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$1 Billion In Refunds Haven't Been Claimed, IRS Says: Here's Who's Eligible $1 Billion In Refunds Haven't Been Claimed, IRS Says: Here's Who's Eligible
$1 Billion In Refunds Haven't Been Claimed, IRS Says: Here's Who's Eligible More than 1.1 million Americans are owed a share of over $1 billion in unclaimed tax refunds, but time is running out to collect, the Internal Revenue Service (IRS) has announced. Taxpayers have until Tuesday, April 15, to file their returns and claim their refunds before the money is forfeited to the US Treasury. The IRS estimates that the median refund is $781, meaning half of the refunds are higher and half are lower. Who’s Eligible? Many of those who haven't filed may be due more than just their refund. The IRS warns that low- and moderate-income taxpayers could also be missing out on …

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by Joe Lombardi
News
IRS Announces These Changes For 2025 Filing Season IRS Announces These Changes For 2025 Filing Season
IRS Announces These Changes For 2025 Filing Season As the 2025 tax filing season progresses, the Internal Revenue Service (IRS) has outlined key updates taxpayers need to know when preparing their 2024 returns.  These changes affect deductions, tax credits, filing deadlines, and eligibility for various tax benefits. Key Filing Updates and Deadlines The deadline for submitting Form 1040 or 1040-SR for the 2024 tax year is Tuesday, April 15.  Taxpayers are urged to wait until they receive all necessary documents before filing to avoid processing delays or errors. The IRS also recommends creating an IRS Online Account for secu…

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by Joe Lombardi
News
Can IRS Layoffs Affect Your Tax Refund? Here's What To Know Can IRS Layoffs Affect Your Tax Refund? Here's What To Know
Can IRS Layoffs Affect Your Tax Refund? Here's What To Know With layoffs affecting as many as 6,000 Internal Revenue Service (IRS) workers reportedly underway, anxiety has heightened for Americans eager to receive refunds near the midway point of tax filing season. Approximately 140 million returns are expected to be filed by the Tuesday, April 15 deadline. Last year, around two-thirds of taxpayers received refunds, averaging about $3,100, according to IRS data. The IRS opened the 2025 tax filing season on Monday, Jan. 27.  For many households, a tax refund can be the largest annual payment they receive all year, and it's often used to pay off…

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by Joe Lombardi
Business
H&R Block Fined $7M For Deceptive 'Free' Filing Ads, Must Reform Tax Services: FTC H&R Block Fined $7M For Deceptive 'Free' Filing Ads, Must Reform Tax Services: FTC
H&R Block Fined $7M For Deceptive 'Free' Filing Ads, Must Reform Tax Services: FTC H&R Block will pay $7 million in federal fines for deceptive practices and must implement sweeping changes to its filing services in time for the 2025 tax season, officials said. H&R Block reached the settlement with the Federal Trade Commission, the agency announced in a news release on Wednesday, Jan. 8. The order requires the company to revamp its services and pay $7 million to compensate its customers. The settlement stemmed from a February 2024 complaint accusing H&R Block of forcing users to contact customer service to downgrade products. The tax filer was also a…

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by Chris Spiker