As we inch closer to the end of summer (already?), millions of Americans are still eagerly awaiting news on the next batch of tax refunds related to 2020 unemployment compensation. TheInternal Revenue Service(IRS) has said these payment would continue “through the summer,” but it has no...
The check is in the mail—again. The Internal Revenue Service (IRS) on Wednesday announced the timeline for the latest round of unemployment-related refund checks, marking the fourth batch of payments since distribution of the refunds began in late May. AsFast Companyreportedearlier...
Child tax credit opt-out: When is the deadline? Earlier this year, the IRS said “over 10 million” people submitted their 2020 returns before the March 11 signing of the American Rescue Plan Act, under which the first $10,200 of unemployment compensation received in 2020 is excluded from ...
Problem: The IRS—not eFile.com—has rejected your return due to the unemployment compensation exclusion allowed by the American Recovery Plan Act. We are still waiting for guidance about how your state will treat the exclusion so that we can update your state return. Thank you for your patien...
If you itemize your deductions and anticipate including some of your medical and dental expenses, then IRS Publication 502, "Medical and Dental Expenses," can help you determine which expenses qualify in the current tax year. After you total all of your
Do I qualify for SETC tax credit if I received unemployment benefits during 2020 and/or 2021? Qualifying for the SETC (State Earned Tax Credit) remains possible even if you received unemployment benefits during the pandemic years of 2020 and 2021. However, it's important to note a critical...
Do I qualify for SETC tax credit if I received unemployment benefits during 2020 and/or 2021? Qualifying for the SETC (State Earned Tax Credit) remains possible even if you received unemployment benefits during the pandemic years of 2020 and 2021. However, it's important to note a critical...
In the event that you qualify for Low-Income Certification as an individual, there is no need to include any payment with your offer. Should your financial constraints be attributed to enduring circumstances like unemployment or business closure, you have the option to request an offer in compromi...
The IRS is however setting expectations that yourrefund may be delayed(for avariety of reasons). The most common progression after this message (other than the refund being approved) is to see a refund offset (TC 203) or refund adjustment due to additional liability (TC 570) from reconciliati...
Finally, the Guidance clarifies that the 100-percent bonus depreciation deduction must be determinedafterreduction of the eligible property’s basis by the amount of any credits claimed for the property that require an adjustment to basis (e.g., the investment tax credit provided under Internal Rev...