Tag: IRS

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IRS: What you need to know about notices, stimulus money, and avoiding fines

The IRS has been finding errors that will probably cause delays. Here we will explain the top 3 reasons for delay. Adjustable-rate mortgages: How do they work? Top reasons for tax delays The number one reason your refund is probably delayed is ... MORE
IRS, News
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IRS under fire as GOP demands answers for destroying 30 million paper documents; millions still awaiting tax refunds, here’s how NOT to spend them

The Inspector General recently found in an audit of the IRS that the agency destroyed 30 million paper documents. Millions are still waiting on tax refunds as well. The audit was completed amid the massive backlog the IRS currently faces from 2020 ... MORE
IRS, News, Tax Refund, Tax Return
Did stimulus checks ruin the economy? Stimulus payments have caused many issues with Americans, states, and the IRS

Did stimulus checks ruin the economy? Stimulus payments have caused many issues with Americans, states, and the IRS

The answer to financial struggle during the pandemic was stimulus checks, but they may have aided in inflation, as well as cause issues with people, states, and the IRS. Millions of Americans suffered both health issues and job loss during the pandemic, ... MORE
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IRS error: CP14 Notices sent to people who already paid

Many Americans have gotten CP14 notices– despite having already paid. Luckily, this is an IRS error and it won’t cost you. Stimulus: 200,000 rebate checks worth $850 being sent automatically this week What is a CP14 notice? A CP14 notice is to ... MORE
IRS, News
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Those waiting on a tax refund will see a payment worth 5% more, and IRS Free File is still available through Oct. 17 for returns

Americans are growing frustrated as they wait for their tax refund from the IRS, but the amount expected will now be 5% greater. They should also be aware of scams and notices from the IRS. Starting July 1, the interest rate at ... MORE
IRS, News, Tax Refund
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The IRS paused notices, but people are seeing IRS CP14 Letters; what to do with notices and audits

If you owed taxes for 2021 and missed the April deadline, you will probably see a notice from the IRS, specifically CP14, or an IRS audit. While the agency originally suspended notices going out, that did not mean you shouldn’t pay your ... MORE
IRS, IRS Notice, News
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If you make over $100,000, risk of audits double as tax laws change including the reporting of $600 through cash apps to the IRS

The IRS has been in the news a lot lately as they drastically change tax laws and perform audits on high income earners past $100,000. This is happening despite being behind on millions of unprocessed tax returns. In recent news things like ... MORE
IRS, News, Tax Refund
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IRS: Final deadline to file your tax return is coming up

The IRS has warned that June 15 is the deadline to file your tax return. This deadline is for US citizens, resident aliens abroad, and those with dual citizenship. Stimulus: Ohio residents to get $350 inflation check if it passes Upcoming deadline ... MORE
IRS, News, Tax Return
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The IRS looks to hire 4,000 employees amid late tax refunds, increasing audits on wealthy, and destroying documents

The IRS has been in headlines a lot recently for various reasons, most notably late tax refunds and issues related. The 2021 tax return season has already passed, with the deadline being April 18, 2022. Despite that being the deadline for 2021 ... MORE
IRS, News, Tax Refund
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Everything to know about the IRS and those late tax refunds

The deadline for submitting tax returns to the IRS was April 18, 2022. Most Americans met that deadline, and are still waiting for their tax refund. This is not an uncommon occurrence, as millions are still waiting after the IRS claimed most ... MORE
IRS, News, Tax Refund, Tax Return
How much will I get in interest for my late tax refund from the IRS?

How much will I get in interest for my late tax refund from the IRS?

Following the tax return deadline of April 18, 2022, millions of Americans are still waiting for their tax refunds from the IRS. This year, the IRS stated that most Americans would receive their refund within 21 days of their return being accepted ... MORE
IRS, News, Tax Refund
Why the IRS taking longer to give you your refund is a good thing

Why the IRS taking longer to give you your refund is a good thing

Millions of Americans who have already filed their tax returns with the IRS are still waiting for their refund, well over 21 days later. When the tax season started in 2022, the IRS was still behind by about 8 million tax returns ... MORE
IRS, News, Tax Refund
IRS law on $600 payments through cash apps impacts rich Americans

IRS law on $600 payments through cash apps impacts rich Americans

Recently, a law was passed that requires any payments totaling over $600 made through cash apps to be reported to the IRS. This is for services like CashApp, Venmo, or PayPal. They will start issuing Form 1099-Ks for anyone receiving over $600 ... MORE
IRS, News
IRS: EITC, can two people claim one dependent?

IRS: EITC, can two people claim one dependent?

Millions of families suffered financially this year, and the IRS is using the EITC as a way to help Americans rebound. The EITC stands for the Earned Income Tax Credit. This tax credit helps low to moderate income families receive a tax ... MORE
IRS, News
IRS: If you’ve been waiting on your refund, you might see extra because of interest

IRS: If you’ve been waiting on your refund, you might see extra because of interest

Waiting for your tax refund can surely be annoying. Your waiting may have paid off, some people are seeing interest added to their refunds. When will student loan payments restart? Will I get interest on my refund? The IRS still has 9.6 ... MORE
IRS, News, Refund
Three legal ways to protect your retirement savings from the IRS

Three legal ways to protect your retirement savings from the IRS

Some of the money you save for retirement will be owed to the IRS. If you start planning now, there are ways to protect your savings. Hyundai recall: 239,000 cars recalled for exploding seatbelt parts 1. Choose the right account Most people ... MORE
IRS, News, Retirement
Tax Refund: Some filers are seeing an extra $121

Tax Refund: Some filers are seeing an extra $121

Americans had their taxes filed by April 18, 2022, unless they filed for an extension. Many are still waiting on their long overdue tax refund. Many people are saying they filed months ago, well before the deadline. Millions have yet to see ... MORE
IRS, News, Tax Refund
IRS: What is tax Form 5498?

IRS: What is tax Form 5498?

Americans who are saving up for their retirement are required to report their contributions to the IRS with Form 5498. By making contributions to an IRA, you will receive Form 5498 for your taxes annually. This is because your IRA is required ... MORE
IRS, News, Retirement