IRS: Florida Taxpayer Assistance Centers to open Saturday in Miami-Dade, Broward counties
The Internal Revenue Service announced Tuesday that Florida Taxpayer Assistance Centers (TAC) will be open on Saturday in Miami-Dade, Broward and Orange counties for customers who are unable to visit during the week.
EXPLAINER: What's the debate over releasing Trump's taxes?
Now that the Democratic-controlled House Ways and Means Committee has voted to release former President Donald Trump’s tax returns, there's the potential of additional revelations in the coming days related to the finances of the longtime businessman.
Feds launch website for claiming part 2 of child tax credit
The White House and Treasury Department launched a revamped Child Tax Credit website meant to help people who were eligible for the expanded tax credit under last year’s pandemic relief bill claim the second half of the payment they were due.
Leak of billionaires' tax data draws GOP outcry over privacy
Republicans in Congress are alarmed by the leak of confidential IRS data to ProPublica that has enabled the investigative news organization to reveal that famous billionaires including Warren Buffett, Bill Gates and Mark Zuckerberg paid little in U.S. income tax at times.
Will you get a stimulus check and if so, when?
How do I know if I quality for the American Rescue Plan stimulus check? Will I get a $1,400 check? Third Stimulus Check Calculator - American Rescue Plan Who won’t get a $1,400 check? You should automatically qualify to receive a third stimulus check, most notably if you received a first and second round of payments. If you receive your income tax payment through direct deposit, your check will be deposited in that account.
IRS gets more relief payments out after delays
The IRS said that after initial problems, it is getting more of the second round of relief payments to taxpayers. (AP Photo/Eric Gay)The IRS said that after initial problems, it is getting more of the second round of relief payments to taxpayers. A number of tax preparation companies said that they were able to resolve the issues. The IRS said Tuesday that it worked over the weekend to help a smaller set of impacted taxpayers and is reissuing payments for eligible taxpayers whose accounts may have been closed. No action is needed for most eligible taxpayers to get the payment.
Didn't get your relief payment yet? You aren't alone
The U.S. Treasury and IRS have sent out the bulk of the second economic impact payments, which are intended to provide some relief to Americans. However, frustration is high among millions of people who did not receive payments yet and must wait for the mail or file their taxes before they receive it. If you are eligible, check the IRS Get My Payment tool on its website to find out the status of you payment. However, some people may find that they get their payment in a different form this time than last. If you get the “Payment Status #2 – Not Available” message, then you will not receive the payment and instead need to claim it on your tax return.
Some taxpayers find relief payments sent to wrong account
A number of taxpayers who use tax preparation services, such as H&R Block and TurboTax, say their second relief payments were sent to the incorrect bank account, forcing them to wait longer for their money. Some payments are also being sent via paper check or debit cards during the month of January. However, many people said that they checked the IRS site and found their payments were sent to an account they did not recognize. “We are partnering with the IRS to help taxpayers receive their payments as quickly as possible." The payments are automatic, and people should not contact their financial institutions or the IRS with payment timing questions.
Like everything else 2020, taxes will be like no other year
It’s worth noting that unemployment benefits are all subject to federal taxes but not all states tax it. As such, people who did not receive their payment or only got a partial payment can resolve this issue on their 2020 taxes when they file. Another big issue is for those who relocated or moved during the pandemic, which could complicate where they need to report and pay state taxes, Pyron said. Workers may need to file taxes in multiple states. The IRS continues to urge taxpayers to file their taxes online and use other online tools whenever possible.
The IRS has made changes to the tax bracket -- here’s what it will mean for you
Earlier this week, the IRS announced the 2021 tax year annual inflation adjustments for more than 60 tax previsions. Those include tax rate schedules and other tax changes. The following are the 2021 tax rates, which will be used when filing taxes in 2022 for the previous year of income. Taxpayers with lower incomes with have lower federal tax rates. Click or tap here to learn about more changes that have come with tax inflation adjustments for tax year 2021.
