With the announcement of the Child Tax Credit advance payments, we felt the need to add an additional client listing report and excel export option. This is to aid you in your communication efforts with your clients and offer applicable notifications and advice. The IRS is sending some letters to taxpayers with additional information and […]
1. Back-Up and Protect Your Data As the tax preparer, backing up and protecting your data should be a primary concern. Making regular backups to an external storage device at a minimum of once per week is important. Imagine next week your hard drive fails. The returns you’ve done, acknowledgement reports, PDF copies, and scanned […]
The IRS revised their unemployment exclusion worksheet today. The change basically excludes the Unemployment subtraction from MAGI calculation in the forms and worksheets listed in the IRS link listed below. We have applied these worksheet changes to the Wintax – 1040 program and they are available in the latest update.
The IRS released the following information regarding “The American Rescue Plan”. We have updated our program to reflect those changes. After applying the update, you will need to go into any existing tax returns for calculations to be applied. New tax returns moving forward will be automatic. If your client has unemployment income, and is […]
All tax scams put taxpayers at risk. This is the first of two tips taking a closer look at the IRS Dirty Dozen tax scam list. This year, taxpayers should be especially, watchful for aggressive schemes related to COVID-19 relief, including Economic Impact Payments.
What can I do with my Economic Impact Payment on a prepaid debit card? Millions of people will get their Economic Impact Payment by prepaid debit card Issue Number: COVID Tax Tip 2020-61 Nearly four million people are being sent their Economic Impact Payment by prepaid debit card, instead of paper check. The determination of […]
Why the Economic Impact Payment amount could be different than anticipated IR-2020-93, May 11, 2020 WASHINGTON — The IRS and Treasury have successfully delivered nearly 130 million Economic Impact Payments to Americans in less than a month, and more are on the way. Some Americans may have received a payment amount different than what they […]
Employed full or part time? Unemployed? A temporary or gig worker? Retired or disabled? Receive public benefits? Have no income? Most U.S. residents – under certain income levels – will receive the Economic Impact Payment if they are not claimed as a dependent of another taxpayer and have a Social Security number.
Information continues to be released by the IRS and other agencies regarding Economic Impact Payments (EIP). We encourage you to check IRS.GOV for the latest information. https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know The question was raised “How do taxpayers that are not required to file a tax return notify the IRS who they are and what their direct deposit information […]
WASHINGTON — The Internal Revenue Service today urged taxpayers to be on the lookout for a surge of calls and email phishing attempts about the Coronavirus, or COVID-19. These contacts can lead to tax-related fraud and identity theft. “We urge people to take extra care during this period. The IRS isn’t going to call you […]
