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IRS May Owe Millions in COVID Tax Refunds as Court Ruling Extends Filing Deadlines

IRS May Owe Millions in COVID Tax Refunds as Court Ruling Extends Filing Deadlines

A recent court ruling in the case of Kwong v. United States has determined that tax filing extensions during disasters should have applied to the COVID-19 pandemic. This decision means that millions of Americans who were penalized for late tax filings during the pandemic may be eligible for refunds. The ruling covers the period from January 20, 2020, to July 10, 2023, and taxpayers have until July 10, 2026, to file for these refunds. The IRS is not automatically issuing refunds, so eligible taxpayers must submit Form 843 to claim their refunds. The decision is not final, and the U.S. government may appeal, potentially prolonging the legal process.
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Court Ruling May Entitle Millions to COVID-Era Tax Refunds

Court Ruling May Entitle Millions to COVID-Era Tax Refunds

A recent court ruling in the case of Kwong v. United States may allow millions of Americans to claim refunds for penalties incurred during the COVID-19 pandemic. The U.S. Court of Federal Claims determined that tax filing extensions applicable during disasters should have been extended to the pandemic period, which lasted from January 20, 2020, to July 10, 2023. This decision means that penalties for late filing or payment during this time should not have been applied, making affected taxpayers eligible for refunds. However, the ruling is not final, and the government may appeal. Taxpayers have until July 10, 2026, to file for these refunds, using Form 843 to claim their entitlements.
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IRS May Owe Taxpayers Refunds for Pandemic-Era Penalty Relief, Action Required by July 10

IRS May Owe Taxpayers Refunds for Pandemic-Era Penalty Relief, Action Required by July 10

IRS May Owe Taxpayers Refunds for Pandemic-Era Penalty Relief, Action Required by July 10
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Fed Chair Jerome Powell's Decision to Stay on Board Breaks Precedent, Frustrates President Trump

Fed Chair Jerome Powell's Decision to Stay on Board Breaks Precedent, Frustrates President Trump

Fed Chair Jerome Powell's Decision to Stay on Board Breaks Precedent, Frustrates President Trump
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Insider Trading Fears Arise from $7 Billion Oil Bets Amid Iran-US Tensions

Insider Trading Fears Arise from $7 Billion Oil Bets Amid Iran-US Tensions

Insider Trading Fears Arise from $7 Billion Oil Bets Amid Iran-US Tensions
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Jack Schlossberg Proposes Monthly Child Tax Credit Payments to Support NYC Families

Jack Schlossberg Proposes Monthly Child Tax Credit Payments to Support NYC Families

Jack Schlossberg, a Democratic candidate for New York's 12th Congressional District and grandson of former President John F. Kennedy, has proposed a plan to modify the existing IRS Child Tax Credit. His proposal, dubbed the 'Monthly Moms Bonus,' aims to transform the current annual credit into monthly payments. This initiative is designed to provide immediate financial support to families, with payments directly deposited into parents' bank accounts. The plan suggests using $1 billion, which some Senate Republicans have earmarked for White House security updates, to partially fund the initiative. Schlossberg's proposal also includes restoring and expanding the Child Tax Credit to levels seen during the COVID-era American Rescue Plan, offering $300 per month for children under six and $250 for older children. This proposal is part of Schlossberg's campaign as he seeks to fill the seat of retiring Rep. Jerry Nadler.
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US Beef Prices Remain High Due to Drought and Industry Consolidation

US Beef Prices Remain High Due to Drought and Industry Consolidation

US Beef Prices Remain High Due to Drought and Industry Consolidation
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IRS May Owe Refunds for COVID-19 Era Penalties, Deadline Approaches

IRS May Owe Refunds for COVID-19 Era Penalties, Deadline Approaches

The IRS may owe refunds to millions of taxpayers who were penalized for late tax filings during the COVID-19 pandemic. A federal court ruling in the case of Kwong v. U.S. determined that emergency laws extended tax filing deadlines, potentially entitling taxpayers to refunds for penalties assessed between January 2020 and July 11, 2023. The national taxpayer advocate has highlighted the urgency for affected individuals to apply for relief by the July 10, 2026 deadline. Eligible taxpayers include those who filed late returns, paid penalties, or filed international information returns late. The IRS had imposed over 120 million penalties during this period. The ruling is still under litigation, and taxpayers are advised to file claims to preserve their rights.
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IRS May Owe Taxpayers Refunds for COVID-19 Era Penalties Due to Court Ruling

IRS May Owe Taxpayers Refunds for COVID-19 Era Penalties Due to Court Ruling

The IRS may owe refunds to taxpayers penalized during the COVID-19 pandemic for late tax filings, following a federal court ruling. The case, Kwong v. U.S., determined that emergency laws extended tax filing deadlines, potentially entitling taxpayers to refunds for penalties assessed between January 2020 and July 2023. The national taxpayer advocate is urging taxpayers to review their situations and file claims for refunds or abatements by the July 10 deadline. The IRS had imposed over 120 million penalties during this period. The ruling is still under litigation, and the Treasury Department, under President Trump's administration, argues the decision misinterprets statutory language.
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Biglaw Insider Trading Scheme Unveiled: Legal Professionals Implicated in Major Scandal

Biglaw Insider Trading Scheme Unveiled: Legal Professionals Implicated in Major Scandal

Biglaw Insider Trading Scheme Unveiled: Legal Professionals Implicated in Major Scandal
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Ex-NFL Player Joel Rufus French Sentenced to 16 Years for $197 Million Medicare Fraud

Ex-NFL Player Joel Rufus French Sentenced to 16 Years for $197 Million Medicare Fraud

Joel Rufus French, a former NFL player and NCAA All-American, has been sentenced to 16 years in prison for his involvement in a massive Medicare fraud scheme. The U.S. Department of Justice announced that French defrauded Medicare and the Civilian Health and Medical Program of the Department of Veterans Affairs out of $197 million. The scheme involved foreign telemarketers targeting elderly Americans to accept unnecessary orthotic braces, with French obtaining health insurance and personal information from these individuals. He was convicted on charges including conspiracy to commit health care fraud and wire fraud, and conspiracy to commit money laundering. French will also pay over $110 million in restitution and forfeit nearly $17 million in assets.
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U.S. Court of International Trade Rules Trump's Tariffs Unlawful, Importers Face Uncertain Refunds

U.S. Court of International Trade Rules Trump's Tariffs Unlawful, Importers Face Uncertain Refunds

U.S. Court of International Trade Rules Trump's Tariffs Unlawful, Importers Face Uncertain Refunds