued more than 45 million tax refunds worth almost $152 billion in total, as of March 11, the agency reported Friday. Nearly half of Americans expect refunds this season, according to a Capital One report, providing a needed financial boost for a large percentage of […]
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