I Got A Notice From The IRS
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…
Your Guide For Tax Audits-IRS Notice Description
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…
Taxpayers Should Be Aware Of Myths About Tax Refunds
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…
What’s An IRS Account Transcript?
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…
Unemployment Compensation Is Taxable; Have Tax Withheld Now And Avoid A Tax-Time Surprise
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…
Self-Employed Individuals Tax Obligations
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…
Earning Side Income: Is it A Hobby Or A Business?
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…
Why Do I Owe A Penalty And What Can I Do About It?
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…
IRS Audit Rates Significantly Increase As Income Rises
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…
National Taxpayer Advocate Interactive Map
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…
IRS2GO Mobile App Frequently Asked Questions
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…
What’s new and what to consider when filing taxes in 2021
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 is Innocent Spouse Relief?
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 to Do If You Have Unfiled Tax Returns
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…
Taxpayers are reminded that Filing a Tax Extension is not an Extension to Pay Taxes
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,…
Obtain An Identity Protection (IP) Pin to Protect Against Tax-Related Identity Theft
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…
IRS Allows Temporary Use of E-Signatures for Numerous Tax Forms
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…
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…
How To Report Gambling Winnings And Losses To The IRS
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…
Tax Topic 151: What Tax Code 151 Means
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…
What is the Premium Tax Credit
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…
IRS enhances Get My Payment online application to help taxpayers
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…
Get My Payment Status
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…
IRS rolls out “Get My Payment” an official tool for tracking stimulus payments
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…
80 million Americans will receive a Stimulus Payment deposit by Wednesday, April 15
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…
IRS plans to Launch “Get My Payment” Web App This Week
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…
Treasury, IRS launches a new tool to help non-filers register for Economic Impact Payments
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…
IRS urges taxpayers to use electronic options
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…
Stimulus Check FAQ’s
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…
U.S. Department of Education has Suspended Student Loan Debt Collection for 60 Days
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…
Economic impact Payments
The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people.…
IRS Mission-Critical Functions Continue During COVID-19 to Assist Taxpayers
As the COVID-19 (coronavirus) outbreak continues, the Internal Revenue Service is taking multiple steps to protect their employees, America’s taxpayers and their partners. Although they are curtailing some operations during this period, the IRS is continuing…
IRS extends tax deadline to July 15 from April 15
The Internal Revenue Service has extended the deadline for filing individual tax returns for 2019 to July 15, 2020 from April 15 in response to the coronavirus pandemic. The change came just two days after…
The IRS Will Pay Interest on Your Delayed Tax Refund
Some taxpayers have good news and a deposit on the way: The Treasury Department and IRS are sending refund interest payments to about 13.9 million individual taxpayers who filed their 2019 federal income tax returns…
“Where’s My Refund?” will be updated Saturday February 22, 2020 with Deposit Dates
With millions of tax refunds being processed, the Internal Revenue Service reminds taxpayers they can get fast answers about their refund by using the “Where’s My Refund?” tool available on IRS.gov and through the IRS2Go app. More…
Avoid the rush after Presidents Day holiday; Use IRS’ online tools to get help
The Internal Revenue Service (IRS) recognized Presidents Day as a federal holiday and is therefore closed. In anticipation of the upcoming holiday, the IRS warned people who planned to call before and after the holiday…
Today will be the End of the 2020 PATH ACT REFUND HOLD
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,…
What are the Differences Between Form 1095-A, 1095-B, and 1095-C?
Understanding Your Health Coverage Tax Forms Every tax season, millions of taxpayers receive at least one of the Affordable Care Act health insurance forms in the mail. But which one applies to you depends entirely…
IRS launches Identity Theft Central
The IRS Just Made It Easier to Report Identity Theft Identity theft during tax season has exploded over the last few years. The IRS has now created a dedicated online hub called Identity Theft Central,…
It’s Earned Income Tax Credit (EITC) Awareness Day!
The Internal Revenue Service and its partners nationwide remind taxpayers about the Earned Income Tax Credit on January 31, 2020, “EITC Awareness Day.” This is the 14th year of the EITC awareness campaign that alerts millions…
2020 Tax Refund Updates Calendar
Where’s my Refund? Updates Calendar for 2020 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…
Refund Timing for Earned Income Tax Credit and Additional Child Tax Credit Filers
Taxpayers who claim the Earned Income Tax Credit or the Additional Child Tax Credit may experience a refund hold. According to the Protecting Americans from Tax Hikes (PATH) Act, the IRS cannot issue these refunds…
Taxpayers should remember these tips when searching for a tax preparer
The tax filing season is upon us, and many people will be looking for someone to help them file a tax return. Taxpayers should choose their tax return preparer wisely. This is because it’s ultimately the taxpayer who…
Who should file a Tax Return?
While many people are required to file a tax return, it’s a good idea for everyone to determine if they should file. Some people with low income are not required to file but will need…
Update on the IRS Identity Protection PIN Retrieval Tool
What Is the IP PIN Retrieval Tool Recent Update: Seasonal Downtime What That Means for You — Timing Is Key Because of this seasonal shutdown: How to Get or Retrieve an IP PIN If online…
IRS Announces the Start of E-File Test Batch(HUB Testing) for 2020
The IRS has announced that the 2020 tax filing season will begin on January 27, 2020. Tax preparation companies will be participating in the controlled launch of the e-file system (HUB Testing) with the IRS…
IRS Free File Opens Jan. 10, 2020!
Most taxpayers can get an early start on their federal tax returns as IRS Free File – featuring brand-name online tax providers − opens today at IRS.gov/FreeFile for the 2020 tax filing season. Taxpayers whose adjusted gross…
Direct Deposit is the Fastest Way to Receive a Tax Refund
With tax season beginning soon, the Internal Revenue Service reminds taxpayers that choosing to have their tax refund directly deposited into their checking or savings account is the fastest way to get their money. It’s…
2020 IRS E-File Tax Refund Direct Deposit Dates
The IRS will begin accepting tax returns on January 27, 2020, with nearly 155 million individual tax returns expected to be filed in 2020. The nation’s tax deadline will be April 15 this year. Many software…
Is there a Penalty in 2020 for not having Health Insurance?
Initially, the ACA’s individual shared responsibility provisions required most individuals to obtain “minimum essential health insurance” coverage for themselves, and any dependents, or pay a penalty. Through the tax year 2018, taxpayers were also required…