EXPLAINER: What's the debate over releasing Trump's taxes?
Now that the Democratic-controlled House Ways and Means Committee has voted to release former President Donald Trump’s tax returns, there's the potential of additional revelations in the coming days related to the finances of the longtime businessman.
Feds launch website for claiming part 2 of child tax credit
The White House and Treasury Department launched a revamped Child Tax Credit website meant to help people who were eligible for the expanded tax credit under last year’s pandemic relief bill claim the second half of the payment they were due.
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.
IRS to push tax deadline an extra month
This year’s tax season was scheduled to end April 15, but multiple news outlets reported Wednesday that the IRS is planning to push the deadline date to file an extra month. According to CNBC and other national outlets, the agency is considering moving the filing deadline to either May 15 or possibly May 17 since the 15th is a Saturday. The IRS typically delays filing deadlines that fall on a weekend or holiday to the next business day. There have been calls to extend the deadline after the passage of the $1.9 trillion American Rescue Plan. Processing of the payments began last Friday, the day after Biden signed the American Rescue Plan, which authorized direct payments of up to $1,400 to qualifying individuals.
Haven’t received your stimulus payment yet? Here’s what to do
First, check the IRS’s Get My Payment tool. Now, what if you didn’t file taxes in 2019 or 2020? 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.
Some $1,400 stimulus payments could be garnished for unpaid debts
JACKSONVILLE, Fla. – A third round of stimulus checks are on the way, but did you know the $1,400 checks can be garnished to pay off debts? RELATED: What’s inside the $1.9T COVID-19 bill passed by CongressTo be clear, stimulus check garnishments only apply to people whose debts have gone into collections. Question number two:“If the IRS says I did get my stimulus check but I didn’t, what do I do?”The IRS has a section on its website that deals with the first and second payments. AdThe third question: Will I get a stimulus check? The legislation provides a direct payment of $1,400 for a single taxpayer, or $2,800 for a married couple that files jointly, plus $1,400 per dependent.
Explainer: How the child tax credit will change once the stimulus bill is signed
Below is a brief look at how the child tax credit will change under the $1.9 trillion stimulus package, which is expected to be signed by President Joe Biden:AGE: Only children under the age of 16 are eligible for the current child tax credit, but the stimulus bill will make most children under the age of 18 eligible. AMOUNT: While the current child tax credit provides $2,000 per child each year, the stimulus bill will boost that to $3,000 for each child ages 6-17 years old; and $3,600 for each child under 6 years old. DISTRIBUTION: Like most credits, the current child tax credit is received as part of your annual filing process and is either applied to your income tax or your refund balance. The other half willLIABILITY: The new version of the child tax credit is expanded to be The new version of the child tax credit is expanded to be fully available to the poorest families , instead of restricting it based on the parents’ tax liability. To read the full text of the child tax credit section of the stimulus bill, refer to page 475 of the full document.
Stimulus package will expand child tax credit. Here’s how it works
JACKSONVILLE, Fla. – Aside from the direct checks, the landmark $1.9 trillion COVID-19 relief bill also expands the child tax credit which could provide families hundreds of dollars a month per child. You get $3,000 for each child ages 6-through 17 and $3,600 for each child under 6And a big change to how this money is handed out. First, make sure you file for that child tax credit this tax season. Second, keep an eye out for a new, online portal from the IRS. If you have more children, or get divorced, or have a change in income, you’ll be able to let the service know through that portal.
Northeast Florida residents relieved $1,400 stimulus checks will go out soon
Based on how quickly stimulus payments have reached bank accounts after other relief bills passed, the $1,400 payments could start to show up next week. Since it’s been expected the American Rescue Plan would pass, News4Jax on Wednesday asked people in Northeast Florida how they plan to spend their stimulus checks. It was hard.”AdAnd while the $1,400 stimulus payment for Rolle will be used to catch up on bills, mother of two Tonetta Lane-Bynes said she will use the stimulus money to prepare for a rainy day. “What we’re going to do with the stimulus money is really save it,” Lane-Bynes said. “We’re building a house, so I’m putting it to our house,” said resident Jean St. Pierre.
