Refund Feed

Are your spouse's debts are costing you? The IRS has a bit of good news for some husbands and wives. They'll be getting back the coronavirus payment portion they were shorted due to their spouses' unpaid child support. (Photo by Kat Jayne via Pexels) Congress and the White House may be struggling to reach a deal on additional COVID-19 economic relief payments, but the Internal Revenue Service has stepped up to get some of the original stimulus money to few more folks. The agency says that next month it will send catch-up Economic Impact Payments (EIPs) to about 50,000 individuals.... Read more →


Almost 14 million U.S. taxpayers are getting a few extra dollars from Uncle Sam. If you're one of them, you can thank the Internal Revenue Service and the COVID-19 changes to the 2020 filing season. Pandemic tax season timing tweaks mean that these regular refund recipients also will be getting some interest — an average of $18 — in addition to their expected tax-back amounts. Interesting deadline days: The IRS announced the upcoming interest payments back in late June. Now it's making good on that promise, which was necessitated by this year's Tax Day delay. The postponing of the filing... Read more →


Mickey and Minnie Mouse in Hong Kong Disneyland, which features the internationally iconic Sleeping Beauty Castle. (Photo by PoonKaMing via Wikipedia Commons) Tax offices often are derided for being Mickey Mouse operations. Rhode Island's Office of the General Treasurer actually went there. The Ocean State's financial office late last month issued 176 business tax refund checks that were signed by Mickey Mouse and Walt Disney. Rhode Island's Department of Revenue said the entertainment industry signatures, which went where state treasurer Seth Magaziner and state controller Peter Keenan should have signed, were due to a technical glitch. This should have been... Read more →


via GIPHY The long-delayed Tax Day 2020 came and went yesterday and you weren't part of it. Maybe you were distracted by COVID-19 worries or financial concerns brought about by the pandemic. I get it. Family crammed together for weeks, savings are running low and every ache sends you online to check coronavirus symptoms. Taxes just don't seem that important. But Uncle Sam and his tax folks are back at their jobs and they're doing them. To ensure that you don't run too afoul of the Internal Revenue Service, here are four steps you need to take as soon as... Read more →


Hello Tax Day 2020. We've been waiting for you for such a long time. In fact, a whole lot of folks have been waiting for July 15, according to research by from IPX 1031. Ultimate tax procrastinators: It's not unusual for millions to wait to file. Last year, Internal Revenue Service data showed almost 18 million filed during the last week of that tax season. That procrastination delay remained and even increased after COVID-19 pandemic precautions pushed 2020's Tax Day into the summer. IPX 1031's look at geo-targeted online search data showed that more than 22 million Americans have taken... Read more →


I know you're tired of taxes continuing into July. I know you just want to be done with your filings and the Internal Revenue Service and move on to other things. But I also know that most of you, especially if you're facing coronavirus-related financial difficulties, don't want to just hand over money, possibly hundreds of dollars to Uncle Sam. You'll do just that if you were due a tax refund on your 2016 taxes and didn't file for it during the 2017 tax season. That's the situation for an estimated 1.4 million individual taxpayers. If they don't claim those... Read more →


Erin M. Collins took over as National Taxpayer Advocate on March 30, just as the United States was coming to grips with the coronavirus, so it's no surprise that the pandemic and its effects on taxes are part of her first official report to Congress. "Starting in the midst of a pandemic and witnessing IRS offices closing one by one was not the way I envisioned my role when I accepted the position," wrote Collins in the report's preface. But, added Collins, there's been a silver lining. In conference calls with her leadership team, Taxpayer Advocate Service (TAS) employees and... Read more →


If you're still waiting for your federal tax refund, the Internal Revenue Service has a bit of good news for you. When you finally get the amount that you overpaid on your 2019 taxes, Uncle Sam will tack on a bit on interest to make up for your wait. Actually, it's more than a bit if you compare it to current interest rates for most accounts. The IRS this week announced this week that it will be paying a 5 percent annual interest rate on refunds issued between April 15 and June 30. Since the IRS adjusts its interest earning... Read more →


Photo by fauxels from Pexels Working from home is a major lifestyle change wrought by COVID-19 and efforts to stem its spread. That's produced good, bad, ugly and tax results. The good is no commuting. The bad is family members who think since you're home, you still can do everything else, too. The ugly is the attire most of us wear as we work from home, except for the times we put on a clean shirt for Zoom meetings. Then there's the matter of taxes. Workers' locations, new tax nexus? Since shutdown orders went into place in mid-March, businesses have... Read more →


All tax eyes nowadays are on coronavirus relief measures, both the Coronavirus Aid, Relief and Economic Security (CARES) Act that became law in late March and The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act that passed that passed House on Friday (May 15), but isn't expected move, at least not quickly, through the Senate. That's understandable. Businesses are still struggling, despite some partial re-openings across the country, and most people who got laid off are still out of jobs. They are growing more desperate each day for the financial help that CARES offers and the HEROES promises. But... Read more →


