Those experiencing homelessness can get Economic Impact Payments and other tax benefits; permanent address not required
WASHINGTON — The Internal Revenue Service today continued an ongoing effort to help those experiencing homelessness during the pandemic by reminding people who don't have a permanent address or a bank account that they may still qualify for Economic Impact Payments...
Claiming the employee retention credit in the first and second calendar quarters 2021
IRS issued guidance for employers claiming the employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020. Notice 2021-23 explains the changes for the first and second...
NCDOR Publishes Notice on Waiver of Interest Due on Certain Underpayments of Tax
The N.C. Department has published a notice about the waiver of interest on underpayments of tax due on a franchise, corporate income, or individual income tax return, including a partnership tax return and an estate and trust tax return, due to be filed between April...
IRS letters explain why some 2020 Recovery Rebate Credits are different than expected
WASHINGTON − As people across the country file their 2020 tax returns, some are claiming the 2020 Recovery Rebate Credit (RRC). The IRS is mailing letters to some taxpayers who claimed the 2020 credit and may be getting a different amount than they expected. It's...
Here’s how the third Economic Impact Payment is different from earlier payments
The third Economic Impact Payment is different from the first and second payments in several ways. The third Economic Impact Payment is an advance payment of the 2021 recovery rebate credit. The two earlier payments are advance payments of the 2020 recovery...
IRS, Treasury disburse more Economic Impact Payments under the American Rescue Plan; Non-filer Social Security and other federal beneficiary stimulus payments
As work continues on issuing millions of Economic Impact Payments to Americans, the IRS and Treasury Department announced that they anticipate payments will begin to be issued this weekend to Social Security recipients and other federal beneficiaries who do not...
Tax Time Guide: Get credit for IRA contributions made by April 15 on 2020 tax returns
IR-2021-53, March 11, 2021 WASHINGTON — The Internal Revenue Service notes that taxpayers of all ages may be able to claim a deduction on their 2020 tax return for contributions to their Individual Retirement Arrangement (IRA) made through April 15, 2021. There is no...
New Exclusion of up to $10,200 of Unemployment Compensation
If your modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan enacted on March 11, 2021, excludes from income up to $10,200 of unemployment compensation paid in 2020, which means you don’t have to pay tax on unemployment compensation of...
E-file plus direct deposit yields fastest refunds
The IRS also encourages taxpayers to file electronically. While a person can choose direct deposit whether they file their taxes on paper or electronically, a taxpayer who e-files will typically see their refund in less than 21 days. Taxpayers can track their refund...
Unemployment tax refunds could be coming to you
WASHINGTON – To help taxpayers, the Internal Revenue Service announced today that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the...