$1B in 2020 tax refunds remains unclaimed
Accounting Today
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Time is running out for nearly 940,000 individuals to claim refunds from 2020, with a May 17 deadline approaching, and more of today’s top stories.?
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The average median refund is estimated to be $932 for 2020.
In other news today:
An unlikely pair of senators is teaming up to propose legislation to eliminate tax breaks for corporate M&A activity.
The Internal Revenue Service has been making progress on catching up with its backlog of unprocessed tax returns, but more work needs to be done, according to a new report.
A new Hinge study details the marketing tactics of high-growth accounting firms.
The Financial Accounting Standards Board decided to pursue targeted improvements to its rules for accounting for and disclosing software costs, instead of a single overarching model.
Plus, Chime now offers in-app tax filing; Financial Cents' new ReCats tackles uncategorized client transactions; and other accounting tech news.