Do’s and don’ts for taxpayers who get a letter or notice from the IRS

The IRS mails letters or notices to taxpayers for a variety of reasons including if: They have a balance due. They are due a larger or smaller refund. The agency has a question about their tax return. They need to verify identity. The agency needs additional information. The agency changed their tax return. Here are […]

Those experiencing homelessness can get Economic Impact Payments

Those experiencing homelessness can get Economic Impact Payments and other tax benefits; permanent address not required The Internal Revenue Service today continued an ongoing effort to help those experiencing homelessness during the pandemic by reminding people who don’t have a permanent address or a bank account that they may still qualify for Economic Impact Payments […]

IRS has refunds totaling $1.3 billion for people who have not filed a 2017 federal income tax return

Unclaimed income tax refunds worth more than $1.3 billion await an estimated 1.3 million taxpayers who did not file a 2017 Form 1040 federal income tax return, according to the Internal Revenue Service. “The IRS wants to help taxpayers who are due refunds but haven’t filed their 2017 tax returns yet,” said IRS Commissioner Chuck […]

Taxpayers with a filing requirement must file a tax return to get an Economic Impact Payment

Some facts for eligible taxpayers who need to- and haven’t- filed a tax return for 2018 or 2019 • Eligible taxpayers with a filing requirement who haven’t filed a tax return for 2018 or 2019 must file for 2019 to get an Economic Impact Payment. • Taxpayers should file electronically and include direct deposit information […]

Information for nonresident aliens and foreign business impacted by COVID-19 travel disruptions

The global outbreak of the COVID-19 virus (the COVID-19 Emergency) has significantly limited the ability of many individuals to leave the United States. Individuals who do not have the COVID-19 virus and attempt to leave the United States may also face canceled flights, disruptions in other forms of transportation, shelter-in-place orders, quarantines, and border closures. […]

Coronavirus-related Scams

Taxpayers should be on the look-out for IRS impersonation calls, texts and email phishing attempts about COVID-19 Economic Impact Payments. These scams can lead to tax-related fraud and identify theft. Here’s what taxpayers need to know: • The IRS will not call, email or text you to verify or request your financial, banking or personal […]

Economic Injury Disaster Loan Advance

On March 29th following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account […]

Stimulus Payments and Social Security

The IRS has announced that Social Security recipients will automatically receive economic impact payments. Those receiving Social Security benefits who do not typically file a tax return will not need to file an abbreviated (simple) tax return to receive the stimulus payment. The IRS will use information from the SSA-1099 and RRB-1099 to generate payments […]

Employee Retention Credit Available for Business

Employee Retention Credit Available for Business The Treasury Department and the Internal Revenue Service launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable credit is 50% of up to $10,000 in wages paid by an employer whose business has been financially impacted by COVID-19. The credit is […]

Economic Impact Payments

Blog #30 Economic Impact Payments No action needed by most people at this time The Treasury Department and the Internal Revenue Service announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically […]