Do I Claim Zero, One, Two W-4 Allowances?
The last thing you want to do is frantically run up to your boss asking “How many allowances do I claim on my W-4?”. Being aware of the number of allowances you are claiming on a Form W-4 [Employee’s…
What You Should Know About Unemployment Taxes
Unemployment benefits saved a lot of American households this past year. Furloughs and lay-offs were at an all-time high due to the pandemic, leaving many without a lot of options. However, unemployment comes with taxes that few…
Why it’s important that taxpayers know and understand their correct filing status
A taxpayer’s filing status defines the type of tax return form they should use when filing their taxes. Filing status can affect the amount of tax they owe, and it may even determine if they…
November advance Child Tax Credit payments
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…
A Math Error Could Be Behind Your Tax Refund Delay
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…
Easy steps taxpayers can take now to make tax filing easier in 2022
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.…
IRS updates 2021 Child Tax Credit and Advance Child Tax Credit Payments Frequently Asked Questions
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…
What day does IRS Update Transcripts?
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 —…
What does the “As Of” Date mean on Tax Transcripts
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…
IRS issuing additional tax refunds to 430,000 people
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…
Midnight Tonight! IRS deadline to change income info for November 15 Child Tax Credit Payment
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…
IRS Online Account for Taxpayers
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 to offer QR code options for Notices
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.…
Common Questions About the Child Tax Credit Payments
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…
Taxpayers Can Protect Themselves from Scammers by Knowing How the IRS Communicates
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…
Notices & Letters from the IRS: Know What They Mean
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…
Filing a Tax Extension
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…
Do you have to pay back the Child Tax Credit Payments?
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…
IRS new proposal to track nearly all bank accounts
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…
Review Your IRS Tax Records With Tax Transcript At No Charge
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…
IRS Launches New Webpage To Assist Taxpayers With Refunds Subject To Joint Committee On Taxation Review
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…
The Freedom of Information Act
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…
New IRS rule will affect cash app business transactions in 2022
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…
October 2021 Stimulus Check Update: Some U.S. states are issuing their own stimulus checks and cash bonuses
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…
How does a taxpayer’s custody situation affect their advance child tax credit payments?
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…
Child Tax Credit Payments Will Be Sent This Week
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…
Tool Available to Track Your Advance Child Tax Credit Payments
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…
Create an Online Account at IRS to view your balances, make payments, get transcripts, and more!
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…
Millions of taxpayers getting surprise bills, revised tax statements from IRS
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…
New stimulus payments are less than a month away… here’s who gets the money
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…
How long will the child tax credit last?
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…
IRS Where’s My Refund? Tax Tool for Uploading Documents
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 unemployment refund: Still no timeline for September direct deposit as summer ends
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 tax refund update: Faulty ‘math error’ notices sent to people who claimed stimulus check credits
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 refunds for unemployment: Here’s what you need to know about payments
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…
Still, waiting for your tax refund?
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…
How A Taxpayer’s Custody Situation May Affect Their Advance Child Tax Credit Payments
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…
IRS Adds Address Change Capability to Child Tax Credit Portal
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…
How To Return An Improper Advance Child Tax Credit Payment
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…
What is a Refund Transfer and How Does it Work?
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…
How to Pay Your Federal Owed Taxes
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 do I get my W-2 forms Online?
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…
IRS Online Account for Individual Taxpayers
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 Tax Payment Plan: Everything You Need to Know
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…
Child Tax Credit Payments Could Impact Your 2021 Tax Return
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…
IRS Adjusted Tax Refund (What to Do When the IRS Changes Your Tax Refund Amount)
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…
Student Loan Tax Offset Hardship Refund
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,…
How nonfilers can claim advance child tax credit payments
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…
Refunds are Being Sent to Those Who Already Paid Taxes on 2020 Unemployment Compensation
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…
IRS Expands List of Digitally Filed or Signed Forms
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…