3 tax prep firms shared 'extraordinarily sensitive' data about taxpayers with Meta, lawmakers say
Some congressional Democrats say three large tax preparation firms sent โextraordinarily sensitiveโ information on tens of millions of taxpayers to Facebook parent company Meta over at least two years.
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 Trumpโs 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 yearโs 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 yearโs 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.
Havenโt received your stimulus payment yet? Hereโs what to do
First, check the IRSโs Get My Payment tool. Now, what if you didnโt 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. โ 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: Whatโs 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:โIf the IRS says I did get my stimulus check but I didnโt, what do I do?โThe 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 parentsโ 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. Hereโs how it works
JACKSONVILLE, Fla. โ 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, youโll 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 itโs 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.โAdAnd 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. โWhat weโre going to do with the stimulus money is really save it,โ Lane-Bynes said. โWeโre building a house, so Iโm putting it to our house,โ 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. Itโs 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 canโt 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. โ With tax season kicking off on Friday, itโs 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. Lawsonโs Facebook page. Youโll also find the Facebook Live embedded inside this story.
Get an EIP card in the mail? Hereโs how to check if itโs legitimate
The Better Business Bureau has been receiving complaints from people skeptical about these cards, wondering if theyโre part of a scam. Theyโre called Economic Impact Payment (EIP) cards and theyโre 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. Itโs worth noting that you donโt have to pay anyone to activate your EIP card, so if someone tells you to pay them, that is a scam. Finally, donโt 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 havenโt received your 2nd COVID-19 stimulus? Read this
JACKSONVILLE, Fla. โ Many people have called the News4Jax newsroom, saying they still havenโt 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. Thatโs 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.