Payroll Tax Cut and Refunds

A quick catch up on the biggest tax news.

Both the Senate and House have passed the extension of the 2% payroll tax cuts and the bill is headed to the President’s desk to be signed. The bill also continued unemployment benefits for taxpayers out of work over 6 months and kept Medicare reimbursement for doctors from taking a dive.

And it looks like the IRS is catching up on issuing refunds for returns filed early this month. While funding is still way behind, the refunds are starting to show up correctly on “Where’s My Refund” with a target date. The date is still 2 weeks off but the last time I saw that, the clients actually got their refund much faster. The light at the end of the tunnel is at least lit.

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