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…Here’s How Education-Related Tax Benefits Could Change in 2021
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…2021 Tax Refund Updates Calendar
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…Tax season is coming with plenty of changes thanks to COVID-19’s economic impact
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…IRS Offers Guidance To Taxpayers On Identity Theft Involving Unemployment Benefits
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…National Taxpayer Advocate Delivers 2020 Annual Report To Congress
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…Recovery Rebate Credit
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…Tax Filing for Low-Income Taxpayers
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…What to Expect During the 2021 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 Opening Day for 2021
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…IRS Free File Opens Jan. 15, 2021!
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…Tips to Get Your Tax Refund ASAP
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…Important Tax Changes In 2021: Individuals And Businesses
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…2021 IRS E-File Tax Refund Direct Deposit Dates
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…2021 Tax Transcript Cycle Code Charts
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…Identity Theft and IRS Letter 5071C
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…Why Millions Of Taxpayers Have Not Received 2nd Stimulus Check
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…Round 2: Economic Impact Payments
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…IRS expands Identity Protection PIN Opt-In Program to taxpayers nationwide
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…IP PINs now available to all taxpayers
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…How The IRS Taxes Bitcoin
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…I Got A Notice From The IRS
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 been changed because the IRS…Your Guide For Tax Audits-IRS Notice Description
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…Taxpayers Should Be Aware Of Myths About Tax Refunds
An IRS Account Transcript is an official record of your tax return activity, payments, and IRS actions for a specific tax year. It includes important transaction codes, dates, balances, account holds, offsets, and adjustment details…What’s An IRS Account Transcript?
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 tax withheld from their benefits…Unemployment Compensation Is Taxable; Have Tax Withheld Now And Avoid A Tax-Time Surprise
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 partnership that carries on…Self-Employed Individuals Tax Obligations
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 difference between…Earning Side Income: Is it A Hobby Or A Business?
I sent a payment to the IRS. Why did I get a bill? If you mailed a payment to the IRS on or before July 15, it may still be unopened in the backlog of…Why Do I Owe A Penalty And What Can I Do About It?
Few things can generate as much taxpayer concern, confusion and controversy as an IRS audit. Tax audits are a critical compliance tool to help ensure fairness in the tax system, and the IRS works hard…IRS Audit Rates Significantly Increase As Income Rises
What Is the Taxpayer Roadmap? Think of it as a subway map for the tax system. Like a subway map, it shows many lines and stations along the way, guiding you from your starting point…National Taxpayer Advocate Interactive Map
In today’s world of electronic streamlining and technological advances, there is an app for everything. And thanks to a forward thinking team at the IRS, the IRS now has one too. In fact, many users…IRS2GO Mobile App Frequently Asked Questions
The Internal Revenue Service today encouraged taxpayers to take necessary actions in the final weeks of the year to help file federal tax returns timely and accurately in 2021. This is the third in a…What’s new and what to consider when filing taxes in 2021
When filing a tax return, most married couples choose to use the status of Married Filing Jointly. There are typically few downsides to choosing this filing status and it can reduce the amount of income tax…What is Innocent Spouse Relief?
No one likes filing their taxes, but not filing them at all is never a good idea. The IRS is a powerful collection agency, and an unforgiving one. Getting on the bad side of the…What to Do If You Have Unfiled Tax Returns
Taxpayers are reminded that if they have yet to file their federal income tax return, they still have a variety of options that are available to them. Not only is the IRS website accessible to taxpayers,…Taxpayers are reminded that Filing a Tax Extension is not an Extension to Pay Taxes
Why an IP PIN Matters Now Identity theft continues to be one of the biggest threats to your IRS tax refund every year. Criminals use stolen Social Security Numbers to file fake tax returns and…Obtain An Identity Protection (IP) Pin to Protect Against Tax-Related Identity Theft
On August 28, the IRS announced that it will temporarily allow the use of digital signatures, or e-signatures, on certain forms that cannot be filed electronically, that must be maintained on paper or that otherwise…IRS Allows Temporary Use of E-Signatures for Numerous Tax Forms
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
After a big win on a lotto ticket or after a great night at the casino, the last thing you’re probably thinking about is those pesky tax obligations that come along with it. While that…How To Report Gambling Winnings And Losses To The IRS
What is Tax Topic 151? You may receive a tax topic 151 letters in lieu of a full tax refund, or any refund at all. It can be alarming, as the notice often says to…Tax Topic 151: What Tax Code 151 Means
Health insurance can be pricey. Luckily, you can get a refundable tax credit just for purchasing health insurance through the Marketplace. Keep reading to find out how you qualify. What is the Premium Tax Credit…What is the Premium Tax Credit
The IRS announced significant enhancements to the “Get My Payment” tool to deliver an improved and smoother experience for taxpayers eligible to receive Economic Impact Payments. The enhancements adjusted several items related to the online tool, which debuted…IRS enhances Get My Payment online application to help taxpayers
The Internal Revenue Service went live with its “Get My Payment” portal Wednesday, April 15th. This is the much-anticipated tool where you can get information on the status of your federal stimulus payment as well as provide direct…Get My Payment Status
The U.S. Department of the Treasury and IRS launched the “Get My Payment” web application. The FREE app allows taxpayers who filed their tax return in 2018 or 2019 but did not provide their banking information on…IRS rolls out “Get My Payment” an official tool for tracking stimulus payments
Millions of Americans are starting to see Economic Impact Payments deposited directly in their bank accounts. The U.S. Department of the Treasury and IRS expect tens of millions of Americans will receive their payments via…80 million Americans will receive a Stimulus Payment deposit by Wednesday, April 15
The U.S. Department of the Treasury and IRS will launch the “Get My Payment” web application by Friday, April, 17th. The FREE app—which will be found at IRS.gov—will allow taxpayers who filed their tax return…IRS plans to Launch “Get My Payment” Web App This Week
IRS.gov feature helps people who normally don’t file get payments; second tool next week provides taxpayers with payment delivery date and provide direct deposit information To help millions of people, the Treasury Department and the…Treasury, IRS launches a new tool to help non-filers register for Economic Impact Payments
The Internal Revenue Service today reminds taxpayers and tax professionals to use electronic options to support social distancing and speed the processing of tax returns, refunds and payments. To protect the public and employees, and…IRS urges taxpayers to use electronic options
The stimulus payments being sent out are REALLY advanced tax credits. I believe eligibility will be based on 2020 taxable income, but the advance payments being sent out will be based on 2019 adjusted gross…Stimulus Check FAQ’s
Federal student loan borrowers late on their payments have been granted some relief by the Department of Education, which will stop the collections process for federal student loans in default, including wage garnishment actions, which…U.S. Department of Education has Suspended Student Loan Debt Collection for 60 Days