Editorial team of TFX
Articles
IRS grants automatic tax extensions to disaster-affected taxpayers in twelve states
The Internal Revenue Service (IRS) has announced automatic tax filing and payment extensions for individuals and businesses in twelve states affected by natural disasters in 2024. This relief aims to provide additional time for taxpayers to address their tax obligations without incurring penalties or interest. States and exte...
IRS reminds US taxpayers abroad: File 2024 tax returns by June 16, 2025
The Internal Revenue Service (IRS) has announced that US citizens and resident aliens living and working abroad have until Monday, June 16, 2025, to file their 2024 federal income tax returns and pay any taxes owed. This automatic two-month extension from the standard April 15 deadline applies to eligible taxpayers with...
Trump proposes eliminating income taxes for Americans earning under $150,000
A bold pitch with sweeping implications for the US tax system President Donald Trump is floating a sweeping tax reform proposal that would eliminate income taxes for individuals earning less than $150,000 per year. While no formal policy has been released, recent comments by Commerce Secretary Howard Lutnick suggest this is ...
IRS extends tax deadlines for Kentucky and West Virginia disaster victims
Taxpayers in parts of Kentucky and West Virginia impacted by severe winter storms, flooding, landslides, and mudslides in February 2025 now have additional time to meet federal tax filing and payment obligations. The IRS has extended deadlines to November 3, 2025, for i...
IRS reminder: April 1 is the final day to begin required withdrawals from IRAs and 401(k)s
The IRS is reminding retirees that April 1, 2025, is the final day to begin taking required minimum distributions (RMDs) from their Traditional IRAs and 401(k) plans. Failing to start these withdrawals on time can result in steep penalties, so it’s important to understand the RMD ...
Over $1 billion in unclaimed tax refunds: Act before April 15, 2025
The IRS recently announced that taxpayers have a limited window to claim more than $1 billion in unclaimed tax refunds from 2021. The deadline to file and receive these refunds is April 15, 2025. If you haven't filed your 2021 tax return yet, this is your last chance to claim the money before it dis...