01.14.22 Clark Answers His Critics on Clark Stinks
Clark Stinks day -Christa shares Clark Stinks posts with Clark. Also, this tax year will be a bit different for 2021 filings, with a special warning from the IRS. Clark shares a smart tax refund strategy, plus the outlook on inflation. Clark Stinks: Segments 1 & 2[ Watch the video ]Tax Season Strategy & Inflation: Segment 3Ask Clark: Segment 4Mentioned on the show:Barrons.com: IRS Warns Backlogs Could Cause Delayed Tax RefundsTreasury warns of ‘enormous challenges’ this tax filing season that could delay refundsU.S. natgas output to rise, demand to ease in 2022 -EIAWhen Are Taxes Due? Visit megaphone.fm/adchoices[ This article was originally published on Clark.com ]The post 01.14.22 Clark Answers His Critics on Clark Stinks / Tax Season Strategy & Inflation.wftv.com
Crypto questions: IRS will be asking about cryptocurrency transactions on 2021 returns
If you’re banking on cryptocurrency, a digital way to get paid, you may have to pay real taxes on the money you earn. >> Read more trending newsThe IRS has changed the 1040 tax form for the 2021 tax year, asking if a taxpayer has either received, sold, exchanged or disposed of digital currency, Market Watch reported. If you moved your digital money from one account to another, or from one wallet to another, you should not have to pay taxes. You must check a box for the crypto question, even if you didn’t have any cryptocurrency transactions in 2021. If you have to pay tax on crypto, then you will need to fill out another form — Form 8949 and Schedule D of Form 1040, Market Watch reported.wftv.com
$25M fraud scheme involving Orlando sisters featured in IRS’ most-shocking cases of 2021
The case of two Orange County women convicted of a four-year multimillion-dollar tax fraud conspiracy was highlighted by the Internal Revenue Service as a <a href="https://www.irs.gov/compliance/criminal-investigation/irs-ci-counts-down-the-top-10-cases-of-2021-on-twitter" target="_blank">one of the most high-profile investigations of 2021</a>.
Tax season, once again, is going to be a hot mess. Here’s when to expect your refund this year.
The new tax season is scheduled to start Jan. 24, and already the IRS is trying to manage people's expectations by admitting its facing enormous challenges related to the pandemic and years of underfunding by Congress. The issues will make for a frustrating filing season for taxpayers and tax preparers.washingtonpost.com
Brightline to begin training runs between Cocoa, West Palm Beach
COCOA, Fla. — The plan to build a high-speed rail system connecting Miami and Orlando is set to take a critical step forward. >>> STREAM CHANNEL 9 EYEWITNESS NEWS LIVE <<<Brightline announced Friday it will start running “qualifying” trains between West Palm Beach and Cocoa starting Monday, January 17. READ: Florida postal worker accused of stealing 4,000 pieces of mailQualifying runs provide opportunities for train engineers and conductors to learn the new rail territory. Brightline says construction on the extension that runs between the West Palm Beach station and Orlando International Airport is more than 70 percent complete. They expect to complete the Orlando extension by the end of 2022 and begin service in 2023.wftv.com
COVID-19 cases on the rise in Brevard County, officials say
BREVARD COUNTY, Fla. — Brevard County held its first COVID-19 briefing of the year, and cases are on the rise. There are still 100,000 to 150,000 people in the county who have not been vaccinated. However, the location does close for lunch between 11:30 a.m. and 1 p.m.READ: COVID-19 testing site to open at Camping World Stadium next weekCounty officials said COVID-19 is pervasive throughout the county. The Florida Department of Health said Friday it is seeing 150 cases a day in school-age children, and the omicron variant may not have peaked yet. Health officials said it’s still a smaller number than what was seen during the height of delta variant infections this past summer.wftv.com
Stolen property and money from drug dealing must be reported to the IRS as income
It may sound like a strange way to lower your tax bill, but if you’ve stolen any property, you still have time to give it back. >> Read more trending newsUnder the IRS guidelines from 2021 Publication 17, “If you steal property, you must report its fair market value in your income in the year you steal it unless you return it to its rightful owner in the same year.”It may seem strange, but the U.S. Supreme Court ruled in a 1927 case that the government is entitled to taxes on illegal income, WIAT reported. Criminals like Al Capone have been convicted for tax evasion using that ruling. Regardless of whether the property is stolen or the money is otherwise obtained illegally, the IRS says, “Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040) if from your self-employment activity.”©2021 Cox Media Groupwftv.com
