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 their tax returns. The result has been unfortunate delays in refund checks being mailed out. If you filed on time…
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. Planning ahead can help people file an accurate return and avoid processing delays that can slow tax refunds. This is…
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 Tax Credit Update Portal (CTC UP). These FAQs update the Advance Child Tax Credit Topic A FAQs by adding a new question,…
Daily & Weekly Tax Transcript updates Tax Transcripts typically reflect updates and changes each week on Tuesdays and Fridays What time does Tax Transcripts Update? Tax Transcripts typically reflect updates and changes each week on Tuesdays and Fridays. When is the Next Tax Transcript Update? Check out the tax refund updates calendars to help you…
The “As Of” date on a Tax Account Transcript is the date your penalties and interest are estimated to be calculated to determine if you have a balance due or a tax refund. It’s computed to a future date in case someone may owe and want to mail their check-in rather than pay online. What…
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 with an average refund of $1,189. Typically, unemployment benefits are counted as taxable income, but the relief package passed by…
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 who saw their incomes change this year take action by Monday. On Monday, a new feature of an Internal Revenue Service…
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 online account. Here are some of the benefits and features of this online system. Taxpayers can view: Their payoff amount,…
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. The goal, says the IRS, is to make it easier for taxpayers to deal with the notices. Recipients of the QR-coded…
The advance child tax credit allows qualifying families to receive early payments of the tax credit many people may claim on their 2021 tax return during the 2022 tax filing season. The IRS will disburse these advance payments monthly through December 2021. Here are some details to help people better understand these payments. Who is…
