Latest news with #taxseason
CBS News
2 days ago
- Business
- CBS News
Is June too late to consider tax relief?
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. If you haven't paid your IRS tax bill yet, you may want to pursue tax relief as soon as possible. Getty Images By June, the rush of tax season is long gone. The reminders about filing your taxes by the annual deadline have slowed to a crawl, the tax-related headlines have moved on and most people have checked filing and paying their taxes off their to-do lists. But if you're still carrying tax debt owed to the Internal Revenue Service (IRS) bill, that unpaid bill can start to feel heavier as the weeks go by. At this point, you may also feel unsure about your options for catching up. After all, the IRS expects to be paid by the April 15 filing deadline, and the interest is racking up on your unpaid tax debt. In turn, you might be worried that any opportunity to fix the situation has already come and gone. That's especially true if you're hearing more from the IRS than you'd like. But while the calendar has moved on from tax season, your chance to address what you owe hasn't necessarily disappeared. Whether you're behind by a little or a lot, it's important to get ahead of potential collection efforts before they escalate. Is it too late to consider your tax relief options, though? Find out how to get help with your tax debt today. Is June too late to consider tax relief? In short, no — June is not too late to seek tax relief. While the official tax deadline has passed, the IRS doesn't stop working after April 15, and neither do your options. In fact, if you've already filed your return but haven't paid off your tax bill, you're in a better position than someone who hasn't filed at all. The IRS knows what you owe and may already be assessing penalties and interest, but they also want to work with taxpayers who are actively trying to resolve their debts. Here's what hasn't changed in June: You can still apply for a payment plan to spread out your balance over time. You may be able to negotiate with the IRS If your financial situation is especially tight, you might qualify to temporarily pause IRS collection efforts You could even apply for certain types of penalty relief What has changed, however, is the clock. As more weeks pass, interest continues to accrue, and unpaid taxes can eventually lead to enforcement actions, like wage garnishment, bank levies or tax liens. June isn't too late to get ahead of those consequences, but the window of opportunity won't stay open forever. Explore the tax relief options available to you now. How can I pursue tax relief now? If you owe taxes and haven't paid, here's how to take control of the situation now, before things get worse: Know what you owe Check your IRS balance online using the agency's online portal. It shows your current debt total, including interest and penalties, and helps you avoid being caught off guard. Consider your payment plan options The IRS offers both short-term and long-term payment plans: A short-term plan (for balances under $100,000) gives you up to 180 days to pay in full. A long-term plan (aka an installment agreement) lets you pay monthly over several years, though setup fees may apply. These can often be set up online, and they'll help stop additional collection actions as long as you stay in compliance. Explore other IRS relief programs If you can't realistically pay the full amount, even over time, you may qualify for one of these options: Offer in Compromise: You propose an amount you can afford to pay, and if the IRS accepts, the rest is forgiven You propose an amount you can afford to pay, and if the IRS accepts, Currently Not Collectible status: If paying would leave you unable to cover basic living expenses, the IRS may temporarily halt collection efforts. Your debt doesn't go away forever, but it buys you time. If paying would leave you unable to cover basic living expenses, the IRS may temporarily halt collection efforts. Your debt doesn't go away forever, but it buys you time. Penalty abatement: If this is your first time being late or you're facing unexpected hardship (like a medical emergency or job loss), you may qualify for penalty forgiveness Get professional help if needed Tax debt can be complicated, especially once penalties start piling up or collection notices start arriving. If you're feeling overwhelmed or unsure which tax relief option fits your situation, now may be the right time to bring in a professional. Tax relief specialists, which typically include enrolled agents, certified public accountants and tax attorneys, can assess your finances, explain which IRS programs you may qualify for and help you complete the necessary paperwork accurately. They can also communicate with the IRS on your behalf. Just be sure to vet any tax relief company or professional you're considering. Look for licensed tax professionals with experience resolving IRS debt, not just companies that make bold promises about "eliminating" your tax bill. Be cautious of high upfront fees and watch for red flags like guarantees of specific outcomes or requests for payment before services are rendered. By June, many tax professionals are also past the busy season rush, meaning you may be able to get more dedicated attention and quicker help than you would during the first few months of the year. The bottom line Owing back taxes can feel like a weight that only gets heavier with time, but June is still early enough to make meaningful progress. Whether you're just now catching up or have been hoping the IRS would forget (they won't), tax relief is still on the table. From payment plans to hardship-based options, the IRS has systems in place to help people who are trying to do the right thing, even if they're a little late. The worst thing you can do, though, is ignore the problem. But if you take action now, you may be able to stop penalties from stacking up, avoid more aggressive collections and start chipping away at what you owe on your own terms.
