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.
Americans' credit card debt reached a record high in the third quarter.
Target announced that it's rolling out a pre-set meal to feed up to four people for under $25.
You might already be planning your Thanksgiving menu as the holiday approaches. Some retailers are offering deals that could help your pockets as you budget for those large family gatherings.
Management employees who work for AT&T are now being offered paid time off to care for their loved ones.
Jade Warshaw, personal finance expert and co-host of 'The Ramsey Show, joined Cheddar News to provide tips on how to save on engagement rings and to look at cheaper alternatives.
As the country watches the financial situation and monitors decisions from the Federal Reserve, many may be re-evaluating what to do with their money, with interest and mortgage rates at some of the highest levels seen in decades. Mark Hamrick, Washington bureau chief and senior economic analyst with Bankrate, joined Cheddar News to provide tips on your money management as monetary policy continues to change.
A Dutch recruitment firm found that only 42% of employees who have been laid off this year actually received severance, down from 64% who received severance in 2021.
Direct deposit delays due to a human error that happened last week have resulted in some customers still not receiving their paychecks.
Nestle is reportedly investing $100 million in food delivery startup Wonder Group.
Arturo Béjar testified before a Senate subcommittee on Tuesday about social media and the teen mental health crisis, hoping to shed light on how Meta executives, including Zuckerberg, knew about the harms Instagram was causing but chose not to make meaningful changes to address them.