Audit likely gave congressional staff glimpse of Trump taxes
When JCT staffers disagree with the IRS on a decision, the review is typically kept open until the matter is resolved. Even acknowledging that Trump's taxes were before the panel is verboten. Representatives for the Trump Organization did not respond to messages seeking comment and confirmation that the Joint Tax Committee had reviewed Trump's taxes. Former JCT staffers would not comment on whether they remembered the dispute with Trump, citing confidentiality rules. Neal, the lead force behind a Democratic lawsuit to expose Trump’s taxes, said the Times’ reporting is proof that the documents should be given to Congress.
US judge: IRS can't keep coronavirus money from inmates
A federal judge says the IRS can't keep withholding coronavirus relief payments from incarcerated people, potentially clearing the way for at least 80,000 checks totaling more than $100 million to be sent to people behind bars across the United States. The legislation passed in March that authorized the payments of up to $1,200 per person during the pandemic doesn't specifically exclude jail or prison inmates. Still, that's exactly the claim that the IRS made a couple of weeks after the coronavirus rescue package passed. Prison officials in Maryland and California are working to notify all lock-up facilities. Some inmates may be reluctant to apply even if they hear about the ruling in time, Dermody said.
Trump business deductions: sketchy, normal or in-between?
A key question is whether those deductions reported by The New York Times were excessive and possibly illegal; they enabled Trump to avoid millions of dollars in taxes. It would be up to the IRS, which is auditing some of Trump’s returns, to decide whether the deductions are legitimate. The agency defines an ordinary expense as one that’s common and accepted in a company’s trade or type of business. According to the Times, Trump has treated some of his residences as businesses, in the process deducting millions of dollars. Moreover, under the tax legislation Trump signed into law in 2017, he would have been limited to $10,000 a year in property tax deductions for 2018.
GAO: Millions in danger of missing coronavirus payments
(Graeme Jennings/Pool via AP)WASHINGTON – A government watchdog says millions of Americans are in danger of missing coronavirus relief payments of up to $1,200 per individual because of incomplete government records. The lack of "such information could hinder outreach efforts and place potentially millions of individuals at risk of missing their payment,” the GAO said in its report. The IRS ten report as of July 31 that 5.3 million individuals had used an online IRS tool for non-filers to help them receive payments. But the agency told GAO it was working on an effort to notify around 9 million individuals that they may be eligible for the payments. In addition to the problem of missing individuals eligible for the payments, an earlier GAO report found that nearly 1.1 million in coronavirus relief payments totaling some $1.6 billion went to dead people.
No more delays: What to know about the July 15 deadline
As the coronavirus pandemic took hold this spring, the federal government postponed the traditional April 15 filing deadline until July 15. In most cases, you must file and pay your taxes by July 15. Those were originally due on April 15 and June 15 respectively. One worth noting is that July 15 is also the deadline to claim a refund for 2016 tax returns. An estimated $1.5 billion refunds for 2016 are sitting unclaimed because people failed to file tax returns.
US inmates got virus relief checks, and IRS wants them back
The legislation authorizing the payments during the pandemic doesnt specifically exclude jail or prison inmates, and the IRS has refused to say exactly what legal authority it has to retrieve the money. While the IRS says checks sent to jail inmates also should be returned, the sheer number of jails and detention centers across the U.S. makes it difficult to tell if many are following those instructions. She says prison officials are accustomed to intercepting tax documents to screen for potential scams, priming them to follow this request. Intercepting relief checks may also have a disproportionate impact on Black and Hispanic inmates, who are incarcerated at a higher rate than white Americans. Prison officials nationwide have been trying to intercept the checks, with varying results.
