IRS Suggests Delaying Filing 2022 Taxes If You Received Inflation Relief Funds
FILE - The exterior of the Internal Revenue Service (IRS) building in Washington, on March 22, 2013. With an $80 billion infusion of funds through Democrats' flagship climate and health law, and a direct hiring authority that has helped rebuild its ranks, the IRS is beginning to see a "light at the end of the tunnel" of its customer service struggles, says the National Taxpayer Advocate. (AP Photo/Susan Walsh, File)
It's tax season and while some Americans are looking to get a jump on filing months ahead of the April 18 deadline, the IRS is suggesting that some people hold off.
The IRS is weighing whether to consider state tax rebates as taxable income. The funds in question were provided by 19 states to offer taxpayers inflation relief. Some states have already made the decision that the inflation relief refunds are not taxable. The IRS is now considering how to handle them on the federal level.
"There are a variety of state programs that distributed these payments in 2022 and the rules surrounding them are complex," the agency said in a statement.
The issue is also cause for concern for tax pros who are seeking guidance on how to accurately help Americans file their returns. Some are considering processing returns and making amendments once a decision has been made.
The affected states include Alaska, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Maine, Massachusetts, Minnesota, New Jersey, New Mexico, Oregon, Rhode Island, south Carolina and Virginia.
The IRS said it expects to make a decision on the matter in the coming days.
More executives are feeling better about the global economy. But a growing number don’t think their companies will survive the coming decade without a major overhaul because of pressure from climate change and technology like artificial intelligence.
The International Olympic Committee has signed the first beer brand in the 40-year history of a sponsorship program that earns billions of dollars for the organization and international sports.
The latest calculations from several science agencies showing Earth obliterated global heat records last year may seem scary. But scientists worry that what’s behind those numbers could be even worse.
Along with the $122 million from delinquent millionaires in October, nearly half a billion dollars in back taxes from rich tax cheats has been collected.
Greg Moran, CEO of Zoomcar, joined Cheddar to talk about the growth of the car-sharing platform, the company's recent debut on the NASDAQ, and its continued work in emerging markets.
