The Internal Revenue Service says it would clear up confusion this week about whether certain state refunds count as taxable income.
Rep. Brad Wenstrup, R-Ohio, discusses House Republicans voting to rescind IRS funding, Democratic lawmakers being removed from their committees, the FAA ordering U.S. flights to be grounded and investigating the origins of COVID-19.told millions of taxpayers to hold off on filing their returns until it issues guidance on whether several state refund and rebate payments issued last year count as taxable income.
The IRS said in a Friday statement it will provide guidance this week on the tax status of California’s and other states’ payments. Meanwhile, it is advising those who received these payments to await further instructions. The tax status of special state payments is just one reason many taxpayers might receive smaller tax refunds this year compared with last.
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