Tyler Perry’s audit ends in $9M refund, and firing of accountants
Perry's IRS story also was recounted by Black Enterprise. The coverage from both websites earns this weekend's dual weekend's Saturday Shout Out. Paying for proper advice: Perry's point is well taken. The goal of all taxpayers, and their professional tax advisers, is to come as close to possible during the tax year to…
Social Security increasing wage base to $160,200 in 2023
The Social Security Administration (SSA) gave retirees and other recipients of the program's payments good news this week. Next year, they'll get an 8.7 percent cost-of-living increase. That's the highest in more than 40 years, and comes on the heels of this year's bump that, at the time, was the largest retirement…
Deadline to file 2019 and 2020 tax returns to get COVID penalty relief postponed in declared disaster areas
WASHINGTON ̶ The Internal Revenue Service reminds taxpayers in areas covered by certain Federal Emergency Management Agency (FEMA) disaster declarations they may have more time to file their returns to qualify for the penalty relief under Notice 2022-36 for their 2019 and 2020 tax returns. Under Notice 2022-36, penalties for late-filing certain tax returns,…
Some States Are Sending Out Stimulus Checks—Is Yours Next?
With little immediate relief from the federal government to respond to record inflation, 18 states are sending —or have already sent—payments to taxpayers.. And while some of these payments are for hundreds of dollars, they’re unlikely to have a big impact on inflation. “Plans focused on specific sectors or groups, such…
IRS NEWSLETTERS
When the IRS needs to ask a question about a taxpayer’s tax return, notify them about a change to their account, or request a payment, the agency often mails a letter or notice to the taxpayer. Getting mail from the IRS is not a cause for panic but, it should…
IRS backlog at 8.2 million tax returns
The Internal Revenue Service says it has made progress this summer in reducing its COVID-created paperwork backlog. In fact, it has caught up on last year's stacked up filings that didn't have issues. "The IRS is opening mail within normal timeframes and all paper and electronic individual returns received prior to…
Why Don’t deposit a wrong IRS refund check
Remember earlier this summer when a South American worker got a paycheck of more than $165 million Chilean pesos, or nearly $184,000 in U.S. dollars? It was a mistake. And while the man reported the overpayment to his supervisors, he also decided to take the money and run. As far as…
Tax moves to make this August
Summer's winding down, with schools opening their doors across much of the country in just a few weeks. So of course, you're thinking of one last getaway to escape the sweltering dog days. But before you head out to a beach retreat or cooler mountain cabin, take a few minutes…
Child Tax Credit 2021: How to Get Monthly Payments if You Don’t File Tax Returns
On July 15, the IRS will start sending monthly child tax credit payments to eligible American parents. If you qualify, the total amount of monthly payments you receive from July to December 2021 will equal 50% of the child tax credit you would otherwise get when you file your 2021 tax…
Child Tax Credit 2021: Who Gets $3,600?
The child tax credit is bigger and better than ever for 2021, which should make things a little easier for families taking a financial hit during the COVID-19 pandemic. Thanks to the American Rescue Plan Act of 2021 ("American Rescue Plan"), the credit amount is significantly increased for one year,…