Feud over security light leads to fatal shooting, deputies say
LAKE COUNTY, Fla. — The Lake County Sheriff’s Office is investigating what appears to be a murder-suicide, deputies said. On Monday, deputies responded to the 26400 block of Fishermans Road in Paisley in reference to a shooting. >>> STREAM CHANNEL 9 EYEWITNESS NEWS LIVE <<<When deputies arrived, they found the victim, Timothy Patch, dead in the driveway of his home. Further investigation led deputies next door, where they found the shooter, Eric Hilderbrand, dead from an apparently self-inflicted gunshot wound. According to deputies, the dispute stemmed from a security light coming from the victim’s home that the shooter complained was too bright and was shining into his bedroom.wftv.com
Free vaccination events to take place throughout Orlando this week
ORANGE COUNTY, Fla. — The Florida Department of Health in Orange County will host several free COVID-19 vaccination events this week. Pfizer, Moderna and Johnson & Johnson vaccines will be available, as well as the flu shot for those under 55 years old. The vaccinations are offered on a first come, first serve basis while supplies last. UPDATE: Holiday travel continues to surge at OIA, here are the latest parking updatesSee the full schedule below. MondayBelle Isle Old Bank of America Building6003 Hansel Ave., Orlando3-7 p.m.READ: Coronavirus tests: How can you get an at-home COVID-19 test?wftv.com
Osceola sheriff’s deputies ask public’s help to locate missing woman
OSCEOLA COUNTY, Fla. — The Osceola County Sheriff’s Office is asking the public’s assistance in locating a missing adult woman. According to deputies, Rebecca Joleyne Scholz was last seen around the Econolodge in the 4000 block of W. Irlo Bronson Memorial Highway. Read: Child Tax Credit: IRS sending letter with tax filing info to those who received paymentsScholz has blonde hair and green eyes and is 5 foot 4 inches tall. Missing Adult - Rebecca Scholz (Osceola County Sheriff's Office)If you have any information on her whereabouts call the Osceola County Sheriff’s Office. Read: Lake County man arrested for threatening to plant bomb at cellular phone store, deputies sayClick here to download the free WFTV news and weather apps, click here to download the WFTV Now app for your smart TV and click here to stream Channel 9 Eyewitness News live.wftv.com
Lake County man arrested for threatening to plant bomb at cellular phone store, deputies say
LAKE COUNTY, Fla. — An investigation is underway in Lake County after a man threatened to plant a bomb at a T-Mobile store in Lady Lake. According to deputies, 73-year-old Donald Brown unlawfully entered the store on Dec. 22 after having previously been given a verbal trespass warning on Dec. 2. >>> STREAM CHANNEL 9 EYEWITNESS NEWS LIVE <<<Deputies said Brown had already left the scene by the time they arrived. The victim told deputies that Brown was verbally abusive and screaming at the staff working in the store at the time. Brown was released from Lake County Jail on a $6,000 bond.wftv.com
Here’s when you should dispose of your Christmas tree to prevent a fire
ORLANDO, Fla. — Florida officials are encouraging Floridians to dispose of their Christmas trees quickly after the holidays to prevent fires. Nearly 30% of Christmas tree fires occur in January, Patronis said. “While it may be tempting to leave the Christmas tree up longer this year, it is extremely important to take down the tree quickly to prevent a fire-related tragedy,” Patronis said. Many communities offer a Christmas tree recycling program and have specific drop-off locations or procedures for disposal. Do not burn your Christmas tree without checking with your local community for their open burn regulations.wftv.com
Holiday travel continues to surge at OIA, here are the latest parking updates
ORLANDO, Fla. — The holiday travel season remains in full swing and Orlando International Airport continues to see a record number of travelers going through the gates this year. According to airport officials, Monday is expected to be the 4th busiest day this travel season. Airport officials say they expect 146,000 people to pass through TSA checkpoints on Monday. The busiest travel day ahead will be New Year’s Day, with 153,000 travelers expected. Read: Child Tax Credit: IRS sending letter with tax filing info to those who received paymentsHere is an updated list of parking lots capacity as of 11 a.m. on Monday.wftv.com
Louisiana Federal Court Permanently Shuts Down Hammond Tax Preparer
