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.
The promise of self-checkout was alluring: Customers could avoid long lines by scanning and bagging their own items, workers could be freed of doing those monotonous tasks themselves and retailers could save on labor costs.
Monsanto was ordered to pay $857 million to students and parent volunteers at a Washington school.
A federal judge has struck down hundreds of lawsuits filed against the makers of Tylenol and generic acetaminophen.
California regulators are preparing to vote on new rules for turning recycled wastewater into drinking water.
Hackers accessed Xfinity customers’ personal information by exploiting a vulnerability in software used by the company, the Comcast-owned telecommunications business announced this week.
Some folks want to leave the cold for a quick getaway. Bobby Laurie, travel expert, joined Cheddar News to provide tips on how and when to look for a winter escape.
Julia Pollak, chief economist with ZipRecruiter, joined Cheddar News to provide tips on navigating a job loss and explain the benefits of working with a recruiter to find new employment.
A pair of sneakers that were made for director Spike Lee sold for more than $50,000 at auction.
Union members for Anheuser-Busch are looking for a better deal and they are willing to go on strike.
New data from the National Association of Home Builders shows that falling mortgage rates have improved homebuilder confidence and increased demand to buy homes.