How to file your taxes online securely
Ninety percent of Americans will file their taxes online, either using a professional tax preparer or tax software. It’s the only one tested to earn top marks for data privacy, data security, and usability. You can also protect your personal tax information by simply looking for the HTTPS or a little lock at the beginning of a web address. So if either is lost or stolen, your personal data can’t be accessed. Consumer Reports has created a free online security planner to help you secure your devices and accounts.
Answers to your questions about tax filing season
And if you lost your job, you may actually owe money to the government. Here are the most common questions News4Jax has been asked:Will I owe taxes on my stimulus payments? If you did not receive all of your stimulus money, on your 2020 tax return, you need to request that money under the Recovery Rebate Credit on your 1040 form. AdDo I owe taxes if I received unemployment benefits? The IRS is aware of those who received unemployment money and will expect you to include income on your tax return.
Lawson hosting roundtable to answer your tax questions
JACKSONVILLE, Fla. – With tax season kicking off on Friday, it’s only natural to have lingering questions. To help you get answers, Rep. Al Lawson is hosting a virtual roundtable on Tuesday evening. Attention #FL05: Do you have questions about tax season?Join us on Facebook Live this Tuesday at 6:30PM as we work to answer your questions. To view and participate in the roundtable, visit Rep. Lawson’s Facebook page. You’ll also find the Facebook Live embedded inside this story.
Get an EIP card in the mail? Here’s how to check if it’s legitimate
The Better Business Bureau has been receiving complaints from people skeptical about these cards, wondering if they’re part of a scam. They’re called Economic Impact Payment (EIP) cards and they’re loaded with your stimulus money. You can activate your EIP Card, set your four-digit PIN and check your balance by calling 1-800-240-8100. It’s worth noting that you don’t have to pay anyone to activate your EIP card, so if someone tells you to pay them, that is a scam. Finally, don’t accidentally throw your EIP card away.
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.
Still haven’t received your 2nd COVID-19 stimulus? Read this
JACKSONVILLE, Fla. – Many people have called the News4Jax newsroom, saying they still haven’t received their second COVID-19 stimulus check from the federal government. The IRS says they mailed 8 million second economic impact payments by prepaid debit card this time around. That’s where you will file for money owed to you, and if you have any dependents, file here as well. This form is not just for the $600 stimulus payments. Some people might be among the 13 million whose stimulus payments were deposited to the wrong bank account, according to Jackson Hewitt.
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 relief payments 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. The IRS and the Treasury Department began issuing the Economic Impact Payments last week of Jan. 1, 2021. (AP Photo/Eric Gay, File)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. 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.
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.
Non-filers should expect a letter about their stimulus check, FTC says
You might be one of the nine million people getting a letter from the IRS letting you know how to register on their website to claim your payment by Oct. 15, 2020. If you get this letter from the IRS, it’s legit. Go only to the IRS’s real website at IRS.gov/EIP or call them directly at 800-919-9835 to register to claim your payment. But if someone claiming to be from the IRS calls, emails or texts about helping you get your stimulus payment, that person is running a government imposter scam on you. And be sure to tell the FTC if someone pretending to be from the government contacts you.
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.
1 million Floridians are owed stimulus payments. Are you one of them?
JACKSONVILLE, Fla. – More than one million Floridians are owed a combined $750 million from the CARES Act, according to the Florida Policy Institute. The Treasury Department and IRS began sending those payments in April, and within two months they sent out about 159 million payments. They can easily register to receive their payments using a tool for non-filers on the agency’s website. If you don’t have to file and do not plan to file a 2019 tax return, you can use the IRS’ non-filer’s tool. People who fit that bill but haven’t gotten their payments can use the Get My Payment tool to check on the status of their payments.