A federal court in the Eastern District of Louisiana has permanently enjoined a Hammond tax return preparer from preparing federal income tax returns for others and from owning or operating any tax return business in the future. The civil complaint filed against Callahan alleged that she reported fabricated income or losses, and false filing statuses, in order to maximize her customers’ earned income tax credit. Return preparer fraud is one of the IRS’ Dirty Dozen Tax Scams and taxpayers seeking a return preparer should remain vigilant. In addition, IRS Free File, a public-private partnership, offers free online tax preparation and filing options on IRS partner websites for individuals whose adjusted gross income is under $72,000. For individuals whose income is over that threshold, IRS Free File offers electronical federal tax forms that can be filled out and filed online for free.justice.gov
Exclusive: Republicans plan aggressive Biden probes if GOP wins House
House Republicans have begun mapping aggressive probes of the Biden administration if they win back the majority — including inquiries into the origins of COVID, a leak of IRS data about billionaires, and accusations the NSA spied on Tucker Carlson. Why it matters: The plans, obtained exclusively by Axios, show House Republican Leader Kevin McCarthy would make muscular use of majority powers for the last two years of President Biden's term if, as expected, the GOP wins the majority in next year'news.yahoo.com
New Jersey Man Sentenced to 12 Years in Prison for Promoting Tax Fraud Scheme
A New Jersey mortgage underwriter was sentenced today to 12 years in prison for helping others file false tax returns claiming large refunds from the IRS, obstructing the IRS’s efforts to recover those illegal refunds and failing to file a tax return. John Barry Jr., of Pemberton, was convicted by a jury on July 23 of conspiring to defraud the IRS, aiding and assisting the preparation of false tax returns, obstructing the IRS and failing to file a tax return. According to court documents and testimony, in 2015 and 2016, Barry conspired with individuals in Georgia, North Carolina, Virginia and New York to promote a “mortgage recovery” tax fraud scheme in which Barry and his co-conspirators obtained tax refunds for their clients based on fraudulent tax returns. Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division made the announcement. Trial Attorneys Sean Green and Samuel Bean of the Justice Department’s Tax Division prosecuted the case.justice.gov
Child Tax Credit: Look for the last 2021 monthly payment in accounts on Wednesday
Child tax credit monthly payments The final Child Tax Credit payment for 2021 will be showing up in the bank accounts of millions of American families this week. (designer491/Getty Images/iStockphoto)The final Child Tax Credit payment for 2021 will be showing up in the bank accounts of millions of American families this week. >> Read more trending newsThe payment is set to be sent by direct deposit on Wednesday, with paper checks being sent on that day, as well. Wednesday’s payment will be the end of the monthly child tax credit payments — the last of six checks of $250 or $300 each, which were first sent out in JulyThe rest of the credit can be claimed next year when income tax returns are filed. You can also go to the Child Tax Credit Update Portal to view how your check will arrive, in addition to adding or updating direct deposit information.wftv.com
Leak of billionaires' tax data draws GOP outcry over privacy
Republicans in Congress are alarmed by the leak of confidential IRS data to ProPublica that has enabled the investigative news organization to reveal that famous billionaires including Warren Buffett, Bill Gates and Mark Zuckerberg paid little in U.S. income tax at times.
File your taxes yet? IRS says face masks and PPE are tax-deductible
ORLANDO, Fla. – The purchases of face masks and personal protective equipment to help prevent the spread of the coronavirus will be tax-deductible, according to the IRS. These items will fall under deductible medical expenses. The IRS said the purchases must be itemized. This has to be attached to your tax return, according to the IRS. The IRS has set up this questionnaire to help you determine if a purchase you have made is tax-deductible.
Haven’t received your stimulus payment yet? Here’s what to do
Some 90 million Americans woke up Wednesday to their third stimulus payments deposited in their bank accounts. [TRENDING: DeSantis: Contact tracing doesn’t work | How to track your stimulus payment | Fla. closer to ban for transgender female athletes]First, check the IRS’s Get My Payment tool. The IRS urges you to file your 2020 taxes to get the money. Other reasons you may not have received your payment or the full amount you expected? Once you do file taxes, the IRS says it will give you your owed money.
