The 2020 Recovery Rebate Credit was paid in advance to most people in the first two rounds of Economic Impact Payments. If you're like most people who were eligible, you've already received the full amount. If you received the full amount for the first two Economic Impact Payments, do not include any information about your payments [...]
This article was published by the IRS. To help taxpayers, the Internal Revenue Service has announced 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 American Rescue Plan. The legislation, signed on March 11, allows [...]
Did you know you can set up an online account at IRS.gov to view your tax information? It can save you a lot of time, because you can access your tax information much more quickly using an online account rather than calling the IRS. You can use your online account to look up the amounts of [...]
This article was published by the IRS. The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll. The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, [...]
This article was published by the IRS. The earned income tax credit can give qualifying workers with low-to-moderate income a substantial financial boost. In 2019, the average amount of this credit was $2,476. It not only reduces the amount of tax someone owes but may give them a refund even if they don't owe any taxes [...]
