Over the last few days, as federal refunds have started to get disbursed, we have been noticing some unexpected behavior regarding tax return acknowledgements and tax refund figures. While investigating refund figure changes, we noticed that the discrepancy appears to be the exact amount of the recovery rebate credit from line 30 on the 1040. […]
No word on hub testing, yet, but the official start to tax season for filing 2020 tax returns will be February 12th, 2021.
Shutdown begins on Saturday, November 18th, 2020, at 11:59 p.m. Eastern time, in order to prepare the system for the upcoming Tax Year 2020 Filing Season. Any returns not in accepted status will either need to be mailed or e-filed after e-filing turns on for the upcoming tax season in January. ***Revision to the e-file […]
IRS.gov/ptin is open for renewals for the coming year. Log into or, if you’re a new preparer, create your PTIN account, verify personal information, and pay for your PTIN. Payment is now required again after many years of no charge. Pay the $35.95 renewal fee via credit/debit/ATM card or eCheck. Upon completion of your application […]
Under the Protecting Americans from Tax Hikes (PATH) Act, ITINs that have not been used on a federal tax return at least once in the last three consecutive years and those issued before 2013 will expire. This year ITINs with middle digits 88 will expire Dec. 31, 2020. Additionally, ITINs with middle digits 90, 91, […]
Due to continuous budget cuts for the IRS, the Agency has proposed plans to raise fees for programs that help taxpayers who are struggling with enormous tax debt. These proposed raise will be on fees which are charged for an Offer in Compromise or fees to set up payment installation agreements. These fees have not […]
Remember that report stating that folks with out bank accounts were going to face a ton of problems? Well, that crisis has been avoided. The Obama administration said Wednesday that there will be a rule preventing health plans from not accommodating households that do not have traditional bank accounts. An estimated 8.5 million people without […]
This week the IRS Return Preparer Office is mailing letters to approximately 3,000 return preparers who are preparing tax returns without a valid preparer tax identification number (PTIN). Letter 4731 is being sent to 1,100+ people who are using a legacy PTIN that was obtained prior to September 2010 and has never been renewed in the new […]
The IRS has set preliminary rules for disclosing taxpayer tax return information to the insurance exchanges, also called “marketplaces” (not currently set up), to help in determining who is and who is not eligible for the “premium tax credit.” For taxpayers whose income is relevant in determining eligibility for an insurance affordability program, Medicaid, CHIP, […]
According to Accounting Today, the IRS will be extending the time before the retirement of the Electronic Account Resolution services on the IRS’s website. The IRS plans to extend the applications for three more weeks. There has been and continues to be much outrage over the shutting down of the system when there are drastic […]