During the pandemic, we began requiring all clients to submit a copy of their IRSAccount Transcriptalong with their Tax Organizer and other annual tax prep documentation. Initially, this was to confirm the amounts of stimulus payments and child tax credit payments. But what we found was that i...
The IRS released a draft of the2018 1040 tax formbased on the Tax Cuts and Jobs Act. The shorter form is half the size of the current 1040 form and combines all three current 1040 forms (1040, 1040-A, and 1040-EZ) into one 1040 form. This new 1040 Form uses a “building block”...
The stimulus checks targeted middle- and low-income households by providing $1,200 for single taxpayers, $2,400 for married couples and $500 per child under 17 years old. To deliver the checks as quickly as possible, the IRS relied on taxpayers' most recent tax returns, which included eith...
This has been an abysmal process. To start off, the IRS still has not provided me with my 3rd stimulus check and my taxes were filed and accepted on April 14, 2021. Status is still in processing. This is ridiculous. When the government wants their money, they go after you, but when ...
It's unclear how many dead taxpayers' families and accounts have received the payments, although the number could be significant given that more than 2 million people die in the U.S. each year. The IRS is basing the stimulus payments on either 2018 or 2019 tax returns, which means that ...
The Treasury said additional payments are expected to be disbursed on a weekly basis going forward. No action is needed by most people to get stimulus money. You can check your status onthe IRS’s Get My Payment tool. President Joe Biden’s $1.9 trillion coronavirus relief package w...
The 10% domestic manufacturing bonus is both an important market stimulus and, indirectly, a significant incentive for domestic manufacturing. Notices 2023-38 and 2024-41 provide clear guidance on the qualification and procedures for this bonus, and we especially applaud the inclusion of "safe harbor...
NEWS & INSIGHTS BE INFORMED Higher taxes will make it harder for Britain to build 'the next Nvidia,' tech execs say Source: CNBC World Financial NewsPublished on 2024-11-01 BlackRock launches ETF that expands beyond the 'Magnificent Seven' ...
Minneapolis News - FOX 9Rich Americans shirk tax obligations as IRS collection efforts fall short, report findsBy Brittany De Lea Published March 17, 2021 10:27pm EDT Economy FOX BusinessIRS admits to accidentally sending stimulus checks overseas The IRS acknowledged that it was respon...
Registering with the non-filers tool mostly pertains to people who don't typically file a federal income tax return. When the IRS distributed the stimulus checks earlier this year — sending the payments to 160 million people over a stretch of several months— the agency at first relied on ta...