The Internal Revenue Service and the Treasury Department announced today that millions of American families will soon receive their advance Child Tax Credit (CTC) payment for the month of November. Low-income families who are not…
The year 2020 is going to go down in the history books for a lot of reasons, and one of them is the enormous increase in the number of math errors that taxpayers made on…
The Internal Revenue Service today encouraged taxpayers, including those who received stimulus payments or advance Child Tax Credit payments, to take important steps this fall to help themselves file their federal tax returns in 2022.…
The Internal Revenue Service today updated frequently-asked-questions (FAQs) for the 2021 Child Tax Credit and Advance Child Tax Credit Payments to describe how taxpayers can now provide the IRS an estimate of your 2021 income using the Child…
If you’re one of the millions of taxpayers refreshing “Where’s My Refund?” or checking your IRS Tax Transcript for updates, you’re not alone. Every week, the IRS processes millions of returns, adjustments, and refunds —…
If you’ve looked at your IRS Tax Account Transcript, you may have noticed a term called the “As Of” date. It might seem confusing at first, but it’s actually very simple—and knowing what it means…
The Internal Revenue Service has issued another round of refunds to workers who paid taxes on their unemployment benefits in 2020. This round of refunds totaled more than $510 million and went to 430,000 workers…
The next round of the advance child tax credit is set for Nov. 15. But if you’re worried that you’re getting too much or too little money, well, the IRS is asking that some people…
An IRS online account is a safe and easy way for individual taxpayers to view specific details about their federal tax account. The IRS recommends that tax professionals share with their clients the benefits of having an…
In the fall of 2020, the Internal Revenue Service announced that it was adding QR, or Quick Response, codes to some of the notices it sends taxpayers. Specifically, the codes are going on tax due notices.…
The Child Tax Credit continues to be one of the most valuable tax benefits for families, especially during years when monthly advance payments are available. But many parents are still unsure how eligibility works, when…
If the IRS does call a taxpayer, it should not be a surprise because the agency will generally send a notice or letter first. Understanding how the IRS communicates can help taxpayers protect themselves from scammers…
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…
Even with the extended tax filing deadline this year, some taxpayers may still have needed extra time to file their taxes. Most tax software companies make it easy to file Form 4868 to ensure their clients get…
The IRS is now making monthly child tax credit payments to eligible families. Depending on the age of your child, those payments can be as much as $300-per-kid each month from July to December. That’s an…
The Biden administration has revised a controversial plan that would require banks and other financial services institutions to report account data to the Internal Revenue Service (IRS) in an effort to crackdown on tax cheats. The original…
Many individuals may not know they can request, receive, and review their tax records via a tax transcript from the IRS at no charge. Transcripts are often used to validate income and tax filing status…
The IRS announced a new webpage that provides information to taxpayers whose large refunds are subject to further review by the Joint Committee on Taxation (JCT or Joint Committee). By law, when taxpayers claim a federal tax…
Originally enacted on July 4, 1966, the Freedom of Information Act established a statutory right of public access to Executive Branch information held by the federal government. The FOIA provides that any person has a right, enforceable…
The American Rescue Plan Act of 2021 modifies the IRS reporting requirement from $20,000 in aggregate payments and 200 transactions to a threshold of $600 in aggregate payments, with no minimum transaction number. The new rule is…
Whether you’re in Arizona to Washington, we have you covered with this in-depth guide on the latest news concerning financial help being sent out on a state level amid the coronavirus crisis. Find out what economic…
The Advance Child Tax Credit payments were based on the IRS records from the most recent tax return on file. This means the parent who claimed the child last year may have received the monthly…
It’s almost time for the fourth batch of monthly child tax credit payments. The first three payments were sent on July 15, August 13, and September 15, while the next payment is scheduled for October 15 – that’s…
The IRS began issuing advance payments of the Child Tax Credit (CTC) in mid-July. Similar to certain other credits with an advance payment option, taxpayers who receive these advance payments will have to reconcile the total amount received on their…
The IRS offers an online account application for individual taxpayers. With online account access, you can view: The total amount you owe, including balance details by year; Your payment history and any scheduled or pending…
