Congress Eyes a Second Round of Stimulus Checks

file taxes for free

This week, Senate Republicans unveiled their stimulus plan, dubbed the Health, Economic Assistance, Liability Protection and Schools (HEALS) Act. The cost is a staggering $1,000,000,000,000 ($1 trillion). Here’s a quick run down. 1 Stimulus checks2 Unemployment3 PPP loans4 IRS funding5 Child care Stimulus checks The Act proposes payments of $1,200 for individuals and $2,400 for … Read more

Today is Tax Day 2020!

2019 tax return filing threshold

While taxes are normally due April 15th, this year Congress extended the filing deadline to July 15th. Today, July 15th, is the deadline to file your 2019 Form 1040 tax return, unless you’ve filed an extension to October 15th. Here some tips for tax day and a little tax day history. 1 The April 15th … Read more

House Dems Introduce More Covid-19 Relief

file taxes for free

On June 25, 2020, Senate Finance Committee Ranking Member Ron Wyden, D-Ore, and Senator Maria Cantwell, D-Wash introduced legislation to expand affordable housing among admist the COVID-19 pandemic and economic crisis. The bill is known as the Emergency Affordable Housing Act Senator Wyden describes why this legislation is needed: “The lack of affordable housing was … Read more

The IRS Provides Guidance for Taxpayers Experiencing Delays

2019 tax return filing threshold

The IRS largely shut down in late March due to Covid-19. The shutdown has resulted in massive backlogs for the agency. IRS service centers are now open in Kentucky, Texas, and Utah earlier this month. Some Austin, Texas facilities were temporarily closed after an employee tested positive for Covid-19. While the IRS has begun processing … Read more

Millions of Non-Filers Need to Take Action Claim their Stimulus Check

Oklahoma tax relief, Filing back tax returns, delinquent returns, back taxes help, irs whistleblower award, Coronavirus paid leave, Paycheck Protection Program for Small Biz

The IRS has stated that 159 million stimulus checks have been processed in the past two months, totaling almost $267 billion. Out of those 159 million payments, 120 were sent via direct deposit, 35 million by check, and 4 million by pre-paid debit cards. Non-filers have until October 15 to claim their payments The IRS … Read more

IRS Announces The People First Initiative for COVID-19 Hardships

Internal Revenue Service Phone Number, IRS Audit, People First Initiative

The IRS recently announced The People First Initiative to provide compliance relief to taxpayers experiencing COVID-19 related hardships. It released a FAQ to address how taxpayers undergoing audits or have collections and other issues can proceed. Here’s how it impacts you. 1 If you owe back taxes1.1 Offer in compromise1.2 Installment agreements2 Earned income credit reviews3 … Read more

Treasury Inspector General Says IRS too Lax on High-Income Nonfilers

IRS notice of deficiency

In its May 29, 2020 report, the Treasury Inspector General for Tax Administration (TIGTA) admonished the IRS, finding that high-income nonfilers owing billions of dollars are not being worked by the Internal Revenue Service. The report notes that “pursuing nonfilers is one of the IRS’s most efficient enforcement strategies because issuing nonfiler notices can be … Read more

Say Goodbye to These Tax Breaks after 2020

Hurricane Harvey Irma, IRS casualty loss deduction, IRS car and truck deduction, IRS coronavirus tax relief

33 temporary tax breaks (referred to as “tax extenders”) have been set to expire in 2020. 6 of them are related to individual income taxes. 1 Cancelled mortgage debt2 Mortgage insurance premium deduction3 Deduction for Qualified Tuition and Related Expenses4 Credit for Health Insurance Costs of Eligible Individuals5 Medical Expense Deduction 7.5% AGI floor6 Benefits … Read more

Was your Stimulus Payment Less than Expected? Here’s why.

Hurricane Harvey Irma, IRS casualty loss deduction, IRS car and truck deduction, IRS coronavirus tax relief

On its website, the IRS listed some common scenarios to help explain why your stimulus check was less than expected. 1 You did not file a 2019 tax return or the IRS has not processed your 2019 return2 Your dependents were not eligible for an additional $500 payment3 You were claimed as a dependent on … Read more