IRS to delay tax filing deadline to mid-May
The IRS plans to delay the tax filing deadline until May 17, according to an official. Along with @IRSnews, we’re announcing today that the federal income tax filing due date for the 2020 tax year will be automatically extended fromApril 15, 2021, to May 17, 2021. AdThe service is still processing millions 2020 tax returns. But keep in mind, even if the IRS gives you more time, state taxes in most cases are still due by April 15. If you’re filing in Hawaii, Delaware, Iowa, Virginia, Louisiana, or Maryland, you have more time for state taxes as well.
90 million stimulus checks totaling $242 billion have been disbursed
How to track your stimulus paymentThe first batch of stimulus payments has gone out. About 90 million payments have been disbursed so far. In all, about $242 billion has been paid. AdIndividuals earning under $75,000 and married couples making less than $150,000 get the full amount of $1,400 each. You can check the status of your payment by clicking or tapping here.
Will you get a coronavirus stimulus check and if so, when?
The American Rescue Plan Act of 2021, the third coronavirus relief bill since the pandemic hit a year ago, passed on Wednesday by a vote of 220 to 211. How do I know if I quality for the American Rescue Plan stimulus check? Will I get a $1,400 check? Third Stimulus Check Calculator - American Rescue PlanWho won’t get a $1,400 check? AdYou should automatically qualify to receive a third stimulus check, most notably if you received a first and second round of payments.
Taxes: Answers to FAQs about dependents, exemptions
A: Your child must meet either the qualifying child test or the qualifying relative test in order for you to claim them as a dependent:1. AdIn addition to meeting the qualifying child or qualifying relative test, your child must also meet all of the other tests to be your dependent:1. Dependent taxpayer test 2. AdThe requirements for qualifying child and qualifying relative as well as additional information regarding these tests can be found in Publication 501, Exemption, Standard Deduction, and Filing Information. Q: How much income can an unmarried dependent student make before he or she must file an income tax return?
When the House will vote on $1.9T relief bill, $1,400 checks for most Americans
Scott Applewhite)A third coronavirus relief package passed in the U.S. Senate over the weekend and soon the House will vote on the $1.9 trillion bill which would provide another round of checks for most Americans. The House is set to vote on the coronavirus relief bill Wednesday morning. Under the Senate bill, the cash payment would phase out for singles with incomes above at $80,000 and for married couples, it stops at $160,000. Following that final step, the IRS would then began the process of sending out up to $2,800 checks to households who qualify under the new relief bill. In December, following former President Donald Trump’s signing of the second relief bill checks began arriving in bank accounts two days later.
Finished your taxes? Take these steps to get ahead for next year
When all the hard work is finished and your return is finally filed, the last thing you’ll want to think about is your taxes. Keep in mind that your big tax refund was actually a year-long interest-free loan to the government. Boost your 401(k) contributionTax filing season is the perfect time to revisit your 401(k) contribution, especially if you have not done so for a while. AdInvest your tax refund in an IRAIf you are in line for a big tax refund, why not make it work as hard as you do? If you already adjusted your 401(k) contribution, you will be that much closer to the new limit.
IRS reports all $600 stimulus payments sent
This is how to get your missing stimulus moneyThe Internal Revenue Service says it has sent out all 147 million checks from the December stimulus package. The IRS was required to issue the $600 payments by mid-January so it could move on to processing this year’s tax returns. AdIn total, about $142 billion was sent out to help Americans. Congress is considering a third round of payments. Lawmakers hope to get that legislation passed by mid-March.
Retired medical supervisor one of millions still waiting for 2019 tax refund
Karen Pickelsimer has been waiting since Feb. 20, 2020 for last year’s income tax refund that includes the $3,394 she is owed. It turns out Karen Pickelsimer is one of millions of American taxpayers still waiting for a 2019 tax return. There is nothing else taxpayers can do to speed up the 2019 returns, Castro said. Claimants may report Reemployment Assistance fraud online by completing the form, which can be found here. For more information about Reemployment Assistance tax forms visit our website here.
IRS gets more relief payments out after delays
The IRS said that after initial problems, it is getting more of the second round of relief payments to taxpayers. (AP Photo/Eric Gay)The IRS said that after initial problems, it is getting more of the second round of relief payments to taxpayers. A number of tax preparation companies said that they were able to resolve the issues. The IRS said Tuesday that it worked over the weekend to help a smaller set of impacted taxpayers and is reissuing payments for eligible taxpayers whose accounts may have been closed. No action is needed for most eligible taxpayers to get the payment.