Still haven’t gotten your stimulus check? Some things you can check on in the meantime
Important question: Have you gotten your stimulus check yet? In fact, most people don’t need to take any action, and will automatically receive the payment. Let’s talk through the tools available to investigate what might be holding up your check, prepaid debit card or direct deposit. You’re eligible for the Economic Impact Payment, right? Here’s a detailed list you should triple-check just to make sure you’re eligible for the payment, and see how much you should receive.
Income tax filing deadline moved to July 15: What does it all mean?
WASHINGTON – The income tax filing date has been pushed back from April 15, to July 15, Treasury Secretary Steven Mnuchin said late last week. Mnuchin announced the decision in a tweet Friday, saying that at President Donald Trump’s direction, “We are moving Tax Day from April 15 to July 15. The delay is available to people who owe $1 million or less and corporations that owe $10 million or less. It is expected that many states will follow the lead of the federal government and delay their tax filing deadlines as well but that will be a state by state decision. The administration is working with Congress to develop a $1 trillion support package and Mnuchin has said the IRS payment delay will add $300 billion to that effort.
For some, credit cards are a major part of tax season, survey finds
Tax season and credit cards seem to go hand-in-hand like peanut butter and jelly, at least if you believe the findings of a recent study conducted by Credit Card Insider. Using SurveyMonkey to conduct an online survey of 3,114 adults from Feb. 3-5, Credit Card Insider found out the following information when it comes to how important credit cards are for people during tax season. 14% of respondents who expected to owe this year planned on using a credit card to pay their taxes. Of those expecting a tax refund, 40% had credit card debt. 75% of those with debt plan to use their tax refund toward paying it off.
Waiting for a tax refund? Here’s when you can expect to get it
But listen, if you’re thinking you might be getting a refund, that’s pretty good incentive to get it taken care of. If IRS accepts return by: Direct deposit sent (or paper check mailed one week later): Feb. 3 Feb. 14 (Feb 21) Feb. 10 Feb. 21 (Feb 28) Feb. 18 Feb. 28 (Mar. 6) Feb. 24 Mar. 10) March 29 Apr. Are you currently waiting on a refund?
House Democrats file lawsuit to obtain Trump tax returns
(CNN) - The Democrat-led House Ways and Means Committee filed a lawsuit on Tuesday to enforce subpoenas and obtain President Donald Trump's tax returns, an escalation in a fight for the President's personal financial information. The lawsuit was filed in D.C. District Court against Treasury and the IRS and their respective leaders, Steve Mnuchin and Charles Rettig. Neal initially made his request for Trump's tax returns on April 3. The complaint argues that the committee is not required to justify its reasons for seeking tax returns under Section 6103, but states that the panel "is investigating the IRS's administration of various tax laws and policies relating to Presidential tax returns and tax law compliance by President Trump, including whether the IRS's self-imposed policy of annually auditing the returns of sitting Presidents is working properly." The Democrats on Neal's committee have argued that they need access to the President's tax returns in order to understand how the IRS administers the presidential audit program.
Can't pay your taxes? There are options
By Kevin Hagen, Contributing writerIf you can't pay your taxes, you should file your return anyway to avoid a late filing penalty. If after preparing your tax return you find that you owe taxes and don't have the money to pay, you have some options. File Your Return When you can't pay your taxes, you should file your return anyway. If you don't, you will be charged a late filing penalty in addition to late payment penalties and interest. There is a fee for requesting an installment agreement, and late payment penalties and interest accrue on the balance.
South Florida hotbed for impostor scams
PEMBROKE PARK, Fla. – South Florida continues to be a hotbed for impostor scams. Every day, many South Floridians receive phone calls from people claiming to be from the IRS or a debt collection agency. In one case, a viewer played an audio recording of the call he received from a man claiming to be from the IRS. The message warned the viewer that it was his final notice to pay a certain amount of money before he received a lawsuit. Local 10 News investigative reporter Christina Vazquez sat down with Cindy Liebes, director of the Southeast Regional Office of the Federal Trade Commission, who said impostor scams are on the rise.