IRS TAX PAYER ID VERIFY TOOLS!

On November 17th IRS unveiled a new online identity verification process for accessing self-help tools.

In our opinion, the IRS ID verify process was way overdue for an upgrade. Successfully verifying their old platform was an act of GOD. Rumor is… this process is much easier… probably because they outsourced it.

To get to the IRS – ID.ME sign in or create a new account link – CLICK HERE

Here are all the other important links that you may be interested in

Child Tax Credit Update Portal – CLICK HERE

Online Account – CLICK HERE

Get Transcript Online – CLICK HERE

Get An Identity Protection PIN (IP PIN) – CLICK HERE

Online Payment Agreement – CLICK HERE

Hope this is helpful!

IRS WILL AUTO RECALCULATE TAXES ON UNEMPLOYMENT

To help taxpayers, the IRS annouced today 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.

Here is quick summary on the press release:

Taxpayer who filed prior to change to the handing of the unemployment benefits

  • IRS will AUTO Recalculate
  • IRS will refund any resulting overpayment or apply to outstanding taxes owed
  • The first refunds are expected to be made in May and will continue into the summer.
  • NO need to file an amendment unless…
    • The calculation changes make the taxpayer newly eligible for additional federal credits and deductions not already included on the original tax return.
  • For Taxpayers who have yet to file
    • Our software has been updated to accommodate.
    • Prepare the return as you would normally

CLICK HERE to read the full press release.

TAX DAY FOR INDIVIDUALS EXTENDED: MAY 17

The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.

This one-month delay is not as much extra time as the IRS offered last year when the filing deadline was pushed to July 15. But it should make it easier for the taxpayer to get a handle on their finances – as well as tax changes that took effect just this month with the signing of the American Rescue Plan. The new law made the first $10,200 of unemployment benefits received in 2020 tax-free for people with an income of less than $150,000, a significant change for many whose jobs were affected by the pandemic.

Please CLICK HERE to read the full article on IRS.gov

2021 E-FILE START DATE: FEBRUARY 12 ūüė≤

IRS announces the start of e-File for the 2021 Tax Season will be Friday, February 12th. 

Today, the IRS announced the e-file start date for the 2021 tax season, which came as a surprise to many of us since normally IRS starts accepting tax returns no later than the last week of January. However, this year, the IRS will need more time to prepare after the¬†COVID¬†relief act that took effect in late December. And yes, the tax filing deadline is still April 15. ‚ÄúIf filing season were opened without the correct programming in place, then there could be a delay in issuing refunds to taxpayers,‚ÄĚ the IRS said in its announcement. Click the link below to read the full news release.

Key filing season dates

January 29.¬†Earned Income Tax Credit Awareness Day to raise awareness of valuable tax credits available to many people ‚Äď including the option to use prior-year income to qualify.

February 12. IRS begins 2021 tax season. Individual tax returns begin being accepted and processing begins.

February 22.¬†Projected date for the IRS.gov Where’s My Refund tool being updated for those claiming EITC and ACTC, also referred to as PATH Act returns.

First week of March. Tax refunds begin reaching those claiming EITC and ACTC (PATH Act returns) for those who file electronically with direct deposit and there are no issues with their tax returns.

April 15. Deadline for filing 2020 tax returns.

October 15. Deadline to file for those requesting an extension on their 2020 tax returns

Click the button below to read the official IRS news release regarding the start of e-File for the 2021 Tax Season

CLICK HERE to read to full IRS news release.