Tax Tips & News | Tax & Financial News (8)

IRS Has Nearly $1 Billion In Unclaimed Refunds

1 minute read

$917 Million In Unclaimed Refunds

The IRS currently has $917 Million for clients in unclaimed refunds for taxpayers just like you, that have not filed a 2009 tax return. If these returns are not filed by the April, 15th deadline, your money then becomes the property of the U.S. treasury. The most common reason for not filing a tax return is that many workers believe they did not make enough money to have to file a return. This very well may be true however, if you worked, you most likely...

IRS Admits Tax Return Processing Delays

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IRS Addresses Delayed Refunds

As many taxpayers now know, this tax season has been anything but a walk in the park. The irresponsible last minute negotiations of our elected officials saved us from going over the fiscal cliff, but it also delayed the filing season by two weeks–the latest start to the tax season in history. Even with the late start of the tax season, many forms were not ready to be accepted by the IRS. Only last week did the IRS finally announce that all tax forms were...

H&R Block Files Client’s Tax Returns Early Delaying Refunds

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Certain H&R Block Client’s Refunds Are Delayed

H&R Block (HRB)–the largest public retail tax preparation company in the United States–has confirmed that they have filed many tax returns containing certain delayed credits too early, causing their clients refunds to be delayed. The primary issue is the Education Tax Credit which was not accepted for electronic filing until recently (February 22nd). This has prompted the IRS to send letters to HRB clients instead of their expected refunds....

Health Insurance Reported On Form W-2

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The following IRS Video explains the new area where Health Insurance coverage is to be reported on future W-2s.

Refunds Delayed For Some Low-Income Taxpayers

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Refund Delays For Some

According to a recent article, refunds are being delayed for some lower income taxpayers; especially those that file for the Earned Income Tax Credit (EITC). The primary reason for the delay is these taxpayers tend to file early, and these returns are particularly susceptible to Identity Theft & fraud. Highlights include:

IRS To Process Depreciation & Education Credits This Week

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IRS To Accept Returns With Form 8863 Feb. 14th

The IRS has announced that as of February 10th, they will begin accepting tax returns with form 4562 (Depreciation & Amortization) attached. Furthermore, as of February 14th, tax returns with form 8863 (Education Credits) will be accepted for processing by the IRS as well. The tax filing season this year was delayed until January 30th this year, however many taxpayer’s returns were delayed even further due to the IRS’ refusal to process forms...

IRS Begins Accepting Tax Returns Today

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IRS Accepting Returns Today

After the longest delay in history, the IRS is now accepting electronic and paper tax returns for tax year 2012 as of January 30th, 2013. The caveat is that many forms for both individual and business returns are further delayed including form 8863 Education credits. The IRS has offered no specific date–only a general time frame of mid to late February–as to when these forms will be accepted. If you are in real need of your refund and you are claiming one of the...

IRS: Can’t Claim Education Credits Until Mid-February

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Please read the following brief from the IRS. Form 8863 (education credits) will not be accepted by the IRS until Mid-February. An exact date has not yet been offered. Any return that is Electronically filed with Form 8863 before the acceptance date will be rejected. Any return that is mailed to the IRS will not be processed until education credits have been approved. If you would like more information, please contact an R&G Brenner professional toll free (888) APRIL-15, or by clicking here.