filers

It's official: The tax season kicks off for individual filers on Jan. 23, the IRS announced Thursday.For most taxpayers, you must file your federal return and pay your balance by April 18 this year to avoid racking up penalties and interest."This filing season is the first to benefit the IRS and our nation's tax system from multi-year funding in the Inflation Reduction Act," said acting IRS Commissioner Doug O'Donnell. "With these new additional resources, taxpayers and tax professionals will see improvements in many…

A security flaw on the Florida Department of Revenue website exposed at least hundreds of taxpayers’ Social Security numbers and bank account numbers, a security researcher found. Kamran Mohsin said the security flaw — now fixed — allowed him, or anyone else who was logged in to the state’s business tax registration website, to access, modify and delete the personal data of business owners whose information is on file with the state’s tax authority by modifying the part of the web address that contains the taxpayers’…

Some Florida residents may be keeping a close eye on their finances after a security incident. Researcher Kamran Mohsin tells TechCrunch that Florida's Department of Revenue website had a flaw that exposed hundreds of filers' bank account and Social Security numbers. Anyone who logged in to the state business tax registration site could see, modify and even delete personal data just by modifying the web address pointing to a taxpayer's application number — you just needed to change the digits in the link. There were over…

Cecilie Arcurs | Getty ImagesThere's about one month until the Oct. 17 tax deadline extension, and experts say filers need to prepare, especially for more complicated returns.An estimated all-time high of 19 million American taxpayers filed an extension for their 2021 returns, according to the IRS.Kevin Brady, a certified financial planner and vice president of Wealthspire Advisors in New York, said tax professionals have faced many challenges, including deadline changes and new Covid-19-related legislation."When you…

Colorado businesses have saved more than $750,000 following a reduction in filing fees for new LLCs and trade names that took effect on July 1, according to a news release Monday from Colorado Secretary of State Jena Griswold. The Colorado Business Fee Relief Act, passed in May, reduced new LLC registration fees from $50 to $1, and the fee for trade names from $20 to $1. Griswold said in a news conference that more than 13,000 new business registrations and 4,200 trade names were filed under the lower fee structure. “This…

courtneyk | E+ | Getty ImagesAn audit by the Treasury Inspector General for Tax Administration revealed the IRS has tossed data for millions of payers, sparking anger from the tax community.The material, known as paper-filed information returns in accounting parlance, are sent yearly by employers and financial institutions, and cover taxable activity, such as W-2 forms, with copies sent to taxpayers and the IRS.The continued inability to process backlogs of paper-filed tax returns contributed to management's decision to…