IRS suspends requirement to repay excess advance payments of the 2020 Premium Tax Credit; those claiming net Premium Tax Credit must file Form 8962 WASHINGTON — The American Rescue Plan Act of 2021 suspends the requirement that taxpayers increase their tax liability by all or a portion of their excess advance payments of the Premium Tax […]
Please read this article from Forbes summarizing some of the legislation from the bill passed just last week. Despite being excluded from much needed relief in the first two rounds of stimulus payments Adult dependents such as college students will be eligible for the $1400 payment for individuals.
IRS UPDATE – 2020 Tax returns filed with unemployment benefits prior to the $10,200 exclusion will not be amended. The IRS has indicated it will refigure taxes on these returns and adjust the taxpayer’s account accordingly. The IRS will then send any refund amount directly to the taxpayer. IF you have a federal balance due […]
Read the full news release here. Key Highlights include: Economic Impact Payments are an advance payment of the Recovery Rebate Credit. Important updates include the Recovery Rebate Credit worksheet on page 59 of the 1040/1040-SR instructions. Anyone who didn’t receive the full amount of both Economic Impact Payments should include the amounts they received, before any […]
The IRS is now offering the IP Pin to help reduce identity theft. This six digit number is assigned to eligible taxpayers who volunteer to pass their rigorous identity verification process. For more information and to apply for your pin number online please visit https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin