We know changes to your taxes can be confusing and difficult to navigate at the best of times, and the coronavirus pandemic has only added more uncertainty. But there’s no need to stress — we’ve broken it all down for you. Will I still be getting a Child Tax Credit payment when I file my…
If you see that the IRS sent a notice claiming they made a change to your refund check amount, there’s no need to be alarmed. Every year, the IRS issues thousands of adjusted refund letters to taxpayers across the country. An IRS adjusted refund letter doesn’t mean you did anything wrong. Instead, it’s a simple…
College is a time for you to become independent, make lasting memories, and pursue an education that leads to a career you’re passionate about. However, higher education can come at a cost. Once you graduate, you may have forgotten about all of the student loans you borrowed over the years to pay for your degree.…
IRS clarified how individuals who are not otherwise required to file 2020 federal income tax returns can claim advance child tax credit (CTC) payments as well as stimulus payments (i.e., third-round economic impact payments, 2020 recovery rebate credit payments, and additional 2020 recovery rebate credit payments). To process these payments, the IRS needs certain information…
Audits are nothing new. Taxpayers may find themselves in the unfortunate situation of opening their mailboxes to an IRS examination letter. The IRS Letter 6316 (“Letter 6316”) is one such letter. The IRS issues these particular letters as part of its National Research Program, and the IRS is certainly issuing them. I have spoken with…
The Internal Revenue Service is sending more than 2.8 million refunds this week to taxpayers who paid taxes on unemployment compensation that new legislation now excludes as income. IRS efforts to correct unemployment compensation overpayments will help most affected taxpayers avoid filing an amended tax return. So far, the IRS has identified 13 million taxpayers…
As part of our response to the COVID-19 situation, we have taken steps to protect employees, taxpayers, and their representatives by minimizing the need for in-person contact. Taxpayer representatives have expressed concerns with securing handwritten signatures during these times for forms that are required to be filed or maintained on paper. To alleviate these concerns…
The IRS will have two online child tax credit portals open by July 1. That’s where you’ll change your status and more. The child tax credit payments are coming — the good news is 88% of American families will qualify for at least some money. However, to make sure you get the right amount (and to make sure you’re not overpaid),…
What does N/A on my tax transcripts mean? When checking your tax transcripts and if you see a N/A in place of the most recently filed tax transcripts. The N/A is letting you know that your transcripts for the current filed tax year are Not Available yet. If you are seeing a N/A when checking…
The IRS enables you to check when your 2021 Economic Impact Payment is available. The tool updates once each day, usually overnight. The IRS asks that you do not call them and encourage you to use this feature to check the status of your payment. Previous payment information is no longer available in the feature…
