TurboTax customers to receive checks for $141M settlement
Millions of Americans who qualified for free tax services—but were instead deceived into paying TurboTax for their returns—will soon get settlement checks in the mail.
Income taxes
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Bill making tech parks eligible for more tax revenue heads to governor
A bill that would allow Indiana tech parks to capture a larger share of tax revenue is poised to become law after the Senate voted unanimously Monday to advance the legislation to the governor’s office.
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Should the state ax its individual income tax?
A powerful Senate Republican plans to introduce legislation next year to create a commission to consider changes to Indiana’s tax structure, including phasing out the state income tax.
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Indiana lawmakers near deal on multiyear income tax cut
The tax cut package was a major remaining issue as the Republican-dominated Legislature looked to possibly finish this year’s session on Tuesday.
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$1B tax-cut package clears Indiana House, heads to uncertain future in Senate
Republicans in the Indiana House passed their $1 billion individual income and business tax-cut proposal Thursday on a 68-25 party-line vote, sending it to the Senate, where its future is murky.
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Articles
Average income tax refund smaller than last year’s
The filing deadline for most taxpayers is Tuesday, though it has been extended for parts of Indiana, California, Alabama, Georgia, New York, Tennessee, Arkansas and Mississippi that were hard hit by severe weather.
IRS looking into free electronic tax-filing system for all
Big tax preparation companies have millions of dollars to lose if the program comes to fruition. Last year, more than 60 million taxpayers were serviced by Intuit, the parent company of TurboTax, and H&R Block.
IRS overhaul aims for tenfold increase in audits of the wealthy
IRS and Treasury Department officials said Thursday that they will use part of the $80 billion in new funding for the tax service to claw back unpaid balances from high-income earners and complex businesses.
New IRS leader promises faster, easier tax filing process
Commissioner Danny Werfel delivered a tax-season pledge Tuesday that the agency will use an $80 billion infusion of cash to become faster, more tech-savvy and provide “real-world improvements” to taxpayers.
Bill seeking to study elimination of state income tax moves forward
The proposal would form the State and Local Tax Review Commission to study the feasibility of ending Indiana’s income tax and reforming property taxes for Hoosiers.
IRS won’t tax most relief payments made by states last year
The IRS announced Friday that most relief checks issued last year by states, including Indiana, aren’t subject to federal taxes, providing 11th hour guidance as tax returns start to pour in.
Tech parks could capture larger share of tax dollars
A bill that would divert some $6 million in state and local tax revenue annually to state-certified technology parks has passed the Senate and is headed to the House, where similar legislation died two years ago.
Trump tax audits required by IRS were delayed, panel says
A report released by the Democratic majority on the House Ways and Means Committee indicated the Trump administration may have disregarded an IRS requirement dating back to 1977 that mandates audits of a president’s tax filings.
IRS increases standard deductions, tax brackets due to inflation
Taxpayers will get fatter standard deductions for 2023 and all seven federal income tax bracket levels will be revised upward as the government allows people to shield more of their money from taxation.
Indiana auditor says all automatic refund checks have been mailed out
The auditor said that while most eligible Hoosiers have received their refunds, “we are aware that many need further assistance to claim it.”
IRS to look into setting up free electronic tax filing system
The IRS has lacked the funding—or the clout to outmaneuver private lobbyists—to seriously consider its own e-filing platform, current and former officials say, forcing taxpayers instead to deal with a consortium of private providers.
Most Americans could file their taxes for free, but don’t
The GAO report, issued Thursday, found that while 70% of taxpayers were eligible for the Internal Revenue Service’s free-filing program, only 3% of taxpayers actually use the service.
IRS expects to receive tens of millions of tax returns on Monday
Monday is Tax Day—the federal deadline for individual tax filing and payments. About 40% of this year’s taxpayers still haven’t filed a return.
Indiana automatic taxpayer refund to be sent starting next month
Hoosiers should expect to start receiving a $125 automatic taxpayer refund in May, Indiana Gov. Eric Holcomb announced Wednesday.
Legislature ends session by cutting income taxes, not business personal property tax
The plan would cut the income tax rate to 3.15% from 3.23% for 2023, which would amount to a $40 savings for those with $50,000 in taxable income. The tax rate would be cut further in 2025, 2027 and 2029, but only if state tax revenue grows by at least 2% in the previous budget year.
Republicans’ $1B tax-cut package heads to full Indiana House
Republicans on the Indiana House Ways and Means Committee passed their $1 billion tax-cut proposal Wednesday night on a 15-7 party-line vote, sending it to the full House for consideration.
GOP differences on Indiana tax cuts, vaccine mandate limits solidify
The Indiana Senate’s top Republican said tax cuts and limits on employer vaccine mandates didn’t land on his priority list because they are “controversial” and “more complicated to work through.” But that won’t stop House Republicans from pursuing them.
House Republicans unveil $1B tax cut plan; other GOP leaders are more reluctant
The plan proposes lowering or eliminating four separate taxes on sales, business personal property, individual income and utility receipts.
House leader eyes income tax cut amid rosy fiscal forecast
Indiana House Speaker Todd Huston says the state’s burgeoning surplus, forecast to grow to $5.1 billion by the end of June, gives him even more reason to pursue tax cuts.