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…
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 (IRS) first announced six months ago. The refunds are the result of changes to the tax law authorized by the…
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 that very situation right now. The Internal Revenue Service (IRS) has issued some 5 million “math error notices” that neglected…
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…
