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…IRS issuing additional tax refunds to 430,000 people
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…Midnight Tonight! IRS deadline to change income info for November 15 Child Tax Credit Payment
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…IRS Online Account for Taxpayers
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.…IRS to offer QR code options for 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…Common Questions About the Child Tax Credit Payments
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…Taxpayers Can Protect Themselves from Scammers by Knowing How the IRS Communicates
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…Notices & Letters from the IRS: Know What They Mean
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…Filing a Tax Extension
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…Do you have to pay back the Child Tax Credit Payments?
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…IRS new proposal to track nearly all bank accounts
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…Review Your IRS Tax Records With Tax Transcript At No Charge
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…IRS Launches New Webpage To Assist Taxpayers With Refunds Subject To Joint Committee On Taxation Review
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 Freedom of Information Act
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…New IRS rule will affect cash app business transactions in 2022
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…October 2021 Stimulus Check Update: Some U.S. states are issuing their own stimulus checks and cash bonuses
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…How does a taxpayer’s custody situation affect their advance child tax credit payments?
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…Child Tax Credit Payments Will Be Sent This Week
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…Tool Available to Track Your Advance Child Tax Credit Payments
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…Create an Online Account at IRS to view your balances, make payments, get transcripts, and more!
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…Millions of taxpayers getting surprise bills, revised tax statements from IRS
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…New stimulus payments are less than a month away… here’s who gets the money
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…How long will the child tax credit last?
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…IRS Where’s My Refund? Tax Tool for Uploading Documents
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…IRS unemployment refund: Still no timeline for September direct deposit as summer ends
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…IRS tax refund update: Faulty ‘math error’ notices sent to people who claimed stimulus check credits
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…IRS refunds for unemployment: Here’s what you need to know about payments
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…Still, waiting for your tax refund?
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…How A Taxpayer’s Custody Situation May Affect Their Advance Child Tax Credit Payments
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…IRS Adds Address Change Capability to Child Tax Credit Portal
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…How To Return An Improper Advance Child Tax Credit Payment
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…What is a Refund Transfer and How Does it Work?
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…How to Pay Your Federal Owed Taxes
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…How do I get my W-2 forms Online?
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…IRS Online Account for Individual Taxpayers
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…IRS Tax Payment Plan: Everything You Need to Know
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…Child Tax Credit Payments Could Impact Your 2021 Tax Return
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…IRS Adjusted Tax Refund (What to Do When the IRS Changes Your Tax Refund Amount)
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,…Student Loan Tax Offset Hardship Refund
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…How nonfilers can claim advance child tax credit payments
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…Refunds are Being Sent to Those Who Already Paid Taxes on 2020 Unemployment Compensation
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…IRS Expands List of Digitally Filed or Signed Forms
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…Child Tax Credit: IRS to open portals on July 1; checks will begin July 15
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…What does N/A on my Tax Transcripts mean?
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…Your Economic Impact Payment Is Available: Find Out Status
The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17,…Tax Day For Individuals Extended To May 17: Treasury, IRS Extends Filing And Payment Deadline
Do student loans affect my tax returns? It depends. If you are still in school and receiving money from student loans, you should not consider that income, since you are obligated to pay it back.…How Student Loans Could Affect Your Taxes?
Earlier in February 2021, the IRS issued notices to approximately 260,000 taxpayers stating they haven’t filed their 2019 federal tax return. These notices, referred to as CP59 notices, are issued yearly to identify taxpayers who have…IRS Statement About CP59 Notices
Millions of Americans have already received refund payments after completing their tax filing, but there are concerns that tax return processing could soon face delays. This year’s tax season is expected to be a bumper year…Millions of Americans have already received a tax refund 2021
If 2020’s economic downturn put you in the position of needing to apply for unemployment benefits, you may have been under the impression that those benefits were not subject to state or federal taxes. Unfortunately,…Unemployment + Taxes
The Internal Revenue Service has issued an urgent warning to tax professionals over a new scam in which cyber-criminals impersonate the IRS over email in an attempt to steal Electronic Filing Identification Numbers (EFINs). Carrying…IRS warns of EFIN Scam