𝐈𝐑𝐒 𝐒𝐄𝐄𝐊𝐈𝐍𝐆 𝐇𝐄𝐋𝐏 𝐰𝐢𝐭𝐡 𝐂𝐑𝐘𝐏𝐓𝐎𝐂𝐔𝐑𝐑𝐄𝐍𝐂𝐘 𝐀𝐔𝐃𝐈𝐓𝐒 (𝟔/𝟏/𝟐𝟎𝟐𝟎)

CryptoTrader.Tax, a cryptocurrency tax software company that helps taxpayers report their taxes, revealed that they received an email on May 12 from the IRS soliciting their assistance in audits. The IRS solicitation, called a Statement of Work, details what the IRS would require. In short, it needs audit support dealing with virtual currency calculations in […]

𝐄𝐂𝐎𝐍𝐎𝐌𝐈𝐂 𝐈𝐌𝐏𝐀𝐂𝐓 𝐏𝐀𝐘𝐌𝐄𝐍𝐓𝐒 𝐒𝐄𝐍𝐓 𝐭𝐨 𝐘𝐎𝐔𝐑 𝐏𝐑𝐄𝐏𝐀𝐈𝐃 𝐃𝐄𝐁𝐈𝐓 𝐂𝐀𝐑𝐃 (𝟓/𝟐𝟖/𝟐𝟎𝟐𝟎)

Unless your Economic Impact Payment has already been scheduled or paid, it’s possible to have it sent to your prepaid debit card. Many reloadable prepaid cards have account and routing numbers that you could provide to the IRS through the Get My Payment application or on-Filers: Enter Payment Info Here tool. But check with the […]

𝐈𝐑𝐒 𝐏𝐇𝐎𝐍𝐄 𝐇𝐄𝐋𝐏 𝐨𝐧 𝐄𝐂𝐎𝐍𝐎𝐌𝐈𝐂 𝐈𝐌𝐏𝐀𝐂𝐓 𝐏𝐀𝐘𝐌𝐄𝐍𝐓 𝐐𝐔𝐄𝐒𝐓𝐈𝐎𝐍𝐒 (𝟓/𝟐𝟏/𝟐𝟎𝟐𝟎)

The IRS is starting to add 3,500 telephone representatives to answer some of the most common questions about Economic Impact Payments. IRS telephone assistance and other services will remain limited, and answers for most of the common questions related to Economic Impact Payments are available on IRS.gov. The IRS anticipates bringing back additional assistors as […]

𝐈𝐑𝐒 𝐀𝐔𝐃𝐈𝐓𝐒 & 𝐭𝐡𝐞 𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐒𝐇𝐔𝐓𝐃𝐎𝐖𝐍 (𝟓/𝟏𝟖/𝟐𝟎𝟐𝟎)

As a result of the shutdown, the IRS is limiting its audit activities and focusing on taxpayer relief with its People First Initiative. Until the filing and payment deadline of Wednesday, July 15, 2020, here is what taxpayers can expect with respect to IRS exams or audits- Field, office and correspondence audits – Generally, the […]

𝐄𝐂𝐎𝐍𝐎𝐌𝐈𝐂 𝐈𝐌𝐏𝐀𝐂𝐓 𝐏𝐀𝐘𝐌𝐄𝐍𝐓 (𝐄𝐈𝐏) 𝐃𝐈𝐅𝐅𝐄𝐑𝐄𝐍𝐓 𝐓𝐇𝐀𝐍 𝐄𝐗𝐏𝐄𝐂𝐓𝐄𝐃 ? (𝟓/𝟏𝟑/𝟐𝟎𝟐𝟎)

The EIP you’re expecting may be different from the one you get for the following reasons – 𝟏. 𝐘𝐨𝐮 𝐝𝐢𝐝𝐧’𝐭 𝐟𝐢𝐥𝐞 𝐚 𝟐𝟎𝟏𝟗 𝐭𝐚𝐱 𝐫𝐞𝐭𝐮𝐫𝐧 𝐲𝐞𝐭 𝐨𝐫 𝐭𝐡𝐞 𝐈𝐑𝐒 𝐡𝐚𝐬 𝐧𝐨𝐭 𝐟𝐢𝐧𝐢𝐬𝐡𝐞𝐝 𝐩𝐫𝐨𝐜𝐞𝐬𝐬𝐢𝐧𝐠 𝐲𝐨𝐮𝐫 𝟐𝟎𝟏𝟗 𝐫𝐞𝐭𝐮𝐫𝐧. Under both of these circumstances, the IRS used the 2018 tax return and missed changes in your circumstances. 𝟐. […]

