Category Archives: IRS

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

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…

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.”

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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On Stimulus Payments and Tax Deadlines

One of my clients emailed me this morning that they received (via direct deposit) their “Recovery Rebate” (aka stimulus) payment. So the IRS is distributing those. The IRS promises a tool on Friday to check your payment and for individuals … Continue reading

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IRS Extends More Deadlines

The IRS released Notice 2020-23 this afternoon, formally extending lots more tax deadlines. I’m going to copy the language as it matters: The Secretary of the Treasury has determined that any person (as defined in section 7701(a)(1) of the Code) … Continue reading

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Individual Return Deadlines (Probably Final)

We prepare tax returns for individuals throughout the United States, so we have to keep track of the deadlines–and that’s a task right now. So we created a spreadsheet with the information so we can see this at a glance … Continue reading

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Seniors Won’t Have to File Tax Returns, SBA Loan Update, and New Jersey

Earlier this week the IRS posted that to obtain the Recovery Rebate that seniors and others would have to file a tax return. When news of that got out–especially given that the law that was passed says otherwise–organizations representing seniors … Continue reading

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A Catch-22 On SBA Loans

catch-22 (noun): A dilemma or difficult circumstance from which there is no escape because of mutually conflicting or dependent conditions. The CARES Act allows for all sorts of SBA (Small Business Administration) loans to help with the virus pandemic. Sounds … Continue reading

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Make Work for Tax Professionals, or, Aunt Rose, You Need to File a Tax Return

UPDATE: Late on April 1st, the IRS reversed course. To the question, “I am not typically required to file a tax return. Can I still receive my payment?” The IRS now states, Yes. The IRS will use the information on … Continue reading

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The Stimulus and More

As I’m sure all of you are aware, Congress passed legislation sending money to Americans, along with a lot of other tax related components. Here’s a summary. The Stimulus: Each non-dependent will receive a $1,200 “Recovery Rebate” provided their Adjusted … Continue reading

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