The extension deadline to file taxes is less than two weeks away. Most taxpayers who requested an extension to file their 2024 tax return must file by Wednesday, Oct. 15, to avoid a penalty for filing late. The IRS encourages taxpayers to opt for the fastest and safest option which is to e-file and choose…
Category: US tax news
IRS Quarterly interest rates
IRS sets and publishes current and prior years interest rates quarterly for individuals and businesses to calculate interest on underpayment and overpayment balances. To get the latest information on interest rates sent to your email, subscribe to the IRS Newswire with e-News subscriptions. On this page Current year 2025 quarterly interest rates Prior years quarterly interest…
IRS reminds taxpayers to access or create an IRS Online Account today
Issue Number: IR-2025-43 Inside This Issue IRS reminds taxpayers to access or create an IRS Online Account today WASHINGTON – The Internal Revenue Service reminds taxpayers that it’s not too late to access or create an individual IRS Online Account. An IRS Online Account makes it easy for people to quickly get the tax…
Reminder to those who owe: Payment plan options are available
Issue Number: IR-2025-40 Inside This Issue Reminder to those who owe: Payment plan options are available WASHINGTON — The Internal Revenue Service today reminds taxpayers that they don’t need to wait until April 15 to file their 2024 federal return, and if they owe and are unable to pay the balance in full, there…
IRS reminder to U.S. taxpayers living, working abroad: File 2024 tax return by June 16
WASHINGTON – The Internal Revenue Service today reminded taxpayers living and working abroad that they have until Monday, June 16, 2025, to file their 2024 federal income tax return and pay any tax due. This deadline applies to both U.S. citizens and resident aliens abroad, including those with dual citizenship. In general, on the regular…
US Interest rates remain the same for the second quarter of 2025
Issue Number: IR-2025-29 Inside This Issue Interest rates remain the same for the second quarter of 2025 WASHINGTON — The Internal Revenue Service today announced interest rates will remain the same for the calendar quarter beginning April 1, 2025. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. Here…
Tax filing deadlines
These are some of the applicable deadlines: March 3, 2025 – deadline for RRSP contributions for 2024. February 28, 2025 – T4 and T5 slips have to be issued March 15, 2025 – deadline for first Canadian tax instalments for 2025. March 31, 2025 – deadline for trust returns March 31, 2025 – T3 slips…
2025 tax filing season starts as IRS begins accepting tax returns today; taxpayers have many options for help
IR-2025-18, Jan. 27, 2025 WASHINGTON — The Internal Revenue Service opened the 2025 tax filing season today and is accepting and processing federal individual tax year 2024 returns. During today’s early morning opening, IRS systems have already received millions of tax returns from across the nation for processing. The IRS expects more than 140 million…
IRS releases guidance on tax deadline postponement
By Michael CohnMarch 25, 2020, 10:52 a.m. EDT The Internal Revenue Service posted a frequently asked questions page about the recently announced delay in tax filing and payments until July 15 because of the novel coronavirus pandemic. The Treasury Department announced the postponement of the tax deadline last Friday in response to growing calls to delay the April…
IRS Eliminates Form 3520 Reporting for Canadian RESPs RDSPs and Certain Other Foreign Trusts
Received this notice from ‘THE BRUNTON, STRACHAN & KHAN CPA FIRM, CHARTERED, 4710 NW BOCA RATON BLVD., SUITE #101, BOCA RATON, FL 33431’U.S. citizens and residents1 are generally required to file IRS Form 3520 to report their ownership of, or transactions with, foreign trusts2. The potential penalty for noncompliance is the greater of US $10,000, 35% of the amount contributed to, or distributed from,…