𝐇𝐎𝐖 𝐭𝐨 𝐑𝐄𝐓𝐔𝐑𝐍 𝐚𝐧 𝐄𝐂𝐎𝐍𝐎𝐌𝐈𝐂 𝐈𝐌𝐏𝐀𝐂𝐓 𝐏𝐀𝐘𝐌𝐄𝐍𝐓 (𝟓/𝟏𝟏/𝟐𝟎𝟐𝟎)

The IRS has told us how to return an economic impact payment (EIP). If the payment was a paper check: 1. Write “Void” in the endorsement section on the back of the check. 2. Mail the voided Treasury check immediately to the appropriate IRS location listed at the website (see below). 3. Don’t staple, bend, […]

𝐋𝐎𝐖-𝐈𝐍𝐂𝐎𝐌𝐄 𝐈𝐍𝐃𝐈𝐕𝐈𝐃𝐔𝐀𝐋𝐒 𝐄𝐋𝐈𝐆𝐈𝐁𝐋𝐄 𝐟𝐨𝐫 𝐄𝐂𝐎𝐍𝐎𝐌𝐈𝐂 𝐈𝐌𝐏𝐀𝐂𝐓 𝐏𝐀𝐘𝐌𝐄𝐍𝐓𝐒 (𝟓/𝟕/𝟐𝟎𝟐𝟎)

Low-income individuals are eligible for an Economic Impact Payment. Those who do not have a regular filing requirement can use the free, online tool Non-Filers: Enter Payment Info to quickly register to receive their payment. And a Spanish language version of the tool is available. The Non-Filers tool is for married couples with incomes below […]

𝐍𝐎 𝐃𝐄𝐃𝐔𝐂𝐓𝐈𝐎𝐍 𝐟𝐨𝐫 𝐄𝐗𝐏𝐄𝐍𝐒𝐄𝐒 𝐒𝐔𝐏𝐏𝐎𝐑𝐓𝐈𝐍𝐆 𝐅𝐎𝐑𝐆𝐈𝐕𝐄𝐍𝐄𝐒𝐒 𝐨𝐟 𝐏𝐏𝐏/𝐂𝐀𝐑𝐄𝐒 𝐀𝐂𝐓 𝐋𝐎𝐀𝐍𝐒 (𝟓/𝟓/𝟐𝟎𝟐𝟎)

Under the Cares Act, a recipient of a Payroll Protection Program (PPP) loan can receive forgiveness of indebtedness on the loan in an amount equal to the sum of payments made for the following expenses during the 8-week “covered period” beginning on the loan’s origination date: (1) payroll costs, (2) any payment of interest on […]

𝐕𝐀 & 𝐒𝐒𝐈 𝐑𝐄𝐂𝐈𝐏𝐈𝐄𝐍𝐓𝐒 𝐓𝐇𝐀𝐓 𝐃𝐎𝐍’𝐓 𝐅𝐈𝐋𝐄 𝐑𝐄𝐓𝐔𝐑𝐍𝐒-𝐀𝐂𝐓 𝐛𝐲 𝐌𝐀𝐘 𝟓 (𝟒/𝟑𝟎/𝟐𝟎𝟐𝟎)

SSI and VA recipients who have children and who weren’t required file a tax return in 2018 or 2019 should visit the “Non-Filers: Enter Payment Info Here” tool on IRS.gov. And by entering the needed information by May 5th on this site, get the economic impact payments they’re entitled to. By entering information on the […]

“𝐆𝐄𝐓 𝐌𝐘 𝐏𝐀𝐘𝐌𝐄𝐍𝐓” 𝐎𝐍𝐋𝐈𝐍𝐄 𝐀𝐏𝐏𝐋𝐈𝐂𝐀𝐓𝐈𝐎𝐍 (𝟒/𝟐𝟕/𝟐𝟎𝟐𝟎)

With the “Get My Payment” application, recipients of economic impact payments can track their payments and provide bank account information to ensure direct deposit. 𝐅𝐨𝐫 𝐭𝐚𝐱𝐩𝐚𝐲𝐞𝐫𝐬 𝐭𝐨 𝐭𝐫𝐚𝐜𝐤 𝐭𝐡𝐞 𝐬𝐭𝐚𝐭𝐮𝐬 𝐨𝐟 𝐭𝐡𝐞𝐢𝐫 𝐩𝐚𝐲𝐦𝐞𝐧𝐭, the application will show taxpayers the scheduled delivery date by direct deposit or mail and the last four digits of the bank […]