Tag: IRS

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Stimulus checks and Child Tax Credits are being used to scam people with fake IRS alerts

Scammers are contacting taxpayers and using terms like “stimulus cash” “faster payments” and “COVID disaster relief” to obtain personal information. The IRS reminds people that they will never contact someone via phone, and will always send a letter to the address on ... MORE
IRS, News, Scam, Stimulus Check
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You might owe the IRS money if they sent you a letter about an error in your stimulus check

Evidently there was a math error made by the IRS, resulting in millions of Americans accidentally receiving stimulus checks they should not have. Now, they need to pay the money back. The IRS recently sent letters to Americans that owe the stimulus ... MORE
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Some families are missing their $300 and $600 October Child Tax Credits, here’s what to do

Some families were set to receive $600 this month instead of $300 because it was their first month filing. Many who opted in this way aren’t regular tax filers. Unfortunately many families did not get the payment. A glitch in September left ... MORE
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$600 amount increased to $10,000 for Biden administration’s bank reporting to IRS plan

People aren’t happy about the idea of banks reporting their banking information to the IRS. Democrats tried to appease Americans by changing the amount to $10,000 instead of $600. The plan was revised on Tuesday and would require banks to collect data ... MORE
IRS, News
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Will IRS get tax refunds, stimulus payments arrive by December? Will bank, Venmo, or CashApp transactions be targeted in 2022?

Is the IRS going to get all tax returns and refunds processed by the end of the year? Will they finally be given the chance to go after those who use payment platforms like CashApp or Venmo? Last month Democrats proposed that ... MORE
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Plans to monitor $600 bank accounts will target small businesses, not wealthy Americans, like the Biden administration claims

The goal of monitoring bank accounts for over $600 dollars in activity is to try to catch the wealthy not paying their fair share in taxes, but experts say that isn’t what will happen. The proposal, if passed, would require banks to ... MORE
Business, IRS, News, Tax Return
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October child tax credits have started going out following late payments from the IRS in September

Families are just now starting to get their October child tax credit. A technical issue last month caused issues like late payments, but this month there should be fewer issues. Many families express their need for the checks and that they rely ... MORE
Child Tax Credit, IRS, News
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President Joe Biden’s newest proposal to monitor personal bank accounts has taxpayers feeling violated

Biden’s administration is on the hunt for missing and unpaid taxes, and to find them they’ve proposed data being given to the IRS regarding any deposit or withdrawal worth over $600. Bank members have said they feel the plan is an invasion ... MORE
IRS, Joe Biden, News
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When will child tax credit payments be deposited? Will stimulus be extended into 2022?

The average family received over $5,000 as result of the advance child tax credit payment program included in the American Rescue Plan. The payments began in July, and later this week the fourth round of checks will go out to parents and ... MORE
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Treasury Inspector General for Tax Administration releases report saying IRS missed millions in fraudulent claims

The Treasury Inspector General for Tax Administration has released a report that requires the IRS to find a better way at identifying fraudulent tax returns. Fraudulent refunds have been identified with returns filed by nonresident workers in the U.S. or U.S. territories ... MORE
IRS, News, Tax Refund
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Here’s why it will take even longer for the IRS to process backlogged, delayed tax returns and refunds

Millions of Americans are still owed tax refunds by the IRS, but the agency insists it’s making progress. The IRS was crushed by staffing issues, regulatory changes around 2020 tax filings this year, and technical issues. At this point, the Internal Revenue ... MORE
IRS, News, Tax Refund, Tax Return
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File your taxes for free with IRS’s Free File before Friday’s final deadline

Free File is software that the IRS offers for people who are below a certain income so they can file their taxes for free. Anyone who has an adjusted gross income of $72,000 or less can file with Free File. The IRS ... MORE
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There’s only one week left until the federal tax deadline, don’t forget or it’ll cost hundreds in penalties

Deadlines for 2020 taxes this year were in May, but many opted to file for the extension which is up Oct. 15. The deadline, which is normally in April, was extended to May 17. Taxes still needed to be paid in May, ... MORE
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Millions of American taxpayers owe the IRS following stimulus check math error

The Taxpayer Advocate Service recently conformed that the IRS has distributed 9 million notices to taxpayers between Jan. 1 of this year to July 15. According to KTVU, this means that people who claimed the recovery rebate may have had a math ... MORE
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Some parents will get an additional $1,400 stimulus check next year

Any family that welcomed a new baby during 2021 will see the $1,400 next year when they file their taxes in 2022. During 2021 parents received $1,400 for each child thanks to the American Rescue Plan Act. Other parents had their baby ... MORE
IRS, News, Stimulus, Tax Refund