In the next few weeks, the Internal Revenue Service (IRS) will begin accepting federal tax returns for the 2020 tax year. The coronavirus pandemic and multiple pandemic-related relief packages passed last year w…

The Internal Revenue Service has announced that the nation’s tax season will start on Friday, Feb. 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

The Internal Revenue…

IRS Free File – online tax preparation products available at no charge – January 15, 2021, giving taxpayers an early opportunity to claim credits like the Recovery Rebate Credit and other deductions, the Int…

Waiting for your tax refund can really test your patience.

Unfortunately, we can’t speed up the actual processing time of your tax return once the IRS gets hold of it. However, there are actions we can take t…

Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax cha…

2021 IRS E-File Tax Refund Cycle Charts

The IRS will begin accepting tax returns on February 12, 2021, with nearly 150 million individual tax returns expected to be filed in 2020. The nation’s tax deadline wi…

A cycle code is an 8 digit code found on your account transcripts. The cycle code indicates the day your account posted to the IRS Master File. This date indicates the 4 digits of the current cycle year,…

You just opened your mail and discovered that you have received an IRS Letter 5071C for the previous tax year. Confused, you read the notice a few times over and still cannot seem to wrap your mind around it.…

Millions of taxpayers have not received their 2nd stimulus check who used online services. Their 2nd stimulus check may have been sent to the wrong bank account. The IRS apparently sent payments to more than…

The Internal Revenue Service today urged people to visit IRS.gov for the most current information on the second round of Economic Impact Payments rather than calling the agency or their financial institutions or tax…

As part of the Security Summit effort, the Internal Revenue Service announced today that starting in January the Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their…

The Internal Revenue Service (IRS) announced this week that in January 2021 taxpayers can apply for an Identity Protection Personal Identification Number (IP PIN). This single-use code is designed to block identity…

Bitcoin mania is upon us. It has been widely publicized that the cryptocurrency, Bitcoin, has reached record highs in value over the past month. Investors are making nice profits with Bitcoin, and the IRS is trying…

What Should I Do?The Internal Revenue Service (IRS) will send a notice or a letter for any number of reasons. It may be about a specific issue on your federal tax return or account, or may tell you about changes to…

This Guide covers the many notices that the Internal Revenue Service sends to individual taxpayers regarding tax audits.

IRS NOTICE NUMBER DESCRIPTION

CP11–Audits   This notice states that your return has bee…

Now that many taxpayers have filed their federal tax returns electronically and the IRS is back to processing paper tax returns sent by mail, they’re eager for details about their refund. When it comes to refunds, t…

What’s An IRS Account Transcript?What’s an IRS Account Transcript? The IRS keeps a database of information regarding each Tax Identification Number (TIN). The information is recorded on Account Transcripts, that show activity on the TIN for e…

With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today reminded people receiving unemployment compensation that they can have…

Who is Self-Employed?

Generally, you are self-employed if any of the following apply to you.

You carry on a trade or business as a sole proprietor or an independent contractor.You are a member of a …

Whether it’s something they’ve been doing for years or something they just started to make extra money, taxpayers must report income earned from hobbies in 2020 on next year’s tax return.

What the diffe…