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Tax season

Mentorship, education are seen as ways to tackle accountant shortage

by Elizabeth Trovall
Apr 12, 2024
​The industry is trying to reverse the decline in college students studying accounting with incentives like scholarships and mentoring.
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The cost of tax season is getting higher

by Stephanie Hughes
Mar 15, 2024
Tax preparation costs are sharply higher this year as the demand for preparers has risen. Software prices have also increased.
A shortage of accountants means that tax preparers still doing the job can charge more, especially at the height of tax season.
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If your student loans were forgiven last year, what does that mean for your tax bill?

by Samantha Fields
Feb 15, 2024
Due to a temporary change in the law, student loan forgiveness is not considered federally taxable income. State tax laws vary, though.
Anyone who received forgiveness in 2023 or gets it in the next two years doesn’t have to worry about federal taxes.
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Some accountants are turning away new customers this tax season

by Savannah Maher
Feb 12, 2024
Between a wave of retirees and a drop in the number of people graduating with accounting degrees, the whole profession is struggling to staff up.
With plenty of CPAs booked solid this tax season, some firms are looking overseas for labor.
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Could return-free tax filing actually be on the horizon?

by David Brancaccio , Chris Farrell , Erika Soderstrom and Jarrett Dang
Mar 30, 2023
The idea has been thrown around for a while now, but new IRS funding may help it become a reality.
Return-free filing has been adopted in many other countries, and there's growing pressure in the U.S. to adopt a similar system.
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Expect a messy tax season after last year's delays

by Kristin Schwab
Jan 17, 2022
Some 6 million returns from last year have yet to be processed. Delays could snowball for seasons to come.
File your taxes early, experts advise. Delays in moving last year's returns through the system could stall processing this year.
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IRS urges taxpayers to prepare to file ... and to wait

by Amanda Peacher
Jan 13, 2022
In a statement Monday, the agency warned that it is still addressing a backlog of taxpayer inquiries from the past year.
Anticipating a high volume of calls and the ensuing backlog, the IRS is urging people to prepare as much as possible this tax season.
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COVID-19

Your tax questions, answered

by Janet Nguyen
Mar 30, 2021
Up to $10,200 in unemployment benefits is tax-free. What do you do if you already filed your return?
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This year's tax season is likely to be more stressful than usual

by Kimberly Adams
Feb 12, 2021
For a lot of people, the last year has been weird, from a tax standpoint.
Though the start of tax season was delayed, the traditional filing deadline is back.
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COVID-19

COVID-19 relief: Direct checks and a 90-day tax extension

by Janet Nguyen
Mar 17, 2020
"Americans need cash now," Treasury Secretary Steven Mnuchin says at a press conference.
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