‘Payment status not available:’ You might not be getting your stimulus check after all
South Floridians not sure how much $600 stimulus checks will helpWhile $600 coronavirus stimulus payments have started hitting bank accounts across the nation, many won’t be receiving checks or direct deposits this time around. The IRS has created a Get My Payment tool for qualifying Americans to see when their money is coming. “If (Get My Payment tool) shows ‘Payment Status #2 – Not Available,’ then you will not receive a second Economic Impact Payment and instead you need to claim the Recovery Rebate Credit on your 2020 Tax Return,” the statement read. “We are happy to share that stimulus payments will begin to be deposited starting January 8th. Your payment will be deposited into the same bank account that you received your 2019 tax refund,” the statement said.
Didn't get your relief payment yet? You aren't alone
The U.S. Treasury and IRS have sent out the bulk of the second economic impact payments, which are intended to provide some relief to Americans. However, frustration is high among millions of people who did not receive payments yet and must wait for the mail or file their taxes before they receive it. If you are eligible, check the IRS Get My Payment tool on its website to find out the status of you payment. However, some people may find that they get their payment in a different form this time than last. If you get the “Payment Status #2 – Not Available” message, then you will not receive the payment and instead need to claim it on your tax return.
Some taxpayers find stimulus checks sent to wrong account
A number of taxpayers who use tax preparation services, such as H&R Block and TurboTax, say their second relief payments were sent to the incorrect bank account, forcing them to wait longer for their money. Some payments are also being sent via paper check or debit cards during the month of January. Taxpayers can use the Get My Payment tool on the IRS website to find out about the status of their payment. However, many people said that they checked the IRS site and found their payments were sent to an account they did not recognize. The IRS has said that there is no action required by eligible individuals to receive this second payment.
$600 coronavirus stimulus checks being sent out now
Eligible Americans could start seeing their $600 coronavirus stimulus checks deposited into their bank accounts as early as Tuesday night. | Strange Florida: Here’s the proof]Direct deposits are expected to be sent out starting Tuesday night through next week and paper checks will be mailed out starting Wednesday. @USTreasury has delivered a payment file to the @FederalReserve for Americans’ Economic Impact Payments. The money will be sent in the same way in which you receive your tax refund. To keep up with the latest news on the pandemic, subscribe to News 6′s coronavirus newsletter and go to ClickOrlando.com/coronavirus.
Like everything else 2020, taxes will be like no other year
It’s worth noting that unemployment benefits are all subject to federal taxes but not all states tax it. As such, people who did not receive their payment or only got a partial payment can resolve this issue on their 2020 taxes when they file. Another big issue is for those who relocated or moved during the pandemic, which could complicate where they need to report and pay state taxes, Pyron said. Workers may need to file taxes in multiple states. The IRS continues to urge taxpayers to file their taxes online and use other online tools whenever possible.
The IRS has made changes to the tax bracket -- here’s what it will mean for you
Earlier this week, the IRS announced the 2021 tax year annual inflation adjustments for more than 60 tax previsions. Those include tax rate schedules and other tax changes. The following are the 2021 tax rates, which will be used when filing taxes in 2022 for the previous year of income. Taxpayers with lower incomes with have lower federal tax rates. Click or tap here to learn about more changes that have come with tax inflation adjustments for tax year 2021.
Audit likely gave congressional staff glimpse of Trump taxes
When JCT staffers disagree with the IRS on a decision, the review is typically kept open until the matter is resolved. Even acknowledging that Trump's taxes were before the panel is verboten. Representatives for the Trump Organization did not respond to messages seeking comment and confirmation that the Joint Tax Committee had reviewed Trump's taxes. Former JCT staffers would not comment on whether they remembered the dispute with Trump, citing confidentiality rules. Neal, the lead force behind a Democratic lawsuit to expose Trump’s taxes, said the Times’ reporting is proof that the documents should be given to Congress.
US judge: IRS can't keep coronavirus money from inmates
A federal judge says the IRS can't keep withholding coronavirus relief payments from incarcerated people, potentially clearing the way for at least 80,000 checks totaling more than $100 million to be sent to people behind bars across the United States. The legislation passed in March that authorized the payments of up to $1,200 per person during the pandemic doesn't specifically exclude jail or prison inmates. Still, that's exactly the claim that the IRS made a couple of weeks after the coronavirus rescue package passed. Prison officials in Maryland and California are working to notify all lock-up facilities. Some inmates may be reluctant to apply even if they hear about the ruling in time, Dermody said.
