Nearly every taxpayer with dependent children could be impacted by the PATH Act at some point. In addition to other tax-related provisions, the PATH act affects two extremely common tax credits: the Earned Income Tax Credit and the Additional Child Tax Credit. Here’s what every taxpayer should know about the PATH Act: What is the…
Opening Day for the IRS is Today February 12, 2021. The Internal Revenue Service has set the opening day for the 2021 tax filing season for Friday, Feb. 12, 2021. That’s the day the IRS will begin accepting and processing 2020 tax year returns. The tax filing deadline this year is Thursday, April 15, 2021…
Your tax refund is being held, pending a review of your tax return. The IRS may contact third parties to verify the information shown on the tax return. IRS Notices CP05 & CP05A both indicate that the IRS is holding your refund pending a request for information. The IRS CP05 letter is a notification to inform you…
The Internal Revenue Service today urged taxpayers who receive Forms 1099-G for unemployment benefits they did not actually get because of identity theft to contact their appropriate state agency for a corrected form. States issue Forms 1099-G to the taxpayer and to the IRS to report what taxable income, such as refunds or unemployment benefits,…
Identity theft is a crime that affects victims for years after it’s committed—from ruined credit to tax debt, recovering in the aftermath of having your personal information stolen and used is an enormous ordeal. Fortunately, there is another layer of protection for your identity that specifically helps during the tax-filing process, and that’s an IP…
If your $600 stimulus payment (also referred to as the second economic impact payment, or EIP2) still hasn’t arrived in your bank account or mailbox, you may be wondering if you should wait to file your tax return. After all, you’ve likely heard of the Recovery Rebate Credit (RRC) by now, which lets taxpayers claim missing stimulus…
Now that many taxpayers have received (and most likely spent) their Economic Impact Payments (EIPs), they’re wondering how that extra cash is going to affect tax returns in the winter and spring of 2021. Let’s go over the basics and some common questions about how your stimulus payment will affect your 2020 taxes. How do…
The IRS has announced that the 2021 tax filing season will begin on February 12, 2021. Tax preparation companies will be participating in the controlled launch of the e-file system (HUB Testing) with the IRS between the dates of Tuesday, February 09 – Thursday, February 11, 2021. During this time, tax preparation companies will be…
If your stimulus check is lost in the mail, or something else happens to it before you get it, you can ask the IRS to trace your payment. It’s bad enough if a new shirt you ordered on Amazon gets lost in the mail – but you’re really going to get mad if the post…
The Internal Revenue Service is reminding taxpayers that organizing tax records is an important first step for getting ready to prepare and file their 2020 tax return. Taxpayers should keep all necessary records, such as W-2s, 1099s, receipts, canceled checks and other documents that support an item of income, or a deduction or credit, appearing…
