The IRS offers after-tax-day troubleshooting tips for taxpayers still facing issues. They include: checking the status of your refund using the link provided below and doing a “paycheck checkup” to ensure the right amount of tax is being withheld from your pay so you can avoid an unexpected tax bill and possible penalties for 2020. […]

Generally, individuals can roll funds from one IRA into another within 60 days, tax-free. The IRS may waive the 60-day rule when the failure to meet the deadline is due to events out of the reasonable control of the taxpayer. In one case, a taxpayer received an IRA distribution and failed to meet the rollover […]

Don’t fall for misleading ads that claim you can easily resolve your tax debt for “pennies on the dollar,” warns the IRS. These ads made the IRS 2020 list of “Dirty Dozen” top scams that target taxpayers. While it’s true that taxpayers who owe more than they can pay can seek an “Offer in Compromise” […]

Here’s a reminder for taxpayers using the IRS’s Income Verification Express Service (IVES). July 31 is the deadline for providing an electronic signature and certifying the update of your account. The IVES program is used by mortgage lenders and others in the financial community to confirm the income of a borrower during the processing of […]

Some people missed the July 15 federal tax filing deadline. If a person is entitled to a refund, there’s no penalty for filing late. But if there’s a balance due, penalties and interest began accruing on unpaid taxes on July 16, 2020. The IRS urges anyone who owes tax and didn’t file (and didn’t request […]

So you’ve filed your income tax return, you’re getting a refund, and you’re eager to receive it. The IRS says it normally issues most refunds in less than 21 days. Taxpayers who mailed their tax return will experience a longer wait. Using the IRS’s “Where’s My Refund?” tool, you can check the status of your […]

Even if you can’t pay your tax bill, you can avoid excessive penalties by taking certain steps. The IRS recommends that you file your tax return or request an extension and pay what you can to minimize penalties and interest. Not filing will result in a failure-to-file penalty of 5% of the unpaid tax required […]

A reminder: Taxpayers receiving Social Security (SS) benefits may have to pay federal income tax on a portion of those benefits. For example, up to 85% of a taxpayer’s benefits may be taxable if he or she is: 1) filing single, head of household or qualifying widow or widower with more than $34,000 income, 2) […]