Money Today That Matters Tomorrow
Given ongoing processing delays, pandemic constraints, the IRS is providing a one-time relief payment for penalty fees they charged related to late filings of 2019 or 2020 federal returns. The total value of these penalties is estimated at $1.2 billion, meaning millions of tax filers will be getting a IRS refund …
With the 2022 tax season extension deadline fast approaching, those with approved extensions are going to have to file a return or face some stiff penalties. In addition to filing a tax return before the October 17th 2022 deadline, a big question for those tax filers is when they will …
With pandemic restrictions easing, many IRS offices are reopening to help tax filers struggling to get updates on their tax returns or who have been waiting weeks/months to get their refund payment, including missing stimulus checks and new tax credits. While the IRS says to check online for the latest …
Folks who have been waiting for a long time on their tax return processing and refund status may see transaction code 290 and 291 on their (free) IRS tax transcript once processing is moved forward by the IRS. Per the screenshot below, transaction code 290 will generally be accompanied by …
The Department of Education (DoE) has now provided guidelines and the beta application/website for the one-time Federal Student Loan Debt Relief program. You can see the application, eligibility criteria and how to check debt relief status in the sections below It is recommended that applications be done via the Federal …
Under the recently enacted Inflation Reduction Act (IRA), several new clean energy tax credits and subsidies were funded and/or expanded into the next decade. The goal of these extended and expanded payments is to “green-ify” homes (zero net carbon emission) and make them more energy efficient, which means fewer greenhouse …
Under the Inflation Reduction Act (IRA), the EV Tax Credit was extended for several more years. It will also be expanded to cover both new and used cars. The original EV tax credit, known as the plug-in electric vehicle credit, has been rebranded to the Clean Vehicle Credit (CVC) under …
Following approval of the IRA, Treasury secretary Janet Yellen recently announced plans on how some of the $80 billion will be deployed at the IRS. This includes the following commitments in the next six months, to get ready for the 2023 tax season: Triple staffing (vs pre-pandemic levels) at IRS …
The following article provides a discussion and update on the Cost of Living Adjustment (COLA) over the last few years and predictions for the upcoming year. You can see the final and official 2023 COLA raise below. The COLA figure is critical for over 70 million Americans especially retirees whose …
Over the last few years millions of people got used to stimulus checks and government relief programs to bail them out of tough financial situations. With rising inflation hitting the pocketbooks of nearly every individual and business, governments are back to handing out free money to those who qualify – …
There is little doubt we are well into an extended interest rate tightening cycle to fight rampant inflation with the Federal Reserve Open Market Committee (FOMC) aggressively raising short-term federal fund rates. This is in turn affects many other short and longer term product rates (e.g Mortgages) which directly impact …
While the IRS sends lots of notices/letters during the year, common ones related to IRS adjustments made to your tax return are in the CP11 to CP14 range. These notices are mainly related to calculation errors found in your tax return that the IRS was able to adjust. As a …
Texas has been one of the hottest housing markets over the last decade. Thanks to booming cities like Austin, Dallas, Houston and San Antonio; coupled with no state taxes many Americans have flocked to the Lonestar state and driven up property prices. But the question being asked my many buyers, …
Many Americans have been waiting several months for their tax refund, missing stimulus checks, unemployment benefits or some other government payment. They have tried calling the paying agency, responding to letters, posting on social media and almost all other avenues they can think off. Yet have not seen much movement …