Trump business deductions: sketchy, normal or in-between?
A key question is whether those deductions reported by The New York Times were excessive and possibly illegal; they enabled Trump to avoid millions of dollars in taxes. It would be up to the IRS, which is auditing some of Trump’s returns, to decide whether the deductions are legitimate. The agency defines an ordinary expense as one that’s common and accepted in a company’s trade or type of business. According to the Times, Trump has treated some of his residences as businesses, in the process deducting millions of dollars. Moreover, under the tax legislation Trump signed into law in 2017, he would have been limited to $10,000 a year in property tax deductions for 2018.
Watchdog: Millions in danger of missing virus relief payouts
(Graeme Jennings/Pool via AP)WASHINGTON – Millions of Americans are in danger of missing coronavirus relief payments of up to $1,200 per individual because of incomplete government records, a government watchdog said in a report issued Monday. But GAO said Treasury and the IRS have still failed to update information on how many eligible recipients have yet to receive funds. The lack of "such information could hinder outreach efforts and place potentially millions of individuals at risk of missing their payment,” the GAO said in its report. The IRS then reported as of July 31 that 5.3 million individuals had used an online IRS tool for nonfilers to help them receive payments. In addition to the problem of missing individuals eligible for the payments, an earlier GAO report found that nearly 1.1 million in coronavirus relief payments totaling some $1.6 billion went to dead people.
Retired Orange County school teacher says she’s still waiting for coronavirus stimulus check
ORANGE COUNTY, Fla. – Jan McClure has spent the past five months waiting for a stimulus check that was supposed to be deposited into her bank account on May 6. The retired Orange County high school English teacher and her husband received a letter signed by the president that confirmed the economic stimulus funds had been deposited, but as of Tuesday, the funds were missing. “We didn’t see it.”In late June the IRS had distributed approximately 160 million impact payments totaling $270 billion, dating back to April. The IRS confirms missing payments will be mailed to those affected to their home address. For more information on finding your missing stimulus check, click here.
IRS mailing 50,000 checks after error in the rush to send out stimulus payments
The IRS is sending out catch-up economic impact payment checks to roughly 50,000 people. This after an error occurred in the rush to send out stimulus payments earlier this year. The IRS says 50,000 individuals had their part of the economic impact payment diverted to pay their spouse’s past-due child support. The agency identified the error and is set to issue the catch-up payments in early-to-mid-September. The IRS will issue the missing portion of the EIP automatically.
Widow of decorated Marine still waiting for tax refund
“We’ve never had a problem (with tax returns),” she recalled. This year the backlog of tax returns has been unprecedented. Greg McBride, chief financial analyst for BankRate.com, said the IRS will be paying interest of 5% for refunds that are delayed. “The IRS is paying interest on refunds that have been delayed because of the pandemic,” McBride said. If you have an IRS or unemployment issue email us: email@example.comTo check your tax refund status, click here.
Unemployed senior citizens still waiting for federal stimulus checks
Jeffrey and Josette Yorinks said when they received a letter from Washington, D.C. in May that read Your economic impact payment has arrived they were convinced a financial lifeline via the Cares Act was just days away. Days turned into weeks, then months, and now as Capitol Hill hashes out a possible second round of stimulus checks, the unemployed senior citizens are still waiting for the first check to arrive. Still, the delay for their economic stimulus check presents an entirely different issue. If you are required to file a 2019 tax return and you used the Non-Filer tool, this can cause a delay in processing your return and a delay with your Economic Impact Payment. News 6 has contacted the IRS and the Yorinks Washington representatives to assist the couple in tracking the missing checks.
No more delays: What to know about the July 15 deadline
As the coronavirus pandemic took hold this spring, the federal government postponed the traditional April 15 filing deadline until July 15. In most cases, you must file and pay your taxes by July 15. Those were originally due on April 15 and June 15 respectively. One worth noting is that July 15 is also the deadline to claim a refund for 2016 tax returns. An estimated $1.5 billion refunds for 2016 are sitting unclaimed because people failed to file tax returns.
US inmates got virus relief checks, and IRS wants them back
The legislation authorizing the payments during the pandemic doesnt specifically exclude jail or prison inmates, and the IRS has refused to say exactly what legal authority it has to retrieve the money. While the IRS says checks sent to jail inmates also should be returned, the sheer number of jails and detention centers across the U.S. makes it difficult to tell if many are following those instructions. She says prison officials are accustomed to intercepting tax documents to screen for potential scams, priming them to follow this request. Intercepting relief checks may also have a disproportionate impact on Black and Hispanic inmates, who are incarcerated at a higher rate than white Americans. Prison officials nationwide have been trying to intercept the checks, with varying results.
