The American Rescue Plan Act of 2021 modifies the IRS reporting requirement from $20,000 in aggregate payments and 200 transactions to a threshold of $600 in aggregate payments, with no minimum transaction number. The new rule is effective beginning on Jan. 1, 2022. The IRS will start sending 1099-K forms to businesses that make transactions on cash applications that…
Whether you’re in Arizona to Washington, we have you covered with this in-depth guide on the latest news concerning financial help being sent out on a state level amid the coronavirus crisis. Find out what economic help is on the way with this COVID-19 aid guide. A fourth stimulus check from the federal government does not appear likely.…
As many taxpayers with children likely already know, there were some changes made to the child tax credit for 2021. Most notably, part of the credit was delivered to eligible taxpayers in advance of the 2022 tax season in monthly installments (starting July 15, 2021) for those taxpayers who did not opt-out. Additionally, the credit…
It’s almost time for the fourth batch of monthly child tax credit payments. The first three payments were sent on July 15, August 13, and September 15, while the next payment is scheduled for October 15 – that’s this week! The IRS will also be sending out additional payments every month through the end of the year. For parents…
The IRS began issuing advance payments of the Child Tax Credit (CTC) in mid-July. Similar to certain other credits with an advance payment option, taxpayers who receive these advance payments will have to reconcile the total amount received on their 2021 individual income tax return. In January 2022, the IRS is planning to send Letter 6419 to all advance CTC…
The IRS lets you access most tax tools with one account ID.me uses the latest in identity verification technology to authenticate your identity quickly and easily. They specialize in digital identity protection and help us make sure you’re you—and not someone pretending to be you—before we give you access to your information. If you have an…
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 more than in 2019, according to the IRS’ tax advocacy office, an independent arm of the agency created to help…
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 Biden signed into law in March. In the middle of October, most American families will receive another payment as part of the expanded…
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 receive 50% of the total credit in six advance installments through 2021, and the rest with a tax refund in…
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 a letter saying “you need to send supporting documentation.” Even worse, the IRS says it is holding your refund until the matter…
