August 20, 2021
Families who receive each month Child Tax Credit payments can change their address by using the IRS’ Child Tax Credit Stimulus Update Portal. Updated address information can help avoid delays in mailing or return payments for families that choose to receive their payments via check in paper. Families who receive CTC monthly installments via direct deposit are also able to use the portal to update their address with IRS to receive future mail.
July 8, 2021
Certain filers are receiving an announcement from the IRS concerning their Unemployment Income Exclusion which was approved on the 3rd of November as component of the American Rescue Plan. The IRS issued updated guidelines to taxpayers regarding the notices.
June 30, 2021
Families with eligibility can now utilize their IRS’ Child Tax Credit Stimulus Update Portal to provide new information about their bank accounts to the IRS to receive each month’s Child Tax Credit payments.
June 24, 2021
Families can now utilize the IRS new tool known as Child Tax Credit Eligibility Assistant to determine if they’re eligible for the Child Tax Credit monthly payments.
June 22, 2021
The IRS has announced the release two tools that will aid families who qualify with managing monthly Child Tax Credit payments, including the Child Tax CreditStimulus Update Portal which allows parents to decide not to receive advance payment.
June 7, 2021
The IRS has begun to send notices to more than 36 millions American families who could be eligible for every month, child tax Credit payments that begin in July. Families that are eligible for the program will receive two separate letters from the IRS.
May 18, 2021
If you are eligible to receive the tax credit for children If you qualify for the child tax credit, the IRS will begin making first payments on the 15th of July. They will be made to be made on the 15th of each month, with the only exception being weekends and holidays. There is no requirement for these payments to be received They will be paid on a regular basis and the major portion will be distributed through direct transfer. The IRS is currently working on an online portal which will let people change or opt out of their information regarding life events. More details are expected coming soon, so stay tuned to the center for news.
May 14, 2021
The deadline to complete Federal tax return is on May 17 2021. If you’re not a citizen in Texas, Louisiana or Oklahoma. The residents of these states must wait until June 15 2021 to complete their federal tax return.
May 11, 2021
The IRS will begin to distribute the unemployment recovery payment this week. After the payment has been made and received, the IRS will send a Stimulus Update notice to people who received a corrected tax return due to an unemployment exclusion.
Apr. 16, 2021
The Act on American Recovery Plan of 2021 halts the requirement for taxpayers to return the extra advance payment for their premium Tax Credit if they received more money in 2020 than they predicted or expected to earn. TaxAct’s software will decide whether Form 8962 must be completed. Taxpayers don’t have to declare the extra amount from their Premium Tax Credit repayment on their tax return for 2020. Taxpayers who had more than the Premium Tax Credit and filed their tax returns prior to when they signed the American Rescue Plan was signed don’t need an amending tax return or call the IRS. In the event of a tax refund, IRS can reduce the refund amount to zero, with no action required by the tax payer. The IRS will refund those who have already paid any advance Premium Tax Credit in their tax return.
Mar. 31, 2021
The IRS has announced that they will automatically calculate the tax on unemployment benefits for people who filed their tax returns before the amendments implemented under the American Rescue Plan. The unemployment exemption makes the first 10200 of unemployment tax-free for every taxpayer who earned lower than one million dollars in AGI in 2020. The same applies to the first $20,400 when married filing jointly. The money will be paid to taxpayers who are eligible and have already declared, in the spring and summer. The first refunds scheduled to be paid out in May. The IRS will calculate the recalculations in two stages. They will first begin with those who qualify for the $10,200 exemption, and then they will alter tax returns for married taxpayers filing jointly who are eligible for maximum exclusion of $20,400 and others who have more complicated tax returns. There is no reason for taxpayers who have already filed to modify their tax returns in order to be eligible for unemployment benefits unless the calculations render the taxpayer newly eligible for federal deductions and credits that aren’t already listed on their initial tax return. Here is our latest product supreme hoodie
Mar. 22, 2021
The IRS has clarified that taxpayers who have completed their tax returns prior to the time when the American Rescue Plan was passed and who qualify to be exempted from unemployment and do not have modify their tax returns to be eligible for the benefit. The IRS will increase returns in accordance with the new exclusion, and issue current return refunds, if appropriate. The unemployment exclusion makes the initial $10,000 of unemployment tax-free for any taxpayer who had lower than one million dollars in AGI for 2020.
Mar. 17, 2021
After the passage of the American Rescue Plan, the IRS announced that the deadline for those who file federal taxes for the tax year 2020 will be automatically delayed from April 15, 2021 until May 17 2021. The IRS encourages taxpayers in need of a refund to file as soon as they can. The majority of tax refunds related to electronically filed returns are paid after 21 calendar days. This extension does not apply to tax estimates that are due on April 15th 2021. These tax payments will still be due on April 15th 2021.
The May 17th 2021 deadline is not apply to businesses and individuals who file federal tax returns within the state of Texas, Oklahoma and Louisiana. The deadline for the states of Oklahoma, Texas and Louisiana was extended to June 15 2021 following FEMA declared the storms of February as a natural catastrophe.
