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Recovery Rebate Credit Economic Impact Payment and Other Items for 2020 Tax Filings
Taxpayers who received an Economic Impact Payment, should keep Notice 1444, Your Economic Impact Payment, with their 2020 tax records. They may be eligible to claim the Recovery Rebate Credit on their tax year 2020 federal income tax return if: they didn’t receive an Economic Impact Payment, or their Economic Impact Payment was less than…
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Many college students may still qualify for an Economic Impact Payment; Review the guidelines and register by Nov. 21 at IRS.gov
WASHINGTON – The Internal Revenue Service today urged any eligible self-supporting college student who doesn’t need to file a tax return to register by Nov. 21 so they can receive an Economic Impact Payment before the end of the year. In advance of the National EIP Registration Day on Nov. 10 and highlighted in “A…
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New income ranges for IRA eligibility in 2021
There are cost of living adjustments that may affect a taxpayer’s pension plan and other retirement-related savings next year. People should familiarize themselves with these adjustments, so they aren’t caught off guard. Here are some highlights of the 2021 changes: The income ranges for these actions all increased for 2021: • Determining eligibility to make deductible…
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IRS makes it easier to set up payment agreements; Offers other relief to taxpayers struggling with tax debts
The Internal Revenue Service today announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS. The revised COVID-related collection procedures will be helpful to taxpayers, especially those who have a record of filing their returns and paying their taxes on time. Among the…
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IRS provides tax relief for victims of Hurricane Sally; Oct. 15 deadline, other dates extended to Jan. 15
WASHINGTON — Victims of Hurricane Sally that began on Sept. 14 now have until Jan. 15, 2021 to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for…
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Deadline to return RMD distributions to retirement accounts is Aug. 31
The Internal Revenue Service today reminds IRA owners, beneficiaries or workplace retirement plan participants who received a Required Minimum Distribution (RMD) this year that they have until Aug. 31 to rollover or repay the distribution to avoid paying taxes. The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives RMDs during 2020 for…
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IRS to Pay Interest to 13.9 Million Taxpayers
The IRS is sending interest payments averaging $18 to almost 14 million taxpayers who filed their federal income tax return by July 15th and were due a refund. If you received your 2019 refund by direct deposit to your bank account, you will also receive the interest payment by direct deposit to the same bank…
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IRS: New law provides relief for eligible taxpayers who need funds from IRAs and other retirement plans
WASHINGTON − The Internal Revenue Service provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers in need by providing favorable tax treatment for withdrawals from retirement plans and IRAs and allowing certain retirement plans to offer expanded loan options. Can I get money from my retirement account…
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Economic Impact Payments belong to recipient, not nursing homes or care facilities
The Internal Revenue Service today alerted nursing home and other care facilities that Economic Impact Payments (EIPs) generally belong to the recipients, not the organizations providing the care. The IRS issued this reminder following concerns that people and businesses may be taking advantage of vulnerable populations who received the Economic Impact Payments. The payments are intended…
