Discount Accounting & Tax Services

  IRS releases its 2021 Progress Update detailing challenging year January 7, 2022 Internal Revenue Service   outlines how the agency continued to work through difficulties related to the pandemic while delivering two rounds of Economic Impact Payments and millions of advance Child Tax Credit payments, all in record time. Meanwhile, IRS employees continued to make adjustments to deliver the filing season despite office closures, social distancing mandates and an extended tax filing deadline. "This has been an unprecedented period facing the IRS and the nation," said IRS Commissioner Chuck Rettig. "IRS employees worked hard during the pandemic, repeatedly delivering for taxpayers under tight timeframes and difficult circumstances. As the 2022 filing season approaches, more work remains for us to help taxpayers as well as tax professionals. We will continue to make progress on critical areas thanks to the hard work of so many people. I'm incredibly proud of what our em

  IRS announces transition away from use of third-party verification involving facial recognition  February 7, 2022  The IRS announced it will transition away from using a third-party service for facial recognition to help authenticate people creating new online accounts. The transition will occur over the coming weeks in order to prevent larger disruptions to taxpayers during filing season. During the transition, the IRS will quickly develop and bring online an additional authentication process that does not involve facial recognition. The IRS will also continue to work with its cross-government partners to develop authentication methods that protect taxpayer data and ensure broad access to online tools. "The IRS takes taxpayer privacy and security seriously, and we understand the concerns that have been raised," said IRS Commissioner Chuck Rettig. "Everyone should feel comfortable with how their personal information is secured, and we are quickly pursuing short-term op

  2022 tax filing season begins Jan. 24; IRS outlines refund timing and what to expect in advance of April 18 tax deadline  January 10, 2022 The Internal Revenue Service announced that the nation's tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns. The January 24 start date for individual tax return filers allows the IRS time to perform programming and testing that is critical to ensuring IRS systems run smoothly. Updated programming helps ensure that eligible people can claim the proper amount of the Child Tax Credit after comparing their 2021 advance credits and claim any remaining stimulus money as a Recovery Rebate Credit when they file their 2021 tax return. "Planning for the nation's filing season process is a massive undertaking, and IRS teams have been working non-stop these past several months to prepare," said IRS Commissioner Chuck Rettig. "The pandemic continues to create c

In general, monthly payments will go to eligible families who: Filed either a 2019 or 2020 federal income tax return. Used the Non-Filers tool on IRS.gov in 2020 to register for an Economic Impact Payment. Registered for the advance Child Tax Credit this year using the new Non-Filer Sign-Up Tool on IRS.gov. An eligible family who took any of these steps does not need to do anything else to get their payments. Normally, the IRS will calculate the advance payment based on the 2020 income tax return. If that return is not available, either because it has not yet been filed or it has not yet been processed, the IRS is instead determining the payment using the 2019 tax return. Eligible families will receive advance payments, either by direct deposit or check. Each payment will be up to $300 per month for each child under age 6 and up to $250 per month for each child ages 6 through 17. The IRS will issue advance Child Tax Credit payments on these dates: July 15, Aug. 13, Sept. 15, Oct. 15, N

Coming soon, families will be able to use the Child Tax Credit Update Portal to check the status of their payments. In late June, people will be able to update their bank account information for payments starting in August. In early August, a feature is planned that will allow people to update their mailing address. Then, in future updates planned for this summer and fall, they will be able to use this tool for things like updating family status and changes in income. For more information see the FAQs, which will continue to be updated. Update Portal allows people to unenroll Instead of receiving these advance payments, some families may prefer to wait until the end of the year and receive the entire credit as a refund when they file their 2021 return. In this first release of the tool, the Child Tax Credit Update Portal now enables these families to quickly and easily unenroll from receiving monthly payments. The unenroll feature can also be helpful to any family that no longer qualif

Child Tax Credit Eligibility Assistant helps families determine whether they qualify for Child Tax Credit payments Update Portal helps families monitor and manage Child Tax Credit payments  WASHINGTON — The Internal Revenue Service today launched two new online tools designed to help families manage and monitor the advance monthly payments of Child Tax Credits under the American Rescue Plan. These two new tools are in addition to the Non-filer Sign-up Tool, announced last week, which helps families not normally required to file an income tax return to quickly register for the Child Tax Credit. The new Child Tax Credit Eligibility Assistant allows families to answer a series of questions to quickly determine whether they qualify for the advance credit. The Child Tax Credit Update Portal allows families to verify their eligibility for the payments and if they choose to, unenroll, or opt out from receiving the monthly payments so they can receive a lump sum when they file their tax return

  The IRS started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive   monthly Child Tax Credit payments   starting in July. The expanded and newly-advanceable Child Tax Credit was authorized by the American Rescue Plan Act. Most families do not need to take any action to get their payment. The IRS urges individuals and families who haven't yet filed their 2020 return – or 2019 return – to do so as soon as possible so they can receive any advance payment they're eligible for. This includes people who don't normally file a tax return, such as families experiencing homelessness, the rural poor, and other underserved groups. The IRS also urges community groups, non-profits, associations, education organizations, and others to share this critical information about the Child Tax Credit with those who have children. Need more information visit our website at  http://bestdiscountaccounting.com/