Reuters
22-05-2025
- Business
- Reuters
Intuit forecasts strong quarterly profit after tax season boost
May 22 (Reuters) - Intuit (INTU.O), opens new tab forecast fourth-quarter revenue and profit above Wall Street estimates on Thursday, signaling growing demand for its artificial intelligence-driven financial management tools and sending its shares up more than 5% in extended trading. The tax filing season in the U.S. from January 27 to April 15 also helped the company report upbeat third-quarter results as many taxpayers used Intuit's software to file their federal income-tax returns. Intuit provides financial management and compliance products such as its tax-preparation software TurboTax, personal finance portal Credit Karma and accounting software QuickBooks. The company said it would launch AI agents, systems which can take actions for users, in the coming weeks and add these agents into its QuickBooks product portfolio. "These agents are going to be incorporated into the lineup... we are going to be revamping our lineup. There's going to be a new lineup, and as part of that, we will have price changes," CFO Sandeep Aujla told Reuters. In addition to the core portfolio, there will be options where customers can choose specific agents based on their needs, such as an accounting agent or a finance agent, and pay for them separately, he said. Intuit forecast fourth-quarter revenue between $3.72 billion and $3.76 billion, above analysts' average estimate of $3.51 billion, according to data compiled by LSEG. Adjusted profit per share expectations of $2.63 to $2.68 for the quarter ending July 31 also beat estimates of $2.59. Revenue for the third quarter ended April 30 rose 15% to $7.75 billion, beating estimates of $7.56 billion. The adjusted profit per share of $11.65 also exceeded estimates of $10.91. Intuit also lifted fiscal 2025 forecasts. The company expects revenue growth of about 15%, up from its prior forecast of 12% to 13%. The company said its total TurboTax Online units, number of individual online tax returns filed using the platform, are expected to decline about 1% in fiscal 2025, while the paying units are expected to grow 6%. (This story has been refiled to correct a typo in paragraph 1)
Bloomberg
22-05-2025
- Business
- Bloomberg
Intuit Posts Strong Growth After Launching More Tax Services
Intuit Inc. posted strong revenue growth following the end of the US tax season, suggesting the financial software company is finding success offering users more expensive services. Fiscal third-quarter revenue increased 15% to $7.8 billion, the company said Thursday in a statement. Analysts, on average, estimated $7.6 billion, according to data compiled by Bloomberg. The period that ended April 30 — including tax season — is the most critical for the maker of TurboTax and other finance software. Profit, excluding some items, was $11.65 a share, compared with analysts' average projection of $10.96.
CBS News
22-05-2025
- Business
- CBS News
5 tax relief questions to ask a specialist now
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. Before you start working with a specialist on the tax relief process, make sure you're asking the right questions. Getty Images Tax season may be over, but for many people, the tax debt-related stress is just starting to ramp up. If you owe back taxes, have unfiled returns or just got a letter from the Internal Revenue Service (IRS) about a similar issue, there's a good chance that the penalties are piling up and interest is growing by the day. Between those financial penalties and the other potential repercussions of having overdue tax debt, the stress and the costs can spiral fast if you don't take action. That's why more people are turning to tax relief specialists for help. These professionals can help you explore the full range of options for resolving your tax debt, whether that's negotiating a payment plan, applying for an Offer in Compromise or stopping wage garnishment. But as with any financial advisor, you'll get the best results if you know what questions to ask right from the start. Asking the right questions upfront could help you save money and get on the fastest path to resolving your tax debt, which is crucial when the extra fees are racking up. So what exactly should you ask a tax relief specialist right now? Below, we'll detail five questions worth getting the answers to. Get help with your IRS tax debt now. 5 tax relief questions to ask a specialist now Here are the top questions to prioritize right now if you're dealing with tax debt: What tax relief options am I eligible for based on my current situation? Not all tax relief strategies apply to everyone. Some are designed for people facing serious financial hardship, while others work better for those with steady incomes who just need more time. Ask the specialist to walk you through the options that match your income, assets, debt amount and financial goals. This might include: The goal is to figure out not just what's technically available, but what's most likely to get approved in your case and what will save you the most money long-term. Learn what IRS tax debt solutions are available to you here. Can I stop IRS collections or garnishments while I explore my options? This question is crucial if you're already receiving collection letters, facing a tax lien or seeing part of your paycheck or bank account garnished. Many taxpayers don't realize that certain protections kick in automatically when you apply for tax relief, and a tax specialist can help you understand how and when to file the appropriate paperwork to temporarily halt aggressive IRS actions. For example, applying for an Offer in Compromise or requesting Currently Not Collectible status may stop collections while the IRS reviews your application, buying you time to plan your next move. Will tax relief affect my credit or future tax refunds? Unlike consumer debt, IRS debt doesn't typically show up on your credit report, but there can still be consequences. A federal tax lien, for instance, becomes public record and may impact your ability to borrow in the future. Or, if you're behind on taxes, the IRS can seize future refunds to cover your debt. So, make sure to ask how the relief option you're considering could affect your long-term financial outlook, including any risk of refund offsets, lien filings or compliance requirements you'll need to meet going forward. What documents do I need to prepare before we start the relief process? Getting approved for tax relief usually requires a fair amount of paperwork. You'll likely need to provide income documentation, expense details, tax returns and bank statements. The more organized you are from the beginning, the faster the process will move. Ask your specialist for a checklist of what they'll need, and don't be afraid to ask why each document matters. Understanding the process helps you stay in control and avoid delays or rejected applications. What are your fees, and how do I know this will be worth it? Tax relief services aren't free. Some companies charge flat rates, while others charge based on the amount of debt or complexity of your case. A trustworthy specialist will be upfront about their pricing and about whether they believe tax relief will actually benefit you. Ask them to explain not just the cost, but the potential savings. For example, if they can help reduce a $20,000 debt to $5,000 through an Offer in Compromise, the fee may be worth it. But if your debt is small or you're likely to qualify for a payment plan on your own, they should tell you that, too. The bottom line The stakes are high when you're dealing with the IRS, but the right strategy and the right expert can make a huge difference. So, before jumping into any agreement or paying upfront fees, take the time to ask the right questions — and make sure the answers you're getting are adequate, too. After all, a little due diligence now can save you a lot of money and stress down the road.
Washington Post
14-05-2025
- Business
- Washington Post
Help! My son's Social Security number was stolen. Now he has a fake W-2.
For many, the anxiety around taxes extends beyond the traditional April 15 deadline. As official notices from the IRS begin to arrive, a different kind of worry takes hold — the unsettling prospect of an unresolved issue, an unexpected tax bill, or questions about a return. This was the case with two readers calling into my Ask Post line looking for advice. One involved a late return; the other, an erroneous W-2.
