Two tax preparers, one from Florida and the other from Missouri, have been sued by federal authorities for allegedly claiming fictitious withholdings on customers’ returns so they could attempt to claim large tax refunds.

Insurance and financial service professionals who prepare income tax returns for their clients could face increased regulation by the Internal Revenue Service.

People should use their income tax refunds for establishing financial priorities and goals, including purchasing life insurance, one insurer is recommending.

The deadline for filing federal income tax is April 15.

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