The IRS announced on Feb. 16th that, as required by law, all legally permitted first and second round of Economic Impact Payments have been issued and the IRS now turns its full attention to the 2021 filing season.
Beginning in April 2020, the IRS and Treasury Department began delivering the first round of Economic Impact Payments within two weeks of the legislation. The IRS issued more than 160 million EIPs to taxpayers across the country totaling over $270 billion, while simultaneously managing an extended filing season. In addition, since Congress enacted the COVID-related Tax Relief Act of 2020, the IRS has delivered more than 147 million EIPs in the second-round totaling over $142 billion.
Tax Time! IRS has issued a Tax Tip (Issue Number: Tax Tip 2018-56), here it is…
The tax filing deadline is Tuesday, April 17 this year. This is because April 15 falls on a weekend and the following Monday is a holiday in the District of Columbia. Even with an extra two days, the IRS urges taxpayers to avoid waiting until the last minute to file their taxes.
For those who have yet to file, the IRS has five quick ideas to help:
1. Gather Records. Good recordkeeping is important. It helps to ensure that nothing gets overlooked. Records such as receipts and cancelled checks also provide expense documentation.
2. Use IRS Online Tools. The IRS has many useful online tools, including the Interactive Tax Assistant, which provides answers to many tax questions. It gives the same answers that an IRS representative would give over the phone. Continue reading →
IRS in the recent Tax Tip issue (Issue Number: Tax Tip Number 2018-55) covered the common errors to avoid when filing a tax return. Electronic filing can very well eliminate the common errors and will collect all required data to be filled in a tax return. However here is the tax tip from IRS….
To ensure they meet their tax obligations, taxpayers should file accurate tax returns. If a taxpayer makes an error on their tax return, it will likely take longer to process and could delay a refund. Taxpayers can avoid many common errors by filing electronically, the most accurate way to file a tax return. All taxpayers can use IRS Free File.
IRS in its recent issue (Issue Number: IR-2018-83) has highlighted that refunds worth $1 billion is still unclaimed for tax year 2014… here is the complete message from them. Read it here
Further to that IRS has also highlighted in its Tax Tips (Issue Number: IRS Tax Tip 2018-53) for Getting Unclaimed 2014 Tax Refunds.
The IRS reminds taxpayers they may have money waiting for them. About 1 million taxpayers who did not file a 2014 federal income tax return have unclaimed tax refunds totaling about $1.1 billion. Here are some things taxpayers should know about these unclaimed refunds: Continue reading →