All articles tagged with #tax filing
The IRS announced January 26, 2026, as the start of the 2026 tax filing season, with new laws affecting taxes and credits, and provides online tools and resources to assist taxpayers in filing their 2025 returns by April 15, 2026.
Employers are required to send out W-2 forms to employees by January 31, each year, reporting wages and taxes withheld, with the tax filing deadline set for April 15.
Elon Musk's Department of Government Efficiency is reportedly considering developing a free mobile app for tax filing, which has caused shares of tax service providers Intuit and H&R Block to drop. This initiative aligns with Musk and Vivek Ramaswamy's mission to reduce government spending and follows the Biden administration's introduction of a free IRS tax-filing system. The move is part of a broader effort to cut federal budget costs and challenge the dominance of private tax-filing companies.
Shares of H&R Block and Intuit fell after reports that the Trump administration is considering a free tax-filing app, potentially competing with these companies' services. The discussions, led by the Department of Government Efficiency, are in early stages. This development follows the IRS's permanent establishment of its free Direct File program.
Shares of Intuit and H&R Block fell sharply following reports that the Trump administration is considering a mobile app for free tax filing with the IRS, potentially impacting these companies' business models. The proposal, discussed by Elon Musk's DOGE commission, is in early stages and faces significant implementation challenges. Jefferies analyst Brent Thill suggests the market reaction is an overreaction, citing the government's poor track record with user-friendly software and the complexity of Intuit's TurboTax product. Intuit's stock dropped 5.1%, while H&R Block's fell 8.2%.
The IRS has made its Direct File platform a permanent, free option for filing federal tax returns online, inviting all states to participate next year. The pilot program saw over 140,000 users and received positive feedback, with many taxpayers completing their returns in under an hour. The IRS aims to expand the platform, supported by multi-year funding from the Inflation Reduction Act, while continuing to offer other filing options.
The IRS will expand its free tax filing program, Direct File, nationwide starting in 2025 after a successful pilot in 12 states. The program will initially focus on simple tax situations and aims to gradually include more taxpayers. This expansion is an additional option alongside the existing Free File program, which partners with private tax software companies.
Intuit Inc. shares dropped significantly after the company reported losing 1 million free TurboTax users, coinciding with the IRS introducing its own free tax filing option. Despite this, Intuit's revenue and profit exceeded expectations, driven by higher spending from remaining users and growth in its business-oriented products. The company is focusing on customers with more complex tax needs and integrating AI features, while downplaying the importance of free users.
H&R Block experienced technology outages, affecting last-minute tax filers using desktop software, but not those using web browser or working with tax professionals. The issue started Sunday night and was resolved by Monday afternoon, with the company receiving about 2,000 inquiries related to the outage. The IRS encourages e-filing, warning that processing paper returns takes longer. Meanwhile, the U.S. Treasury Department met its goal of 100,000 taxpayers filing returns as part of the Direct File pilot program, with eligible taxpayers in 12 states able to file simple tax returns using Direct File until the deadline.
Some H&R Block customers experienced outages with the desktop software ahead of the tax day deadline, but the issue was resolved later in the day. The company confirmed that online clients and those working with a professional were not affected. The IRS received an $80 billion funding boost to enhance its digital capabilities, including a new online tax filing tool. Customers have until 11:59 p.m. in their local time zone on Monday to file their taxes without receiving a late fee, with extensions available for certain circumstances.
Some H&R Block customers experienced outages on Tax Day, preventing them from filing their taxes online, with the issue being resolved by Monday afternoon. The outage came at a crucial time as the IRS deadline approached, affecting desktop software users but not the company's website. Affected customers were advised to refile or print and mail their forms, frustrating some who rely on e-filing. The IRS extended the deadline for taxpayers in Maine and Massachusetts due to local holidays.
H&R Block experiences electronic filing issues on tax deadline day, with users encountering "bad gateway" and "502" errors, as well as reports of repeated charges. The issue, affecting desktop software users, began Sunday night and extended into Monday. H&R Block assures that online and in-person clients are not impacted and is working to resolve the problem. Meanwhile, affected users are advised to try again later or consider alternative filing services like TurboTax and FreeTaxUSA.
The IRS is reminding last-minute tax filers about the resources available on IRS.gov, including free tools for tax preparation, refund tracking, and tax law research, as well as special Saturday hours at 70 locations. Taxpayers can also request an automatic six-month extension to file. The tax deadline is April 15 for most of the nation, with special extensions for certain states and individuals. The IRS encourages electronic filing and direct deposit to avoid refund delays, and offers various payment options for those who owe taxes. Additionally, the IRS provides free tax preparation assistance through programs like VITA and TCE, and offers assistive technology options for taxpayers with disabilities.
The IRS has launched its free tax filing service, Direct File, in 12 states, allowing taxpayers with simple tax returns to file directly with the IRS. The service, available in English and Spanish, has eligibility restrictions and limitations on income types, but nearly 19 million people in the 12 states may be eligible to use it. The program is a pilot and may expand to more states in the future, with varying state tax options available depending on the state of residence.
The IRS has launched the Direct File program, a free online tool for taxpayers in 12 selected states with simple W-2s and standard deductions to file their federal income taxes. The program, which also offers a Spanish version, aims to help millions of Americans file their taxes for free and without unnecessary fees or upselling. This initiative is part of the IRS's effort to provide a government service that could replace commercial tax preparation software and is available for federal income taxes only.