Blog

Things people do during the summer that might affect their tax return next year

 Whether it’s a life change or a typical summer event, it could affect incomes taxes. Here are a few summertime activities and tips on how taxpayers should consider them during filing season. Getting married- Newlyweds should report any name change to the Social Security Administration. They should also report an address change to the United States Postal Service, their […]

Many Families with Children to Get Monthly Payment of Refundable Child Tax Credit

A provision of the American Rescue Plan is being readied for action, targeting nearly 90 percent of American households with children to receive monthly payments of the Child Tax Credit. The Internal Revenue Service and the Department of the Treasury expect to send out the first monthly payments of the expanded Child Tax Credit (CTC) […]

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 […]

IRS to recalculate taxes on unemployment benefits; refunds to start in May

To help taxpayers, the Internal Revenue Service announced today that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan. The legislation, signed on March 11, allows taxpayers who earned less than $150,000 […]

IRS begins delivering third round of Economic Impact Payments to Americans

WASHINGTON – The Internal Revenue Service announced today that the third round of Economic Impact Payments will begin reaching Americans over the next week. Following approval of the American Rescue Plan Act, the first batch of payments will be sent by direct deposit, which some recipients will start receiving as early as this Additional batches […]

Third Stimulus Package

On March 11, 2021, the third COVID stimulus package was signed into law, including direct payments. The IRS emphasizes that there is no action required by eligible individuals to receive this third payment. Payments are automatic. Additional information related to eligibility or timing of these payments has not been made available. Who qualifies for this […]

Pending Legislation

The president is expected to sign a bill this week which will provide relief for the continued impact of COVID-19. The American Rescue Plan Act of 2021 extends unemployment benefits, provides funding for state and local governments, supports vaccine rollouts, expands the child tax credit, makes a portion of unemployment compensation nontaxable for certain filers, […]

Tax Time Guide: Select a tax return preparer with care

The Internal Revenue Service today reminded taxpayers to choose a tax return preparer with care. Even though the vast majority of tax return preparers provide honest, quality service, some cause great harm through fraud, identity theft and other scams every year. It’s very important to select the right tax professional. After all, people trust them […]