Child tax credits are typically claimed when taxpayers file their income tax returns. However, as part of the American Rescue Plan package, millions of parents received monthly advances of their child tax credits from July through December of 2021. In addition, the total child tax credit amount and eligibility were expanded. The IRS calculated the … Read more
The IRS recently issued 430,000 refunds totaling more than $510 million to taxpayers who paid taxes on unemployment compensation excluded from income for tax year 2020. Is unemployment income excluded from tax? Per the American Rescue Plan, up to $10,200 of unemployment compensation paid in 2020 is excluded from income, meaning that you do not … Read more
You may have received a letter from the IRS asking you to verify your identity after filing a tax return. These letters are sent by the IRS to prevent identity thieves from getting your refund. When do you need to verify your identity? The most common situations when you are required to verify your identity … Read more
The IRS says that nearly 1.4 million individual taxpayers are owed a cumulative total of $1.5 billion in refunds for 2016. All they need to do is file their 2016 tax return to claim it. Refund statute of limitations A taxpayer must claim a refund within 3 years of the due date of the return. … Read more
It’s that time of the year. We’ve just finished sending in our tax returns and doing our happy refund dances. We sit patiently for that crisp, green refund check – thinking of all the things we can do with it. A week becomes two, and then a month. …Still no check in the mail. Where … Read more