Category Archives: IRS

When the IRS “Helpfully” Changes Your EIN…

Posted on May 7, 2020 by Russ

Your personal tax records are noted under your Social Security Number. That won’t work for businesses, so years and years ago the IRS came up with Employer Identification Numbers (EIN) to track business accounts. If you form a new business … Continue reading →

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Ten Days (More Kudos to the IRS)

Posted on May 6, 2020 by Russ

We owe tax almost every year. Yes, I make estimated payments, but my business has been growing, investments are making money, so my tax bill goes up every year. That means when I initially looked to see when our stimulus … Continue reading →

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When the IRS Adds a Digit…

Posted on May 4, 2020 by Russ

Clients of ours filed their tax returns 15 days ago, and this morning received their refund from the IRS. They were expecting $523 and they got that, and just a bit more: The direct deposit was $3,523! The clients had … Continue reading →

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PPP: When Free Money Isn’t So Free

Posted on May 1, 2020 by Russ

The Paycheck Protection Program (PPP) loans seem too good to be true. You get money for paying employees and necessary expenses, and they might not have to be repaid! It’s free money. Well, not so fast. Yesterday, the IRS released … Continue reading →

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IRS’s “Get My Payment” App Now Works for Filers Who Neither Owed Tax Nor Received a Refund

Posted on April 27, 2020 by Russ

Kudos to the IRS. The IRS’s “Get My Payment” App was updated again this weekend, and now works for just about everyone. The last group of individuals who couldn’t use the app–those who filed returns and neither owed tax nor … Continue reading →

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IRS’s “Get My Payment” App Now Works for Most 2018 Filers

Posted on April 24, 2020 by Russ

If you filed your 2018 return but haven’t filed 2019, and you wanted to update your information on the IRS’s “Get My Payment” App, you’ve been frustrated because it hasn’t worked. Last night, the IRS updated the information to include … Continue reading →

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When Will the Stimulus Checks be Mailed?

Posted on April 23, 2020 by Russ

Something I missed was an article in the Washington Post giving details of mailing stimulus payments. The Motley Fool took it and laid out the dates that stimulus payments will be mailed. I note those dates below. But there’s another … Continue reading →

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Why “Get My Payment” Doesn’t Work for 2018 Filers who Owed Tax and Haven’t Filed 2019 Returns

Posted on April 16, 2020 by Russ

UPDATE: The IRS updated the app; as of April 24th, the app now works for most 2018 filers. See my new post. So let’s say your income was low enough in 2018 so you qualify for a Recovery Rebate/Economic Impact … Continue reading →

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“Get My Payment” Is Up, But…

Posted on April 15, 2020 by Russ

The IRS’s new app, “Get My Payment,” is now active. In theory, if you use this app you can update your banking information and check to see when your Recovery Rebate payment will be made. If you need to add … Continue reading →

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IRS: “Don’t Call Us. Don’t Expect Us to Read Your Mail for a While.”

Posted on April 13, 2020 by Russ

In May, 2019 clients amended their 2016-2018 returns. They had forgotten to tell me about a spousal nondeductible IRA contribution. We amended, included Form 5329 for each year, and expected to receive letters noting that the IRS made the changes. … Continue reading →

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