Kings Group of Companies

07/15/2022

https://www.the-sun.com/money/5775615/thousands-americans-apply-bonus-payment-eligible/

VETERANS can now apply for a bonus payment as a token of gratitude from the Minnesota Department of Veterans Affairs. Governor Tim Walz announced last week that veterans who served during the Globa…

01/27/2022

https://www.irs.gov/newsroom/2022-tax-filing-season-begins-jan-24-irs-outlines-refund-timing-and-what-to-expect-in-advance-of-april-18-tax-deadline

IR-2022-08, January 10, 2022 — The IRS announced that the nation's tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.

06/29/2021

https://amynorthardcpa.com/how-do-i-reach-a-real-person-at-the-irs/

05/01/2021

https://www.marketwatch.com/story/now-that-the-income-tax-deadline-is-postponed-theres-a-new-end-date-for-ira-contributions-heres-when-11617073528

People have more time to tuck more money into their IRA this tax season, now that the income tax filing deadline has been postponed a month.

04/26/2021

https://www.cbsnews.com/news/irs-tax-refund-delay-returns-manual-processing/

People usually get their refunds within three weeks, but this year is proving complicated for many tax filers.

04/16/2021

https://www.nj.com/coronavirus/2021/04/stimulus-check-update-monthly-child-tax-credit-up-to-300-per-month-to-start-in-july-irs-confirms.html

Stay tuned to KGC for most tax related updates.

Parents will start to receive payments, up to $250 for each older child or up to $300 for each younger child.

04/13/2021

https://www.cnbc.com/2021/04/12/some-states-want-amended-tax-returns-for-10200-unemployment-tax-refunds.html

Twelve states aren’t offering the unemployment tax break, according to H&R Block data as of April 5.

They are: Colorado, Georgia, Hawaii, Idaho, Kentucky, Minnesota, Mississippi, North Carolina, New York, Rhode Island, South Carolina and West Virginia.

Taxpayers in these states who filed a tax return after the American Rescue Plan passed may have mistakenly excluded unemployment benefits from their state tax return as well as their federal return.

Such taxpayers should have added back unemployment benefits to income on their state tax returns.

Many states are asking taxpayers to file amended tax returns in connection with the tax break on up to $10,200 of unemployment benefits.

04/03/2021

Stimulus update: Some earlier payment recipients may get more money, IRS says.
How?
Some people who earlier in March received stimulus checks based on their 2019 tax returns but are eligible for a new or larger payment based on recently processed 2020 tax returns.

"These plus-up payments could include a situation where a person’s income dropped in 2020 compared to 2019 or a person had a new child or dependent on their 2020 tax return,” the IRS said in a statement according to AL.com

The payments also include money for people for whom the IRS previously did not have information to issue a payment but who recently filed a tax return.

So if you fall into this categories and had not received your stimulus payment and received less based on your higher 2019 income, you are not out of luck yet. Expect payment soon.

03/23/2021

https://www.cnbc.com/2021/03/22/new-batch-of-1400-stimulus-payments-coming-wednesday-irs-says.html

Those checks began processing on Friday and may be available in some people's accounts even earlier, according to the Treasury Department and IRS.

03/19/2021

Helpful hints/clarity regarding stimulus payment #3 ($1400) and Recoverable Rebate Credit:

1. Individual with ITIN will not receive stim #3
2. Most stim 3 are paid based on most current tax return (2019 or 2020)
3. If you haven't filed your 2020 tax return, or did not file prior to enactment of the stim 3 payment, you probably will be paid based off your 2019 tax return (not 2018)
4. All dependent regardless of age will receive stim 3.
5. This is the most part, of which I have received the most inquiry about: If you have a new dependent in 2020, that means this dependent will not be on your 2019 taxes. Except you had filed your taxes before the American Rescue Plan was signed into law, your dependent will not receive the $1400 now and may have to wait for further guidance from the IRS regarding how this will be paid. My guess is IRS may use the recoverable rebate method for your tax preparer to help claim this missed payment when you filed your 2021 tax in 2022.
6. The Recoverable Rebate Credit: If you didn’t get any Economic Impact Payments (Stimulus 1 & 2) in 2020 or got less than the full amounts, you may qualify for the Recovery Rebate Credit and must file a 2020 tax return to claim the credit even if you don’t normally file.
7. Stim 3 payment date for social security recipients have not been decided yet as at today (03/18/2021). All SSI recipient need not panicked if the $1400 hasn't hit their account yet. It will eventually.

03/17/2021

IRS to Delay Tax-Filing Deadline Until Mid-May

The Internal Revenue Service will delay the April 15 tax-filing deadline until mid-May, according to a congressional aide briefed on the decision.

03/14/2021

If you have a dependent 17yr +, earned income during 2020 but missed out on receiving a stimulus payments 1 and 2 in year 2020, did you know he is qualified to receive $1100 for both payments? Reach out to us to help you claim this as a recoverable rebate.