More than 80 million stimulus checks went out last week, mostly to people who filed federal 2018 or 2019 returns and had the Internal Revenue Service directly deposit those tax years' refunds. Millions more have been anxiously checking the IRS' Get My Payment online tracking tool (guilty!) and/or their bank accounts (guilty again!) to find out just how far along their (my) COVID-19 relief payment is in the distribution system. In many cases, people who didn't get refunds, but are eligible for the coronavirus stimulus money are trying to speed up the delivery process by using the online tool to... Read more →


When your job doesn't pay much, the Earned Income Tax Credit (EITC) can be a big help. This tax break for lower- and middle-income workers has been a part of the tax code since 1975's Tax Reduction Act. It was a logical extension of the 1960s-era War on Poverty, creating a way for lower-paid workers to offset the Social Security taxes that take a relatively bigger bite out of their smaller paychecks. Since it's a tax credit, the EITC provides a dollar-for-dollar offset of any tax owed. And since it's a refundable tax credit, eligible recipients can get any EITC... Read more →


UPDATE, Friday, April 10, 2020: The Internal Revenue Service says it is working on "Get My Payment." This new online tool will allow eligible people a chance to give the agency their bank account information so they can receive their COVID-19 relief payments more quickly than waiting for a paper check to arrive via snail mail. The operational date for Get My Payment is the week of April 13. The Treasury Department is about to kick off the distribution process that will get some much-needed cash to millions of Americans who are struggling because of COVID-19's effects. The good news... Read more →


Photo by Vera Arsic via Pexels The biggest problem for most of us in coronavirus lockdown with our families, whether ordered by state or local officials or self-imposed, is figuring out how to not get on each other's last nerve. For some, however, the forced togetherness is deadly serious. Possibly just deadly. Domestic violence since COVID-19 appeared has spiked as victims find themselves forced to stay home with abusers, according to those who work to protect people, still primarily women, from abusive partners and spouses. It's happening globally, across the United States and here in Texas. "During a time of... Read more →


Just can't get motivated to do your taxes? You are not alone. It's April, but the pandemic has shifted the tax focus this year from filing, which has a new July 15 deadline, to the coronavirus economic relief payments. Still, if you're due a refund — and yes, some folks who get tax money back still dally when it comes to sending in their returns — you might want to go ahead and get to work on that 1040. The main reason to file is that you'll get your 2019 tax year refund. That's not going to happen until the... Read more →


Princess Bride impatience via Giphy.com Refunds are the focus (and goal) of millions of Americans every tax-filing season. They intentionally withhold too much money during the year, creating a forced savings account from which they can withdraw their refund in the next year. Then they file early to get their tax cash back as soon as they can. But every year, they also fall for some refund myths, misconceptions and just plain wrong information they think will help them get their money sooner. Some of these are relatively benign beliefs, at worst slowing down refunds. Others can be costly. Here... Read more →


Even with increased e-filing, taxpayers still don't seem to be in a big hurry to send their 1040s to the IRS. At the start of every filing season, there's a lot of talk and media coverage (guilty!) about how folks are champing at the bit to get their returns in to the Internal Revenue Service. And for the last five years, taxpayers have said "meh," at least as far as filing as soon as they can. Comparing IRS filing data for early February from 2016 through 2020, we see: Filing Season Week Ending # Returns Filed % Change from Prior... Read more →


What would you do with an extra $2,504? That's the average amount received by taxpayers who claimed the Earned Income Tax Credit (EITC) in 2019. Overall, the Internal Revenue Service says that across the country last year, 25 million taxpayers received more than $61 billion from this tax break for lower-and middle-income workers. Every tax year, however, folks who qualify for the Earned Income Tax Credit don't claim it. Many don't know about the tax break. Others don't realize that changes in their marital, parental or financial status means they now qualify. That's why for more than a decade, the... Read more →


The first day of tax filing season essentially is the tax version of Black Friday, with taxpayers — mostly those expecting refunds — rushing the Internal Revenue Service's digital doors. (Screenshot of eager Black Friday shoppers from Jerry Bailey's YouTube video) Today is the first day of the 2020 tax filing season and already folks are wanting to know when they're get their refunds. That question is totally understandable. Despite last year's refund confusion caused by the Tax Cuts and Jobs Act (TCJA) changes, the average federal income tax refund was in 2019 was $2,869 based on returns processed through... Read more →


The second filing season under the Tax Cuts and Jobs Act (TCJA) is about to start. This one will be easier, right? Right? Maybe. At least this year, we and the Internal Revenue Service aren't dealing with the longest federal government shutdown in history. Plus, folks got a good look with their filings last year at how the massive Republican tax reform law affects them, although some areas are still a bit fuzzy. And of course, everyone adjusted their payroll withholding so there won't be a replay of 2019's reduced/no-tax-refund drama. Yeah, I'm rolling my eyes at that statement, too.... Read more →