Let’s say you receive a call like this: “Hello, I am Agent Smith from the IRS. You owe $2,368 plus interest. If you don’t pay immediately, we will issue a warrant for your arrest!” Then the caller proceeds to tell you to go get prepaid gift cards and send them to some P.O. Box. Well, if you have gotten a call like this, there is good news! It is not the IRS and you are not in any trouble. The bad news is that it is a scam. I hope you did not fall for it! Have you ever received a call … [Read more...] about How to Recognize a Scam
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IRS Website Launched Allows Americans To Track Their Coronavirus Stimulus Check
The IRS has recently launched a website that allows Americans to track the status of their stimulus checks. The IRS “Get My Payment” website informs users as to when they can expect their $1,200 coronavirus stimulus check. In addition, the site also details whether the agency needs more information before they send the check. The website will provide details if their check has been delivered, and to which bank account it was deposited to. In order to use the website, users may need … [Read more...] about IRS Website Launched Allows Americans To Track Their Coronavirus Stimulus Check
Treasury, IRS Launch New Tool to Help Non-Filers Receive One-Time Coronavirus Relief Check
U.S. Senator Martha McSally (R-AZ) shared the following information regarding a new web tool launched Friday by the Treasury Department and Internal Revenue Service (IRS) to help the millions of people who don’t normally file a tax return quickly register for their one-time relief check as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act established Economic Impact Payments for individuals who make less than $99,000 a year or married couples that make less … [Read more...] about Treasury, IRS Launch New Tool to Help Non-Filers Receive One-Time Coronavirus Relief Check
Understanding the IRS Free File Alliance
The IRS Free File Alliance has existed for the last 16 years. This is a program to allow taxpayers who qualify to be able to do their tax returns themselves, and file it for free, using the portal at irs.gov/free file. There are about 12 free file alliance software vendor partners that work with the IRS to provide their software for use through the IRS web portal, for free. There are some restrictions as to who can use free file. A taxpayer who earns less than $66,000 per year can access … [Read more...] about Understanding the IRS Free File Alliance
Understanding Recent IRS Guidance on Meals, Entertainment Expenses
Just a couple of weeks ago, the IRS released new guidance concerning business deductions for meals and entertainment expenses, which takes into account the new Tax Cuts and Jobs Act (TCJA) tax reform law passed by Congress and signed by President Trump last December. The bill eliminated the deductions for all the entertainment expenses: things like concert tickets, cruises, golf passes or any other sporting event. As a result, there has been some confusion out there about the matter. Some … [Read more...] about Understanding Recent IRS Guidance on Meals, Entertainment Expenses
Do Not Ignore Letters from the IRS
Every year, around one million new tax collection cases are put in motion by the IRS on people who owe money to the IRS. If you are one of these targets, you should not ignore the letters and attempts to contact by the IRS or any other taxing authority. Most people who go into collection status by the IRS have already ignored previous attempts by them to collect the tax debt they say you owe. On the first letter the IRS sends to a taxpayer, they should either respond to it by phone call or … [Read more...] about Do Not Ignore Letters from the IRS