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, y…

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…

IRS Letter 6316 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 iss…

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…

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…

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 f…

What does N/A on my Tax Transcripts mean? 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…

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…

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…

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.

If you…

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 id…

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 b…

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. U…

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…

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…

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 also q…