Should you accept the advance payment from the IRS on the Child Tax Credit? Or should you UNENROLL???

There is a lot of buzz in the news about the upcoming Advance Child Tax Credit payments.  The big question is, should you accept the payments or would you be better off unenrolling?  The answer is not so cut and dry.  The best advice we could give is to look hard at your individual situation, [...]

By |2021-06-25T12:53:47+00:00June 25th, 2021|IRS News|Comments Off on Should you accept the advance payment from the IRS on the Child Tax Credit? Or should you UNENROLL???

IRS has options for gig economy workers and those with unemployment benefits

WASHINGTON — The Internal Revenue Service reminds workers in the gig economy and those who claimed unemployment compensation in 2020 of their options and where to find information on meeting their tax obligations.   Gig economy The gig economy refers to income earned providing on-demand work performing services or selling goods, including driving a car [...]

By |2021-05-03T14:58:12+00:00May 3rd, 2021|IRS News|Comments Off on IRS has options for gig economy workers and those with unemployment benefits

IRS suspends requirement to repay excess advance payments of the 2020 Premium Tax Credit

The American Rescue Plan Act of 2021 suspends the requirement that taxpayers increase their tax liability by all or a portion of their excess advance payments of the Premium Tax Credit (excess APTC) for tax year 2020. A taxpayer's excess APTC is the amount by which the taxpayer's advance payments of the Premium Tax Credit (APTC) [...]

By |2021-05-03T15:14:22+00:00April 15th, 2021|IRS News|Comments Off on IRS suspends requirement to repay excess advance payments of the 2020 Premium Tax Credit

IRS ISSUES STANDARD MILEAGE RATES FOR 2021

The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:    • 56 cents [...]

By |2021-05-03T14:58:53+00:00December 22nd, 2020|IRS News|Comments Off on IRS ISSUES STANDARD MILEAGE RATES FOR 2021

What If You Don’t Have Enough Money To Pay Your Taxes?

Don’t panic. If you cannot pay the full amount of taxes you owe, you should still file your return by the deadline and pay as much as you can to avoid penalties and interest.  There is a penalty for failure to file a return on time so even if you can't pay in full, be [...]

By |2020-11-20T14:57:11+00:00July 8th, 2020|IRS News|Comments Off on What If You Don’t Have Enough Money To Pay Your Taxes?

IRS Has Unclaimed Tax Refunds Worth More Than 1.5 BILLION!

Unclaimed income tax refunds worth more than $1.5 billion await an estimated 1.4 million individual tax payers who did not file a 2016 federal income tax return.  However, there is only a three year window to claim these refunds.  That window closes on July 15. The following information was provided by the Internal Revenue Service [...]

By |2020-11-20T14:58:08+00:00July 2nd, 2020|IRS News|Comments Off on IRS Has Unclaimed Tax Refunds Worth More Than 1.5 BILLION!

The IRS Will Replace EIP Cards FOR FREE!

There were many people who accidentally threw away their stimulus payment because they thought it was junk mail.  Others suspected possible scams and assumed the cards were "fake".  The Internal Revenue Service has made the decision NOT to charge for replacing those cards. There are more than 4 million people who didn’t have direct deposit [...]

By |2020-11-20T15:02:29+00:00June 14th, 2020|IRS News|Comments Off on The IRS Will Replace EIP Cards FOR FREE!
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