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…
Need a hand preparing your tax return this year? There’s a good chance that if you are one of many low-income taxpayers, you will file a tax return this year. Preparing that return doesn’t have to cost you most of that refund you’ve been looking forward to. There are credits specifically targeted toward taxpayers earning less than…
In the next few weeks, the Internal Revenue Service (IRS) will begin accepting federal tax returns for the 2020 tax year. The coronavirus pandemic and multiple pandemic-related relief packages passed last year will make the tax season unique for taxpayers and for the IRS. Congress introduced several tax policy changes in 2020 that will impact the upcoming…
