Tax return news
Here are some recent news updates related to taxes and tax returns:
IRS Updates
- The IRS has extended the deadline for filing individual tax returns to May 17, 2022, due to the COVID-19 pandemic. (Source: IRS.gov)
- The IRS has announced that it will begin accepting tax returns on January 24, 2022, for the 2021 tax year. (Source: IRS.gov)
Tax Law Changes
- The American Rescue Plan Act of 2021 has increased the Child Tax Credit and made it fully refundable for the 2021 tax year. (Source: IRS.gov)
- The Tax Cuts and Jobs Act (TCJA) has reduced individual tax rates and increased the standard deduction for the 2021 tax year. (Source: IRS.gov)
Tax Scams and Fraud
- The IRS has warned taxpayers about a new phishing scam that targets individuals who have filed for the Earned Income Tax Credit (EITC). (Source: IRS.gov)
- The IRS has issued a warning about a new tax scam that targets small businesses and individuals, claiming to be from the IRS and demanding payment for fake tax debts. (Source: IRS.gov)
Tax Refunds
- The IRS has announced that it will begin issuing tax refunds for the 2021 tax year on February 12, 2022. (Source: IRS.gov)
- The IRS has reported that it has issued over 100 million tax refunds for the 2021 tax year, with an average refund amount of $2,741. (Source: IRS.gov)
Tax Preparation and Filing
- The IRS has announced that it will offer free tax preparation and filing services through the Volunteer Income Tax Assistance (VITA) program for low-to-moderate-income individuals. (Source: IRS.gov)
- The IRS has launched a new online tool, the "Get Transcript Online" tool, which allows taxpayers to view and print their tax transcripts online. (Source: IRS.gov)
State and Local Tax News
- California has passed a new law that requires taxpayers to file their state tax returns electronically, starting with the 2022 tax year. (Source: California Franchise Tax Board)
- New York has announced that it will begin accepting tax returns for the 2021 tax year on January 25, 2022. (Source: New York State Department of Taxation and Finance)
These are just a few examples of recent tax-related news. It's always a good idea to stay informed about changes to tax laws and regulations to ensure you're in compliance and taking advantage of available tax benefits.