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… How nonfilers can claim advance child tax credit payments
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… Refunds are Being Sent to Those Who Already Paid Taxes on 2020 Unemployment Compensation
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… IRS Expands List of Digitally Filed or Signed Forms
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… Child Tax Credit: IRS to open portals on July 1; checks will begin July 15
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… What does N/A on my Tax Transcripts mean?
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… Your Economic Impact Payment Is Available: Find Out Status
The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17,… Tax Day For Individuals Extended To May 17: Treasury, IRS Extends Filing And Payment Deadline
Do student loans affect my tax returns? It depends. If you are still in school and receiving money from student loans, you should not consider that income, since you are obligated to pay it back.… How Student Loans Could Affect Your Taxes?
Earlier in February 2021, the IRS issued notices to approximately 260,000 taxpayers stating they haven’t filed their 2019 federal tax return. These notices, referred to as CP59 notices, are issued yearly to identify taxpayers who have… IRS Statement About CP59 Notices
Millions of Americans have already received refund payments after completing their tax filing, but there are concerns that tax return processing could soon face delays. This year’s tax season is expected to be a bumper year… Millions of Americans have already received a tax refund 2021
If 2020’s economic downturn put you in the position of needing to apply for unemployment benefits, you may have been under the impression that those benefits were not subject to state or federal taxes. Unfortunately,… Unemployment + Taxes
The Internal Revenue Service has issued an urgent warning to tax professionals over a new scam in which cyber-criminals impersonate the IRS over email in an attempt to steal Electronic Filing Identification Numbers (EFINs). Carrying… IRS warns of EFIN Scam
Did the IRS reject your tax return because someone else claimed your dependent? Claiming a dependent is usually pretty simple: you give the IRS their social security number, certifying that your relationship with that person… Someone Else Claimed My Dependent
Whether you have just one on the way or five and counting, kids are expensive. That’s why you should take advantage of tax cuts whenever possible. In addition to claiming them as dependents, you may… What is the Additional Child Tax Credit?
The IRS will begin accepting tax returns on Feb. 12, 2021. Here’s a breakdown of what you should know before you file. Tax filing season will start a bit later this year and look a… How the pandemic will affect filing your taxes
Filed your taxes and expecting a refund? Here’s how to check the status and how long you may have to wait. So, you’ve been proactive and turned in your tax return already or are planning to do… Where’s my refund? How to check the status of your 2020 tax refund
There are pros and cons to either filing your taxes now or holding off a few more weeks in terms of the proposal for $1,400 stimulus payments. As Democrats push forward with crafting the next… Should you file your taxes right away in 2021 or wait?
Two items in the COVID relief package affect how much money the government will send parents to cover their children in 2021. Inside the COVID relief package that could be voted on by the full House as… Third stimulus payment: $1,400 or $3,600 per child? Why some are confused
Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes… Taxable Vs Nontaxable Income
The first step of tax preparation is gathering records As taxpayers get ready to file their tax returns, they should start by gathering their records. Taxpayers should gather all year-end income documents to help ensure… You Can View Your IRS Account Online
If you didn’t receive your Economic Impact Payments (EIPs) and a 2018 or 2019 joint return was filed in your name without your consent, you may be eligible to claim the Recovery Rebate Credit (RRC)… If You Didn’t Get Your Economic Impact Payment, Your Joint Tax Return May Be the Reason Why
The Protecting Americans from Tax Hikes (PATH) Act was created in order to protect taxpayers and their families against fraud and permanently extend many expiring tax laws. The law, which was enacted December 18, 2015,… Today will be the End of the 2021 PATH ACT REFUND HOLD
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… The PATH Act: What It Is and How It Affects Your Taxes
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… Top Facts Filers Should Know for IRS Opening Day
Your tax refund is being held, pending a review of your tax return. The IRS may contact third parties to verify information shown on the tax return. IRS Notices CP05 & CP05A both indicate that… IRS Notice CP05 – Your Tax Refund is Being Held While The IRS Reviews Your Tax Return
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… IRS Offers Guidance To Taxpayers On Identity Theft Involving 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,… Ways an Identity Protection PIN Keeps Your Identity Safe
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… Here’s When to File Taxes if You Haven’t Gotten Stimulus Money
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… How Does My Stimulus Payment Affect My 2020 Tax Return?
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… E-File Test Batch(HUB Testing) for 2021
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… What to Do If Your Stimulus Check is Lost, Stolen, or Destroyed
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… IRS urges taxpayers to gather tax documents now for smooth filing later
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… Get a federal tax refund faster with direct deposit
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… Join us for EITC Awareness Day on Friday, January 29, 2021
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… Important reminders before filing 2020 tax returns
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… Parents Can Get $300 Every Month For Each Kid In New Stimulus Proposal
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… Here’s How Education-Related Tax Benefits Could Change in 2021
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… 2021 Tax Refund Updates Calendar
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… Tax season is coming with plenty of changes thanks to COVID-19’s economic impact
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… IRS Offers Guidance To Taxpayers On Identity Theft Involving 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… National Taxpayer Advocate Delivers 2020 Annual Report To Congress
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… Recovery Rebate Credit
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… Tax Filing for Low-Income Taxpayers
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… What to Expect During the 2021 Tax Season
The Internal Revenue Service has announced that the nation’s tax season will start on Friday, Feb. 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns. The Internal Revenue Service… IRS Opening Day for 2021
IRS Free File – online tax preparation products available at no charge – January 15, 2021, giving taxpayers an early opportunity to claim credits like the Recovery Rebate Credit and other deductions, the Internal Revenue… IRS Free File Opens Jan. 15, 2021!
Waiting for your tax refund can really test your patience. Unfortunately, we can’t speed up the actual processing time of your tax return once the IRS gets hold of it. However, there are actions we… Tips to Get Your Tax Refund ASAP
Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist… Important Tax Changes In 2021: Individuals And Businesses
2021 IRS E-File Tax Refund Cycle Charts The IRS will begin accepting tax returns on February 12, 2021, with nearly 150 million individual tax returns expected to be filed in 2020. The nation’s tax deadline will… 2021 IRS E-File Tax Refund Direct Deposit Dates
A cycle code is an 8 digit code found on your account transcripts. The cycle code indicates the day your account posted to the IRS Master File. This date indicates the 4 digits of the… 2021 Tax Transcript Cycle Code Charts