Those Experiencing Homelessness can get Economic Impact Payments and Other Tax Benefits; Permanent Address not Required

Those Experiencing Homelessness can get Economic Impact Payments and Other Tax Benefits; Permanent Address not Required

WASHINGTON — The Internal Revenue Service today continued an ongoing effort to help those experiencing homelessness during the pandemic by reminding people who don’t have a permanent address or a bank account that they may still qualify for Economic Impact Payments and other tax benefits. While Economic Impact Payments continue to be made automatically to […]

Emergency aid granted to students due to COVID is not taxable

Emergency aid granted to students due to COVID is not taxable

By IRS WASHINGTON — The Internal Revenue Service issued frequently asked questions today on how students and higher education institutions should report pandemic-related emergency financial aid grants. Students Emergency financial aid grants made by a federal agency, state, Indian tribe, higher education institution or scholarship-granting organization (including a tribal organization) to a student because of […]

Tax Time Guide: Select a Tax Return Preparer With Care

Tax Time Guide: Select a Tax Return Preparer With Care

WASHINGTON – The Internal Revenue Service today reminded taxpayers to choose a tax return preparer with care. Even though the vast majority of tax return preparers provide honest, quality service, some cause great harm through fraud, identity theft and other scams every year. People value good tax return preparers for helping them through a complicated […]

Economic impact payment fix for 50,000 eligible spouses

Economic impact payment fix for 50,000 eligible spouses

By Karen Hobbs, Assistant Director, Division of Consumer & Business Education, FTC Are you married to someone who owes past-due child support? Was your portion of the economic impact payment (“EIP”) mistakenly applied to pay your spouse’s debt? If so, you’re not alone. In mid-September, the IRS will automatically send “catch-up” payments to eligible spouses […]

Why The Economic Impact Payment Amount Could Be Different Than Anticipated

Why The Economic Impact Payment Amount Could Be Different Than Anticipated

United States Treasury Economic Impact Payment stimulus check for Coronavirus COVID-19 relief. Close up with check sticking out of envelope. – LOS ANGELES, April 28th, 2020 (Shutterstock) WASHINGTON — The IRS and Treasury have successfully delivered nearly 130 million Economic Impact Payments to Americans in less than a month, and more are on the way. […]