1st Glitch of Tax Season: Child Tax Credit Letter May Be Inaccurate
The IRS is sending letters to millions of parents who received advanced Child Tax Credit payments last year. But Monday, they warned some letters may include incorrect information.
The alternative minimum tax (AMT) is a separate federal income tax system that bears some resemblance to the regular federal income tax system. The difference is that the individual AMT system taxes...
The IRS is sending letters to millions of parents who received advanced Child Tax Credit payments last year. But Monday, they warned some letters may include incorrect information.
The Treasury Department and the White House relaunched a revamped version of the ChildTaxCredit.gov site Monday to coincide with the start of tax season, adding new features to help with filing taxes and accessing the full amount of unpaid credits.
The Internal Revenue Service will require taxpayers to take selfies and verify their identities through ID.me to access online accounts starting this summer.
National Taxpayer Advocate Erin Collins told lawmakers last Wednesday that 2021 was "the most challenging year taxpayers and tax professionals have ever experienced" and that she was "deeply concerned" about the upcoming filing season.
In her annual report to Congress, Collins said 2021 "provided no shortage of taxpayer problems," and more await the 2022 filing season.
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.
Americans who were eligible for the third stimulus check or the monthly advance child tax credit in 2021 need to be on the lookout for two letters from the IRS before they file their taxes in 2022. They will be arriving at the end of January.
People receiving these letters should keep them. Please do not throw them away.
These letters should be submitted when preparing your 2021 federal tax return. Using the information in these letters when preparing a tax return can reduce errors and delays in processing.
The City of Philadelphia Department of Revenue launched a new tax filing and payment website on November 1, 2021.
Effective November 1, all taxpayers – including those who previously filed an annual Wage Tax reconciliation form by paper, via the previous eFile/ePay site, through ACH debit, or by phone – must use the new Philadelphia Tax Center website. No other filing or payment methods are permitted.
In fall 2021, Philadelphia taxpayers will start using a new website, the Philadelphia Tax Center, to file and pay City taxes electronically. This change is part of a two-phase process to replace their tax system of record. The new system will allow the Department of Revenue to provide individuals with better customer service.
SBA has awarded more than $10B in relief to nearly 12,000 venues through the Shuttered Venue Operators Grant program, helping theaters, live venues, and related businesses recover and re-open across America. 90% of the grants went to businesses with less than 50 employees.
SBA is beginning supplemental notifications to eligible Shuttered Venue Operators Grant awardees. Those who received an initial grant and can show a 70% loss when comparing 2021’s first-quarter revenues to the same in 2019 are eligible to receive a supplemental grant.
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