The Internal Revenue Service is sending special statements to the millions of Americans who got monthly payments last year of the expanded child tax credit, part of the pandemic relief program. The agency is also sending letters to the people who got the third stimulus payment last year.
Category: News
High-tax state exodus accelerated during the pandemic, analysis shows
A new report from the Tax Foundation, a nonpartisan group that advocates for lower taxes, found that a growing number of Americans migrated from predominantly blue states like California and New York to red states with lower taxes last year. The findings are based on U.S. Census data as well as new information released this week by U-Haul and United Van Lines.
The clock is ticking on retirement security bills, industry experts say
Lawmakers on both sides of the aisle are motivated to pass another major retirement security package in 2022, but with midterm elections looming in November, time is of the essence, retirement industry sources said.
IRS Issues Annual Report
Since the pandemic began, the IRS has successfully delivered more than $1.5 trillion to people across the nation through Economic Impact Payments, tax refunds and advance Child Tax Credit payments. The Internal Revenue Service has released its annual report for 2021, which details the agency’s work delivering taxpayer service and compliance efforts during the pandemic while highlighting efforts taken by IRS employees to help people during the year.
Get ready for another chaotic tax filing season as an underfunded IRS struggles to stay afloat
Years of financial and administrative neglect by Congress coupled with the devastating impacts of COVID-19 and new responsibilities have sent the Internal Revenue Service spiraling into chaos. The troubles translate into difficulty in processing refunds quickly, auditing returns to catch cheating, and a lack of services to help Americans troubleshoot their filings.
How Can Companies Encourage Financial Wellness to Employees? Experts Weigh In
As workplaces across the U.S. continue to bear the brunt of the Great Resignation, with employees leaving in droves thanks to a shifting of priorities amid the ongoing pandemic, businesses are looking at ways to keep and attract talent. Companies are rolling out sought-after benefits such as flexible hours and higher wages, but the pressure is also on them to provide wellness programs.
I want to be a millionaire by 40, so I asked financial advisors and accountants for their 6 best tips
I asked financial advisors and accountants for the patterns they see among their self-made millionaire clients. They said these clients have emergency savings, take full advantage of employer benefits, and play the long game. They also work hard and stick to a budget to make choices for their money. {Author: Jen Glantz}
3 Social Security Changes Arriving in 2022
Social Security has been around for decades. And yet the program still undergoes its share of changes. Here are some big ones that workers and seniors alike can expect this year.
Spending, Tax Fights Loom for Congress After a Bustling 2021
Democrats, with bare majorities in Congress on the line in the November midterm elections, are trying to advance President Joe Biden’s social safety net promises this year while Republicans decry what they see as escalating costs. Taxes, climate initiatives, and how best to help U.S. companies compete against China will figure prominently as both parties seek advantage in the session beginning Jan. 3.
Social Security’s Record 2022 Increase Isn’t All It’s Cracked Up to Be
This fall, the Social Security Administration announced that roughly 70 million Americans will see a 5.9% bump in their Social Security payments in 2022. This increase is the highest cost-of-living adjustment in nearly 40 years. Unfortunately, the raise is due to the high inflation that Americans are seeing across the economy on things like healthcare, food, living expenses, and more.