Accurate Tax Returns

11/14/2022

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01/19/2022

https://www.google.com/amp/s/www.cnet.com/google-amp/news/child-tax-credit-keep-irs-letter-6419-for-the-rest-of-your-money/

04/26/2021

https://www.irs.gov/newsroom/irs-will-recalculate-taxes-on-2020-unemployment-benefits-and-start-issuing-refunds-in-may

COVID Tax Tip 2021-46, April 8, 2021

03/23/2021

The IRS announced today that returns accepted before the unemployment compensation exclusion should NOT be amended:

"If you have already filed your 2020 Form 1040 or 1040-SR, there is no need to file an amended return (Form 1040-X) to figure the amount of unemployment compensation to exclude. The IRS will re-figure your taxes using the excluded unemployment compensation amount and adjust your account accordingly. The IRS will send any refund amount directly to you."

03/18/2021

The American Rescue Plan Act of 2021 excludes from income the first $10,200 in unemployment compensation received in 2020 per taxpayer on their 2020 tax return. The new provision applies to taxpayers with an AGI of less than $150,000.

Our tax software has been updated to include this adjustment going forward. However, we have 200+ completed tax returns effected by this new change. We have a list of those clients. Please be patient as we don't have direction from the IRS on how to handle this yet.*

*The IRS has not issued guidance on if and when these returns should be amended and emphasizes that taxpayers should not file amended returns at this time if they received unemployment benefits and have already filed their 2020 tax return.

03/18/2021

This just in: the 2020 tax season has officially been extended to May 17th 2021.

Also, we have no news (yet) on the unemployment credit or child tax credit. The IRS is still working on how to handle these issues. Stay tuned.

01/13/2021

FYI...2nd round of stimulus may come as a preloaded debit card. Watch your mailbox.

Answers to frequently asked questions about Economic Impact Payments: EIP cards. These questions and answers will be updated periodically.

04/15/2020

https://www.cnbc.com/2020/04/13/will-you-have-to-pay-back-the-coronavirus-stimulus-check.html

CNBC Make It is clarifying seven myths about the coronavirus stimulus checks, from whether or not they are taxed to how long it will take for them to hit your bank account.

04/13/2020

https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here
Non-Filers

Steps to receive the Economic Impact Payment if you haven't filed a tax return for 2018 or 2019, and aren't receiving Social Security, SS Disability Income or Railroad Retirement benefits. This payment is also referred to as "stimulus checks" or "coronavirus relief."

03/27/2020

Everything you need to know about the coronavirus stimulus checks

While Congress still needs to finalize its $2 trillion coronavirus aid package, here’s what we know so far about the stimulus checks that will be sent out to Americans.