IRS Publishes FAQ on the Recovery Rebate Credit

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From IRS.gov. Most individuals eligible for the Recovery Rebate Credit have already received the full amount in two rounds of payments, known as Economic Impact Payments. If we issued you the full amount of each Economic Impact Payment, you won’t need to claim the Recovery Rebate Credit or include any information related to it when … Read more

Second Coronavirus Stimulus Check — What you need to know

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Congress recently voted to authorize another round of stimulus checks due to the economic fallout from Covid-19. The second stimulus check will be up to $600 per adult and $600 for each child dependent. A child dependent is defined as a child that is 16 years old or younger. There is no cap on the … Read more

How do you renew an ITIN?

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In order to renew an ITIN, you must complete a new Form W-7 and submit all required identification documents to the IRS. See the Form W-7 instructions for details. While you do not need to submit a tax return with your ITIN application, you should file a return if you have a filing requirement. Your … Read more

Today is Tax Day 2020!

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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

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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

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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

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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

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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

Say Goodbye to These Tax Breaks after 2020

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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