Still haven’t gotten your stimulus check? Some things you can check on in the meantime
Important question: Have you gotten your stimulus check yet? In fact, most people don’t need to take any action, and will automatically receive the payment. Let’s talk through the tools available to investigate what might be holding up your check, prepaid debit card or direct deposit. You’re eligible for the Economic Impact Payment, right? Here’s a detailed list you should triple-check just to make sure you’re eligible for the payment, and see how much you should receive.
Want your stimulus payment via direct deposit? Wednesday is the deadline to give the IRS your info
Wednesday at noon is the deadline to provide the IRS with your direct deposit information, otherwise, you will have to wait for the physical paper copy of the check to be mailed to you. According to the IRS, about 130 million payments have been sent out thus far, but the agency said it will transition to sending primarily paper checks to deliver the remaining stimulus payments later this month. [RELATED: Will people on Social Security receive coronavirus stimulus money?] If you receive Social Security retirement benefits, Social Security Disability Insurance benefits, or Railroad Retirement and Survivor Benefits you should not fill out the aforementioned form, according to the IRS. The IRS must print and mail paper checks to Americans who did not file taxes electronically.
Where’s my check? Answers to common relief payment questions
The distribution has had some hiccups, including an overwhelmed website, payments to deceased taxpayers and money sent to inactive accounts. For those with direct deposit information on file with the IRS, based 2019 or 2018 tax return, payments began going out on April 10. Others who are not required to file tax returns, such as low-income individuals, were encouraged to file basic information on the IRS website. Anyone who is eligible but does not have direct deposit information on file will be mailed a check. The IRS has a Get My Payment tool on its website for people to add their direct deposit information or track the status of their payment.
Your stimulus check could be delayed if you used tax preparation company, reports say
Millions of Americans started receiving their government stimulus checks this week, but some found out their money had been deposited into the wrong account. For individuals who used a tax preparation company to file their taxes, their money was likely deposited into that company’s bank account instead of the individual’s account, according to Fox 5. Customers have flocked to tax preparation company offices around the county, according to Fox 5, but those companies say the problem rests with the IRS. News 6 has received several messages from viewers complaining their money was put into the wrong account and each one responded they too had used a tax preparation company to file their taxes and are likely facing this same scenario. It’s unclear when the stimulus checks will be redistributed to people who used tax preparation companies and are facing this issue of missing money.
IRS sends $1,200 stimulus checks to dead people, reports say
To help with the economic downturn during the coronavirus pandemic, millions of Americans have started receiving their government stimulus checks, even some who are deceased and cannot even spend the money, according to MarketWatch. [Click here to check the status of your stimulus payment]As the stimulus money hit bank accounts across the country, reports started surfacing that deceased individuals had also received checks from the IRS. “There is nothing that the IRS has that is preventing someone who is deceased from receiving this money,” said Markowitz. According to MarketWatch, the IRS determines eligibility and check amounts based on the adjusted gross income on a household’s 2019 tax return, which is now due July 15. If the IRS doesn’t have someone’s 2019 return yet, it moves to the 2018 return to determine the stimulus check.
Use this new tool to track the status of your coronavirus stimulus check
Coronavirus stimulus checks are on their way and millions of Americans are anxiously awaiting the money while checking their bank accounts for signs of the money being deposited. If you’re included in those still waiting, the IRS has launched an online tool to let you track the status of your stimulus check. The Get My Payment tool will allow you to check your payment status, payment type and also learn if the IRS needs more information from you, including your bank account information. [Click here to check the status of your stimulus payment]Direct deposit is the preferred method for the government to issue the money, but paper checks will be mailed eventually as well. Anyone earning $75,000 or less will receive $1,200 as a direct deposit into their bank account, distributed by the IRS.
Here’s how you can get your stimulus check faster and electronically if you didn't file taxes
Here’s how you can get your stimulus check faster and electronically if you didn't file taxesPublished: April 15, 2020, 11:03 amMany Americans do not file taxes or haven’t updated their banking information since the last time they filed. The IRS is now allowing people to add new electronic banking information.