A taxpayer’s filing status defines the type of tax return form they should use when filing their taxes. Filing status can affect the amount of tax they owe, and it may even determine if they have to file a tax return at all. There are five IRS filing statuses. They generally depend on the taxpayer’s…
The Internal Revenue Service and the Treasury Department announced today that millions of American families will soon receive their advance Child Tax Credit (CTC) payment for the month of November. Low-income families who are not getting payments and have not filed a tax return can still get one, but they must sign up on IRS.gov…
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,…
