IRS is Issuing Third Round of Economic Impact Payments

This article was published by the IRS. The IRS has started issuing the third round of Economic Impact Payments. No action is needed by most taxpayers. The IRS will issue payments automatically by direct deposit and through the mail as a check or debit card. Many people will receive the third payment the same way they [...]

New Income Ranges for IRA Eligibility in 2021

This article was published by the IRS.  There are cost‑of‑living adjustments that may affect a taxpayer's pension plan and other retirement-related savings this 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 [...]

IRS Makes It Easier to Set Up Payment Agreements

This article was published by the IRS. The Internal Revenue Service recently announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS. The IRS assessed its collection activities to see how it could apply relief for taxpayers who owe but are struggling financially because [...]

Beware of Identity Theft Involving Unemployment Benefits

This article was published by the IRS. Taxpayers who receive Forms 1099-G for unemployment benefits they did not actually get because of identity theft should contact their appropriate state agency for a corrected form. States issue Forms 1099-G to the taxpayer and to the IRS to report what taxable income, such as refunds or unemployment benefits, [...]

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