The Internal Revenue Service today reminds taxpayers that the fastest way to get their tax refund is by filing electronically and choosing direct deposit. Direct deposit is free, fast, simple, safe and secure. Taxpayers can even split their refund to have it deposited into one, two or three different accounts. Eight out of 10 taxpayers…
Join us in making the 15th annual Awareness Day as successful as last year’s. We partnered with more than 1,500 supporters with a combined social reach of over 2 million. And, partners sponsored over nearly 220 live events and other activities such as news releases and articles for EITC Awareness Day. With your help, we want to even make it bigger…
Following an unpredictable year with many changes and challenges, the Internal Revenue Service today shared important reminders for taxpayers who are about to file their 2020 federal tax returns. Choose direct deposit The safest, most accurate and fastest way to get a refund is to electronically file and choose direct deposit. Direct deposit means any…
This week, Congress will start working on a stimulus package proposed by President Biden. The relief bill will likely include a stimulus check worth $1,400 that will go out to millions of Americans, but that’s not the only financial benefit the legislation might boast. According to the Washington Post, House Democrats have drafted a proposal that will see the…
The mess of education-related tax breaks available to taxpayers will become a bit easier to navigate in the coming years if the Consolidated Appropriations Act of 2021 is signed into law. The year-end act, which provides for regular government funding, coronavirus-related relief, and various other congressional priorities, would clean up a temporary education-related tax break that has caused confusion…
Where’s my Refund? Updates Calendar for 2021 IRS Transcript and the Where’s My Refund? Updates Calendars! Tuesday Transcript Updates – Daily accounts are processed Friday, Monday, Tuesday or Wednesday. Tax returns that follow Daily processing will see transcripts update on Tuesdays mornings. Wednesday WMR Major Updates – Daily accounts are processed Friday, Monday, Tuesday or Wednesday.…
Your taxes might be a rollercoaster you’ll have to tackle this year, thanks to COVID-19’s economic impact on 2020. If you lost a job, turned to gig work, or even got unemployment benefits, you may have to navigate landmines you’re not used to. Not to mention, you might have to request your stimulus check on your…
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,…
National Taxpayer Advocate Erin M. Collins released her 2020 Annual Report to Congress, focusing on the unprecedented challenges taxpayers faced in filing their tax returns and receiving refunds and stimulus payments during a year consumed by the COVID-19 pandemic. The report also finds that a roughly 20% inflation-adjusted reduction in the IRS’s budget since fiscal year…
What is the Recovery Rebate Credit? You can claim your missing stimulus payment with the Recovery Rebate Credit. The IRS introduced the Recovery Rebate Credit for eligible taxpayers who did not receive the first or second stimulus payment. This credit was authorized for COVID-19 assistance under the CARES Act. It is an advanced payment that…