The deadline extension until the 17th of May, 2021, does not apply to state tax payment as well as deposits or payments for any other kind of federal tax. State-specific deadlines for filing and paying taxes differ and may not be exactly the same as the federal deadline for filing. The IRS encourages taxpayers check with their tax authorities in their state to find out the specifics.
Mar. 13, 2021
The IRS is currently reviewing its plans for the implementation of the recently adopted American Rescue Plan Act. The IRS has stated that they will issue additional guidance regarding the provisions that may affect the tax returns for 2020. The retroactive rule which makes the first $10,000 of the 2020 unemployment benefits tax-free. If you must file a return for unemployment claims should delay filing until tax software firms such as TaxAct have upgraded their software to take advantage of the new changes. If you had unemployment in the past and already have filed their tax return for 2020 and have not yet filed their 2020 return, the IRS advises them to do not submit an amendment to their form now and be patient until the IRS provides further guidelines. TaxAct continues to inform customers when product updates are released.
Mar. 11, 2021
President Biden has signed off on his signature to the American Rescue Plan into law today. President Biden has signed the American Rescue Plan into law today. White House press secretary has stated that the direct payments may start depositing money into banks in the coming weekend.
Mar. 10, 2021
Congress has approved Congress has passed the American Rescue Plan. President Biden has stated that his intention to be signing the bill on Friday afternoon on March 12, 2021. Here are some quick details about the third stimulus plan that you should be aware of:
- People who earn less than $75,000 AGI for the year will be paid $1,400.
- Couples filing jointly who earn $150,000 or less in AGI per year will be paid $2,800.
- Head of household filers who earn 112,500 or less of their AGI will be paid $1,400.
- Each dependent who is claimed will receive an additional $1,400
- The federal unemployment benefit of 300 dollars per week have been extended to September. 6, 2021.
- Benefits from unemployment are tax-free for the first $11,200 of benefits received in 2020 for families earning less than $150,000 annually.
Not sure how to proceed? If you made less in 2020 than in the previous year it is advised to file your tax returns before the date of signing to ensure that you get the most stimulus money you are eligible for. The IRS recommends that filing your taxes as early as possible to ensure you have accurate information to ensure a speedy processing of your money from the stimulus program.
Mar. 6, 2021
Senate has approved the amended $1.9 trillion stimulus measure known as COVID-19. The modification of the American Rescue Plan includes a faster phase-out of the credit for recovery rebates’ (stimulus payments) income window. In this plan, the credits completely end for taxpayers who are single and have an AGI of more than $80,000 and married taxpayers filing jointly and have an AGI of $160,000 , and household heads who have an AGI of $120,000. The amendment also grants $300 per week in federal unemployment benefits until Sept. 6, 2021. Additionally, it allows the first $11,200 to be tax-free beginning in 2020 for households earning less than $150,000 annually. The bill has been returned to the House to be approved, and the bill will be then delivered to the desk of President Biden to be officially signed by Biden.
Mar. 3, 2021
House of Representatives have passed the American Rescue Plan (a third stimulus payment). The bill is now in an Senate and is scheduled to be considered in the coming week. This is as the enhanced unemployment insurance is due to expire on the 14th of March in 2021. The IRS is continuing to remind individuals to file their 2020 tax returns so that they have current information ahead of the 3rd stimulus payout.
Feb. 22, 2021
State of California adopted a brand fresh COVID-19 economic relief package dubbed”the Golden State Stimulus. It grants eligible families and individuals the opportunity to receive a single stimulus payment that can be up to 600 dollars. If you are unsure if you’re eligible to receive the money read these FAQs.
Feb. 18, 2021
House Democrats are hoping to take a vote on the $1.9 trillion federal rescue plan at the end of the next week. The goal currently is to vote on the package prior to when the enhanced unemployment insurance ends on March 14 2021. In preparation in anticipation of the third possible stimulus program the IRS encourages taxpayers to think about making their tax returns for 2020 in the earliest time possible.
Feb. 15, 2021
Maryland is the state that Maryland has adopted legislation known as the RELIEF Act in 2021 which will provide $1 billion in emergency coronavirus relief for small and large businesses as well as individuals. The package also includes the possibility of receiving stimulus payments between $300 and $500 for qualified individuals. If you’re interested in knowing if you qualify for the money, please read these FAQs.
Feb. 9, 2021
The House Ways and Means Committee released the first draft of the COVID-19 relief measure and will begin promoting the bill on Wednesday. Feb. 10. The final vote on the legislation in the House is scheduled to take place on Fri. Feb. 12. Senate decision is anticipated within the next few weeks.
Feb. 5, 2021
The Senate approved the budget resolution, which clears the way to allow the American Rescue Plan to pass through budget reconciliation. (Reconciliation means that the bill requires only the support of a simple majority to be approved.)
Jan. 14, 2021
President Biden suggested a $1.9 trillion stimulus package dubbed”the American Rescue Plan which includes the third round of Economic Impact Payments (also known as stimulus payments). The plan will grant eligible individuals an additional $1400 in stimulus money. See more articles businessgracy
