Economic Impact Payments on their way! 1/14/2021 – The Treasury Department and the IRS are issuing millions of second Economic Impact Payments by prepaid debit card to speed delivery of the payments to as many people as possible. If the Get My Payment tool on IRS.gov shows a date that a payment was mailed, you […]
Phase 4 COVID-19 Relief Bill
The U.S. Senate and House of Representatives passed an emergency $900 billion COVID-19 relief bill which the President signed into law December 27, 2020. Highlights include: Additional 2020 recovery rebates for individuals. The provision provides a refundable tax credit in the amount of $600 per eligible family member. The credit is $600 per taxpayer ($1,200 […]
The IRS has made significant progress in opening backlogged mail
Filed an Individual Tax Return (Form 1040), a Business Tax Return or an Amended Return The IRS has made significant progress in opening backlogged mail. While, as of November 24, 2020, they had 7.1 million unprocessed individual tax returns and 2.3 million unprocessed business returns, the IRS expects to issue all refunds for 2019 individual […]
Identity Protection PIN Program will soon be available to taxpayers nationwide
In January, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity. An identity pretention PIN is a six-digit number assigned to eligible taxpayers to help prevent their Social Security number from being used to file fraudulent federal income tax returns. This number helps the IRS […]
Get Ready for 2020 Taxes
Taxpayers can take the following actions this fall to get ready for the upcoming tax filing season. Steps taxpayers can take now to make tax filing easier in 2021 Taxpayers should gather Forms W-2, Wage and Tax Statement, Forms 1099-Misc, Miscellaneous Income, and other income documents to help determine if they’re eligible for deductions or […]