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Here’s why taxpayers should have an IRS online account

Here’s why taxpayers should have an IRS online account An IRS online account is an safe an easy way for individual taxpayers to view specific details about their federal tax account. Here are some of the benefits and features of this online system. Taxpayers can view: Their payoff amount, which is updated for the current day. The […]

Unenrolling from Advance Payments

  Q J1. Why should I unenroll? (added June 21, 2021) A1. You may want to unenroll from receiving advance Child Tax Credit payments for several reasons, including if you expect the amount of tax you owe to be greater than your expected refund when you file your 2021 tax return. The payments you receive are […]

2021 Child Tax Credit and Advance Child Tax – General Information

Q A1. What are advance Child Tax Credit payments? (added June 14, 2021) A1. Advance Child Tax Credit payments are early payments from the IRS of 50 percent of the estimated amount of the Child Tax Credit that you may properly claim on your 2021 tax return during the 2022 tax filing season. If the IRS […]

How the American Rescue Plan affects 2021

Here are the first two tax tips providing an overview of how the American Rescue Plan may affect some individual’s 2021 taxes. COVID Tax Tip 2021-78 Child and dependent care credit increased for 2021 only The new law increases the amount of the credit and the percentage of employment-related expenses for qualifying care considered in […]

Update for taxpayers who paid taxes on 2020 unemployment compensation

The IRS is sending more than 2.8 million refunds to those who already paid taxes on 2020 unemployment compensation. Earned Income Tax Credit (EITC) adjustments Taxpayers who have qualifying children and who become eligible for EITC after the exclusion is calculated may have to file an amended return to claim any new benefits. The IRS […]

IRS News – Families Who May Qualify for Child Tax Credits

IRS sending letters to more than 36 million families who may qualify for monthly Child Tax Credits; payments start July 15 WASHINGTON — The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax […]

February 1 is the deadline for employers to issue and file wage statements

February 1 is the deadline for employers to issue and file wage statements Employers must file Form W-2 and other wage statements by Monday, February 1, 2021. This is also the date Form W-2s are due to employees. By law, employers are required to file copies of their Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage […]

IRS extends Economic Impact Payment deadline to Nov. 21 to help non-filers

  IRS extends Economic Impact Payment deadline to Nov. 21 to help non-filers WASHINGTON – The Internal Revenue Service announced today that the deadline to register for an Economic Impact Payment (EIP) is now Nov. 21, 2020. This new date will provide an additional five weeks beyond the original deadline. The IRS urges people who […]

IRS now sending $500 payments to taxpayers who did not originally receive the correct amount of their Stimulus Payment

If you get $500 from Uncle Sam in the next week or so, don’t freak out. It’s real if you used one of the Internal Revenue Service’s online coronavirus registration tools and didn’t originally get all the relief you were due. The tax agency is sending the money to those who previously were denied the […]

Non-Filers tool-Economic Impact Payment; low-income, homeless qualify

New Spanish language version unveiled   Who can get more Economic Impact Payment money for children IR-2020-83, April 28, 2020 WASHINGTON – The Internal Revenue Service today reminds low-income Americans to use the free, online tool Non-Filers: Enter Payment Info to quickly and easily register to receive their Economic Impact Payment. The IRS has recently released a […]