The Internal Revenue Service has sent out more than 11 million letters to taxpayers showing them they owe more or are not getting back as much in a refund as they thought. That’s five times…
Stimulus payments are being sent out by the federal government this fall. The next payment is scheduled to be delivered in about three weeks. The payments are part of the American Rescue Plan that President Joe…
After parents were issued their child tax credit check on Sept. 15, they’ll have three more monthly payments this year and one next year. Due to changes made in the American Rescue Plan to help families, households…
Here’s a frustrating scenario that is affecting way too many Americans this tax season: You’ve been waiting months and months for a refund, but instead of getting a check from the Internal Revenue Service (IRS), you get…
With less than a week to go before the official end of summer, many patient Americans are still wondering if they’ll ever receive one of those coveted unemployment-related tax refunds that the Internal Revenue Service…
Remember what it felt like when your teacher marked something as “incorrect” on your homework, but then the correction itself turned out to be incorrect? Well, millions of American taxpayers may feel like they’re in…
For months the IRS has been working to clear a massive backlog of unprocessed tax returns. Many Americans are owed hundreds – if not thousands of dollars – as part of unemployment refunds. In short, these…
It’s been almost four months since the filing deadline for your 2020 tax return, and you haven’t gotten your refund check yet. Should you be worried? Not necessarily. What should you do? Probably nothing. What…
When Custody Changes, So Do The Payments Advance Child Tax Credit payments were based on the most recent tax return the IRS had on file. But custody situations change, and many families discover that whoever…
The Internal Revenue Service added a new feature to its online portal for the Child Tax Credit allowing parents to update the mailing address where they should receive the monthly payments. The new feature will enable…
The IRS has provided instructions for returning advance child tax credit payments (CTCs) that the recipient did not qualify for or, for other reasons, wishes to return. Because of one or more of the following…
Tax refund transfers are a valuable business for tax preparation companies. Here’s what they are, how they work, and how they can benefit taxpayers. What are refund transfers? Also called bank products and refund settlement…
Each year, the IRS collects payments from millions of money-earning, taxpaying Americans. And while, in days of old, payment had to be completed via check or cash payment, today there are more ways to pay…
Tax season is quickly approaching, and the sooner you get your information in order, the better. The first thing to do is to get your W-2. A W-2 form is a statement of annual earnings and taxes…
The IRS finally has a modern tool that helps taxpayers do almost everything online If you’re still waiting for letters or calling the IRS for basic account questions, this is your sign: every taxpayer should…
Have you received a Notice of Deficiency from the IRS? Taxpayer debt is not an uncommon situation. Many American taxpayers have found themselves in debt with the IRS and feel unsure where to turn. Taxpayers who remain…
We know changes to your taxes can be confusing and difficult to navigate at the best of times, and the coronavirus pandemic has only added more uncertainty. But there’s no need to stress — we’ve…
If you see that the IRS sent a notice claiming they made a change to your refund check amount, there’s no need to be alarmed. Every year, the IRS issues thousands of adjusted refund letters…
College is a time for you to become independent, make lasting memories, and pursue an education that leads to a career you’re passionate about. However, higher education can come at a cost. Once you graduate,…
IRS clarified how individuals who are not otherwise required to file 2020 federal income tax returns can claim advance child tax credit (CTC) payments as well as stimulus payments (i.e., third-round economic impact payments, 2020…
The Internal Revenue Service is sending more than 2.8 million refunds this week to taxpayers who paid taxes on unemployment compensation that new legislation now excludes as income. IRS efforts to correct unemployment compensation overpayments…
As part of our response to the COVID-19 situation, we have taken steps to protect employees, taxpayers, and their representatives by minimizing the need for in-person contact. Taxpayer representatives have expressed concerns with securing handwritten…
The IRS will have two online child tax credit portals open by July 1. That’s where you’ll change your status and more. The child tax credit payments are coming — the good news is 88% of American…
What does N/A on my tax transcripts mean? When checking your tax transcripts and if you see a N/A in place of the most recently filed tax transcripts. The N/A is letting you know that…
The IRS enables you to check when your 2021 Economic Impact Payment is available. The tool updates once each day, usually overnight. The IRS asks that you do not call them and encourage you to…