Categories
Uncategorized

Tax Time Guide: Use the ‘Where’s My Refund?’ tool or IRS2Go app to check tax refund status

IRS:  IR-2021-60   March 18, 2021 Tax Time Guide: Use the ‘Where’s My Refund?’ tool or IRS2Go app to check tax refund status WASHINGTON — The Internal Revenue Service today reminds taxpayers that the most convenient way to check on a tax refund is by using the “Where’s My Refund?” tool at IRS.gov or through the IRS2Go Mobile […]

Categories
Uncategorized

Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline

IRS: IR-2021-59 Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline WASHINGTON — 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, 2021. The […]

Categories
Uncategorized

2021 Economic Impact Payment Information Available on Get My Payment

2021 Economic Impact Payment Information Available on Get My Payment You can now check the status of your 2021 Economic Impact Payment in the Get My Payment tool. All first and second Economic Impact Payments have been sent and will no longer appear in Get My Payment. If you didn’t get a first or second  payment or […]

Categories
Uncategorized

New Exclusion of up to $10,200 of Unemployment Compensation

New Exclusion of up to $10,200 of Unemployment Compensation According to the IRS, if your modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan enacted on March 11, 2021, excludes from income up to $10,200 of unemployment compensation paid in 2020. This means you do not have to pay tax on […]

Categories
Uncategorized

IRS begins delivering third round of Economic Impact Payments to Americans

Source: IRS IR-2021-54 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 […]

Categories
Uncategorized

New Coronavirus Stimulus Signed into Law, Includes Tax Breaks for Individuals

New Coronavirus Stimulus Signed into Law, Includes Tax Breaks for Individuals President Biden has signed into law the new economic relief package passed by the House of Representatives and Senate on Wednesday. The American Rescue Plan (ARP) Act provides a wide array of tax-related benefits for individuals. Following is a brief … Source: Ken Berry, […]

Categories
Uncategorized

Tips to help people choose a reputable tax preparer (Tax Attorney, CPA and EA)

IRS: Tax Tip 2020-14 Tips to help people choose a reputable tax preparer ( Tax Attorney, CPA and EA) Whether taxpayers regularly use a tax professional to help them file a tax return or they have decided to work with one for the first time, it is important to choose a tax return preparer wisely. Taxpayers […]

Categories
Uncategorized

Tips to help taxpayers spot and avoid tax scams

IRS Tax Tip 2021-30 Tips to help taxpayers spot and avoid tax scams Tax season is also busy season for savvy criminals. Scammers impersonating the IRS either over-the-phone, by email or in-person can steal money from people. All taxpayers should stay vigilant against these schemes. Here are some tips to help people recognize and avoid: […]

Categories
Uncategorized

The first step of tax preparation is gathering records

Source IRS COVID Tax Tip 2021-16 The first step of tax preparation is gathering records As taxpayers get ready to file their 2020 tax return, they should start by gathering their records. Taxpayers should gather all year-end income documents to help ensure they file a complete and accurate 2020 tax return and avoid refund delays. […]

Categories
Uncategorized

What taxpayers need to know about claiming the credit for other dependents

IRS Tax Tip 2021-18 What taxpayers need to know about claiming the credit for other dependents Taxpayers with dependents who don’t qualify for the child tax credit may be able to claim the credit for other dependents. The maximum credit amount is $500 for each dependent who meets the following: 1. Dependents who are age […]