Interesting IRS News

1. The IRS approved $71.6 billion of personal income-tax refunds as of March, 2000. This number is up 17% from last year. The average refund was $1,731, up 5.8%.

2. Electronic filing with the IRS is up 14% from last year. As of February 2000, the IRS has received about 21.2 million individual income-tax returns over the Internet.

3. Interest rates will rise next quarter on IRS underpayments and overpayments. The rate will rise from 8% to 9% on underpayments.

4. IRS rates job-hunting expenses as one of the most overlooked deductions. See your CPA for details. You will be surprised.

5. Time is running out to claim old refunds. If you know anyone of the 1.6 million people who paid taxes for 1996 but never filed a return, you should tell them they will lose their refund if they don't file by April 15. Over $2 billion in refunds will be lost to taxpayers if they miss this date. The IRS says you can claim a refund by filing within three years.

These articles provide general information on tax, accounting, and financial topics for small businesses and individuals. They are educational in nature and are not specific legal, accounting, financial, tax, or other professional advice, and should not be relied upon as such. This content was prepared by Service2Client and may have been reviewed or edited by the website owner for accuracy and compliance. Look for a trust mark below for verification details. No representation is made that any approach described will achieve a particular result, and no regulatory or professional body has reviewed or endorsed this content. Because each situation is different, readers should consult a qualified professional about their specific circumstances before acting. Images accompanying these articles are protected by copyright and may not be copied or reused.

Dynamic Content Powered by Service2client.com
SEO Content Powered by DynamicPost.net