Editorial team of TFX
Articles
Last call for 2020 tax refunds: IRS deadline is May 17
The IRS has issued a final call to about one million Americans who haven't filed their 2020 tax returns, reminding them of the opportunity to claim part of the over $1 billion in unclaimed tax refunds. This opportunity ends on May 17, after which unclaimed refunds will be forfeited to the US Treasury. Who is affected?...
IRS encourages early filing for tax-exempt organizations
The Internal Revenue Service (IRS) is urging tax-exempt organizations to submit their tax returns before the May 15 deadline, particularly those operating on a calendar year (CY) basis. This advance filing can ensure smoother processing and quicker confirmation from the IRS. Key filing information ...
Missed the April tax-filing deadline? Navigating late tax filing and penalties’ avoidance
Immediate action post-deadline For taxpayers who missed the April tax filing deadline, the IRS strongly advises immediate action to mitigate penalties and interest. Delay in filing can lead to significant financial penalties, especially for those who owe taxes. Here’s how you can address this situation: ...
TFX introduces tax services for small businesses
TFX (Taxes for Expats) has expanded its service offering to cater to the needs of US small businesses. Despite this expansion, the company’s commitment to serving American expats has remained unchanged. Taxes for Expats has been a reliable name in the US expat ta...
Updated RMD guidelines effective from 2025: What you need to know
The IRS has released updated guidance on Required Minimum Distributions (RMDs) for certain retirement accounts, with changes set to take effect in 2025. This new guidance clari...
Updated IRS guidelines for inherited retirement accounts
The IRS has announced an extension through 2024 for the enforcement of required minimum distributions (RMDs) from certain inherited retirement accounts. This decision allows heirs additional time to strategically plan their withdrawals, following changes made by legislation in 2019. Detailed implications for ...