Unemployment Recipients May Not Know Their Benefits Are Taxable

Ryan Norton - January 26, 2021

The Department of Labor reported a staggering 75.9 million initial unemployment insurance benefits claims from January 5, 2020 to January 2, 2021. The number of weekly claims spiked in March, underscoring the devastating financial impact of the COVID-19 pandemic and creating millions of first-time unemployment recipients who might not realize that those benefits are taxable.…

A Little Preparation Now Means Smooth Tax Filing Later

Bob Williams - January 25, 2021

No matter what strategy taxpayers use to get their income taxes filed, gathering critical documents now can help make this tax season headache-free.…

IRS Recommends Direct Deposit for Fast and Flexible Tax Refunds

Ryan Norton - January 22, 2021

The Internal Revenue Service closed out the week by reminding taxpayers that receiving a tax refund by direct deposit is faster and more flexible than traditional paper checks, even for those who do not currently have a bank account.…

All Taxpayers Now Eligible for Identity Protection PINs

Bob Williams - January 12, 2021

The Internal Revenue Service is expanding just who is eligible for an Identity Protection PIN. In fact, the IRS has thrown open the gates and now says any taxpayer who can verify their identity can now get an IP PIN.…

IRS, Tax Industry Working to Redirect Some EIP Direct Deposits

Ryan Norton - January 08, 2021

The Internal Revenue Service this afternoon announced it was working with the tax and financial industry to redirect Economic Impact Payments that were direct deposited in closed, inactive, or “unfamiliar” bank accounts.…

Go to IRS.gov for Answers to EIP Questions

Ryan Norton - January 04, 2021

The second set of Economic Impact Payments are already showing up in eligible Americans’ bank accounts, but some may encounter problems with their direct payment. Rather than picking up the phone, the Internal Revenue Service today advised taxpayers to instead visit the IRS website for answers since “IRS phone assistors do not have additional information beyond what’s on IRS.gov.”…

Treasury Has Started Sending $600 Payments

Ryan Norton - December 30, 2020

The Treasury Department and Internal Revenue Service yesterday evening announced that the next set of Economic Impact Payments are officially on the way. According to the IRS release, the agency aimed to start direct deposits later that night and send the first round of paper checks today.…

President Signs Second Coronavirus Stimulus, Direct Payments on the Way

Ryan Norton - December 29, 2020

The president signed H.R. 133, or the Consolidated Appropriations Act of 2021, on Sunday, December 27, greenlighting $900 billion in coronavirus relief for Americans.…

FTC Warns of Scams in “12 Days of Consumer Protection” Campaign

Ryan Norton - December 22, 2020

The Internal Revenue Service and its Security Summit partners routinely raise awareness about data security issues threatening the financial health of taxpayers. Unsurprisingly, they’re not the only agency trying to protect you from con artists.…

$900 Billion in Coronavirus Relief Includes Direct Payments, Unemployment Benefits

Ryan Norton - December 21, 2020

According to reporting from The Hill, Congress is poised to vote on a second coronavirus relief package. The bill is expected to pass Congress and land on the president’s desk later today, greenlighting $900 billion in aid that will include direct payments, unemployment benefits, and additional Paycheck Protection Program funds.…