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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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,…
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…
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…
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…
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…
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…
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…
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…
