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,…
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.…
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…
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…
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,…
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…
Did the IRS reject your tax return because someone else claimed your dependent? Claiming a dependent is usually pretty simple: you give the IRS their social security number, certifying that your relationship with that person…
Whether you have just one on the way or five and counting, kids are expensive. That’s why you should take advantage of tax cuts whenever possible. In addition to claiming them as dependents, you may…
The IRS will begin accepting tax returns on Feb. 12, 2021. Here’s a breakdown of what you should know before you file. Tax filing season will start a bit later this year and look a…
Filed your taxes and expecting a refund? Here’s how to check the status and how long you may have to wait. So, you’ve been proactive and turned in your tax return already or are planning to do…
There are pros and cons to either filing your taxes now or holding off a few more weeks in terms of the proposal for $1,400 stimulus payments. As Democrats push forward with crafting the next…
Two items in the COVID relief package affect how much money the government will send parents to cover their children in 2021. Inside the COVID relief package that could be voted on by the full House as…
Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes…
The first step of tax preparation is gathering records As taxpayers get ready to file their tax returns, they should start by gathering their records. Taxpayers should gather all year-end income documents to help ensure…
If you didn’t receive your Economic Impact Payments (EIPs) and a 2018 or 2019 joint return was filed in your name without your consent, you may be eligible to claim the Recovery Rebate Credit (RRC)…
The Protecting Americans from Tax Hikes (PATH) Act was created in order to protect taxpayers and their families against fraud and permanently extend many expiring tax laws. The law, which was enacted December 18, 2015,…
Nearly every taxpayer with dependent children could be impacted by the PATH Act at some point. In addition to other tax-related provisions, the PATH act affects two extremely common tax credits: the Earned Income Tax…
Opening Day for the IRS is Today February 12, 2021. The Internal Revenue Service has set the opening day for the 2021 tax filing season for Friday, Feb. 12, 2021. That’s the day the IRS…
Your tax refund is being held, pending a review of your tax return. The IRS may contact third parties to verify information shown on the tax return. IRS Notices CP05 & CP05A both indicate that…
The Internal Revenue Service today urged taxpayers who receive Forms 1099-G for unemployment benefits they did not actually get because of identity theft to contact their appropriate state agency for a corrected form. States issue…
Identity theft is a crime that affects victims for years after it’s committed—from ruined credit to tax debt, recovering in the aftermath of having your personal information stolen and used is an enormous ordeal. Fortunately,…
If your $600 stimulus payment (also referred to as the second economic impact payment, or EIP2) still hasn’t arrived in your bank account or mailbox, you may be wondering if you should wait to file…
Now that many taxpayers have received (and most likely spent) their Economic Impact Payments (EIPs), they’re wondering how that extra cash is going to affect tax returns in the winter and spring of 2021. Let’s…
The IRS has announced that the 2021 tax filing season will begin on February 12, 2021. Tax preparation companies will be participating in the controlled launch of the e-file system (HUB Testing) with the IRS…
If your stimulus check is lost in the mail, or something else happens to it before you get it, you can ask the IRS to trace your payment. It’s bad enough if a new shirt…
The Internal Revenue Service is reminding taxpayers that organizing tax records is an important first step for getting ready to prepare and file their 2020 tax return. Taxpayers should keep all necessary records, such as…
The Internal Revenue Service today reminds taxpayers that the fastest way to get their tax refund is by filing electronically and choosing direct deposit. Direct deposit is free, fast, simple, safe and secure. Taxpayers can…
Join us in making the 15th annual Awareness Day as successful as last year’s. We partnered with more than 1,500 supporters with a combined social reach of over 2 million. And, partners sponsored over nearly 220 live events and other…
Following an unpredictable year with many changes and challenges, the Internal Revenue Service today shared important reminders for taxpayers who are about to file their 2020 federal tax returns. Choose direct deposit The safest, most…
This week, Congress will start working on a stimulus package proposed by President Biden. The relief bill will likely include a stimulus check worth $1,400 that will go out to millions of Americans, but that’s not the…
The mess of education-related tax breaks available to taxpayers will become a bit easier to navigate in the coming years if the Consolidated Appropriations Act of 2021 is signed into law. The year-end act, which provides for regular government…
Where’s my Refund? Updates Calendar for 2021 IRS Transcript and the Where’s My Refund? Updates Calendars! Tuesday Transcript Updates – Daily accounts are processed Friday, Monday, Tuesday or Wednesday. Tax returns that follow Daily processing will…
Your taxes might be a rollercoaster you’ll have to tackle this year, thanks to COVID-19’s economic impact on 2020. If you lost a job, turned to gig work, or even got unemployment benefits, you may have…
The Internal Revenue Service today urged taxpayers who receive Forms 1099-G for unemployment benefits they did not actually get because of identity theft to contact their appropriate state agency for a corrected form. States issue…
National Taxpayer Advocate Erin M. Collins released her 2020 Annual Report to Congress, focusing on the unprecedented challenges taxpayers faced in filing their tax returns and receiving refunds and stimulus payments during a year consumed by…
What is the Recovery Rebate Credit? You can claim your missing stimulus payment with the Recovery Rebate Credit. The IRS introduced the Recovery Rebate Credit for eligible taxpayers who did not receive the first or…
Need a hand preparing your tax return this year? There’s a good chance that if you are one of many low-income taxpayers, you will file a tax return this year. Preparing that return doesn’t have to cost…
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 will make the tax season…
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 Service…
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 Internal Revenue…
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…
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…
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 will…
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…
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…
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 software…
What Changed: IP PIN Is Now Available to Almost Everyone In 2021, the IRS officially expanded its previously limited opt-in program for the Identity Protection PIN (IP PIN). Now, any taxpayer with a valid Social…
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 thieves from fraudulently…
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…