U.S. markets open in 8 hours 26 minutes
  • S&P Futures

    4,133.00
    -20.50 (-0.49%)
     
  • Dow Futures

    32,972.00
    -183.00 (-0.55%)
     
  • Nasdaq Futures

    13,996.50
    -38.50 (-0.27%)
     
  • Russell 2000 Futures

    2,216.00
    -14.60 (-0.65%)
     
  • Crude Oil

    71.94
    +0.30 (+0.42%)
     
  • Gold

    1,773.50
    +4.50 (+0.25%)
     
  • Silver

    25.89
    -0.08 (-0.32%)
     
  • EUR/USD

    1.1868
    +0.0003 (+0.02%)
     
  • 10-Yr Bond

    1.4500
    0.0000 (0.00%)
     
  • Vix

    20.70
    +2.95 (+16.62%)
     
  • GBP/USD

    1.3801
    -0.0008 (-0.06%)
     
  • USD/JPY

    109.8080
    -0.3420 (-0.31%)
     
  • BTC-USD

    34,387.12
    -1,423.23 (-3.97%)
     
  • CMC Crypto 200

    852.99
    -86.95 (-9.25%)
     
  • FTSE 100

    7,017.47
    -135.96 (-1.90%)
     
  • Nikkei 225

    27,906.19
    -1,057.89 (-3.65%)
     

6 million tax returns are ‘in suspension’ at the IRS, and that’s preventing many families from receiving a valuable tax credit

·2 min read
6 million tax returns are ‘in suspension’ at the IRS, and that’s preventing many families from receiving a valuable tax credit

Days after the latest tax season ended, the Internal Revenue Service still has approximately 335,000 tax returns from the previous tax season that it needs to process, according to the tax agency’s leader. It will take the IRS up to 60 days to polish off the backlog — and that’s a “conservative estimate,” IRS Commissioner Charles Rettig told senators on Wednesday. The 335,000 backlog as of Tuesday was down from 7 million unprocessed returns at the start of the year, Rettig told Sen. Cindy Hyde-Smith, a Republican from Mississippi, who questioned him about the status of the backlog.