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 tax filers overpaid on unemployment benefits when filing taxes in the spring. Amendments were made to tax law as part…
IRS Encourages Modernization Of Electronic Filings: 30 Million Taxpayer Paper Filed Tax Returns Destroyed According to the Inspector General’s audit, the IRS destroyed 30 million paper documents while millions of taxpayers are waiting for tax refunds. The IRS has taken a number of actions and developed initiatives in an effort to increase e-filing. Furthermore, legislative requirements have resulted…
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 can you do? Probably nothing. Are you alone? Absolutely not. According to the Internal Revenue Service, as of Sept. 4,…
Parents who share custody of their children should be aware of how the advance child tax credit payments are distributed. It is important to remember that these are advance payments of a tax credit that taxpayers expect to claim on their 2021 tax return. Understanding how the payments work will parents to unenroll, if they…
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 any family that opts to receive their payment through a paper check to avoid mailing delays or have a check…
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 reasons some taxpayers who do not qualify for the 2021 advance of the CTC will get 2021 advance payments: IRS…
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 solutions, refund transfers are one-way taxpayers can choose to receive their tax refunds. With refund transfers, taxpayers can use these…
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 the IRS than just about any money collecting service out there. So if you’d like to explore the best way…
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 withheld. What is the W2 Form Used for? The W-2 includes the financial data required to complete IRS 1040 income tax forms…
On its website, the IRS has posted answers to frequently asked questions (FAQs) about Online Account. Online Account provides individuals with online access to their tax account information. Online Account is an online portal that allows individual taxpayers to access their tax account information (including tax balances and payment history); set up payment plans for…
