Category: Taxes & IRS

The IRS is retiring the penalty break that taxpayers with a clean record have had to ask for by phone or by form. For returns originally due on or after January 1, 2027, First Time Abate is replaced by an automatic program that keeps certain late-filing and late-payment penalties from being charged at all. The…

Taxpayers who requested an automatic extension in April have until Thursday, October 15, to file their 2025 federal income tax returns, unless they live in a federally declared disaster area that the IRS has given a later date. The extension covered filing, not paying. Anyone who still owes tax has been building interest and a…

Taxpayers in storm-damaged parts of Michigan, Wisconsin and Mississippi are running out the clock on an IRS postponement that moved a long list of federal tax deadlines to Monday, November 2. The relief has been in place since July, but it does not work the same way in all three states. In Mississippi, a 2025…

The Internal Revenue Service mailed more than 4.2 million notices this year to people who filed a tax return without bank account details, and it held their refunds for the longest time the law allows while it waited for an answer, a federal watchdog has found. The notices were the IRS’s main tool for enforcing…

Taxpayers who asked for more time on their 2025 return are running out of it. The extended filing deadline is Thursday, October 15, and the penalty structure behind that date is harsher than most people who requested an extension expect, because it was never a deadline for paying. The number that does the damage is…

Amazon told investors that it has received roughly $600 million in refunded tariff duties, money the federal government collected under an emergency-powers program the Supreme Court struck down in February. Only part of that sum is heading back to the shoppers who absorbed the higher prices at checkout. The company says it will automatically reimburse…

Importers owed tariff refunds by the U.S. government are now being offered upfront cash buyouts worth 60 percent or more of their pending claims, feeding a secondary market that has grown to an estimated $100 billion as federal processing delays stretch on. The offers come from investors betting they can collect the full refund later,…

Howard Schultz, the former head of Starbucks Corp., has left Seattle for Miami after more than four decades in Washington state, relocating his family office just as state lawmakers passed a first-of-its-kind income tax on millionaires. The timing of his departure, announced the same week the bill cleared its final legislative hurdles, has turned a…

Retirees across the United States lose thousands of dollars each year to preventable tax errors that compound over time, eroding savings that took decades to build. From mandatory withholding on botched rollovers to surprise Medicare premium surcharges triggered by a single year of elevated income, the federal tax code punishes missteps with penalties that hit…

Oregon lawmakers are advancing legislation that would dramatically expand property tax exemptions for large-scale data centers, building on the state’s existing enterprise zone framework to offer abatements stretching up to 15 years. The proposal arrives as tech companies race to build massive server farms to power artificial intelligence workloads, raising hard questions about whether rural…