From the IRS Tag

IRS Issues Answers to FAQs About 2021 Child Tax Credit (1/3)

The maximum credit amounts and income limits for the Child Tax Credit differed in 2021 from other years. In addition, many taxpayers received advance CTC payments, and had to reconcile these payments with their […]

Refund Scams – Did You Know?

As tax filing season ends and individuals start receiving their refunds, taxpayers should be aware of a refund scam that may be making the rounds. The scammer starts by stealing taxpayer information through hacks, […]

Possible Reasons for 2021 IRS Tax Refund Delays

Most taxpayers who file their returns electronically and request direct deposit generally receive their IRS refunds within 21 days. However, a variety of factors can result in longer return processing times. The IRS recently […]

Tax Refund Myths – Did You Know?

There can be uncertainty around the timeline for receiving IRS tax refunds. Here are a few common questions related to these myths, along with real-world answers. Q: Can I get a more accurate refund […]

Reporting Cryptocurrency Transactions – Did You Know

If you had any involvement with cryptocurrency or other virtual currencies in 2021, you generally must disclose this activity on your tax return. Form 1040 includes the question, “At any time during 2021, did […]

Tax-related Text Message Scams – Did You Know?

Scammers continue to use IRS impersonation schemes to steal personal information or trick people out of their hard-earned money. In 2021, monitoring agencies saw a dramatic increase in text message tax scams, many of […]

Save Yearly Income Statements for a Smoother Tax Season

Many taxpayers will receive year-end income statements from employers, banks, stock issuers and other sources in January and early February. Make sure to save each document, so you can refer to it for your […]

Economic Impact Payments by Prepaid Debit Card – Did You Know?

As part of the U.S. Treasury’s ongoing effort to get COVID-19 Economic Impact Payments (EIPs, also called stimulus payments) to all eligible Americans, the IRS has begun sending payments by prepaid debit card in […]

Tracking Income and Expenses for “Gig” Work – Did You Know?

With working from home becoming more common in 2020, many people are taking on freelance or “gig” work to supplement their incomes. Whether you rely on gig work as your primary income source or […]

Refund Amounts – Did You Know?

If your refund amount is different than stated on the filed tax return, part or all of your refund may have been used to pay off (offset) past-due federal tax, student loans, state income […]