In 2021, the tax season was extended until May 17th, 2021. By the summer months, most tax filers that have submitted their 2020 Tax Return have already been processed by the IRS or are awaiting processing unless an extension has been filed. If your return was flagged...
The first advance child tax credit (CTC) payments will be made on July 15, 2021, as part of Joe Biden's American Rescue Plan. The credit may be a helpful boost for families who lost income in 2020. But, as is the case with any tax overhaul, logistics may seem a bit...
A federal tax lien is the government's legal claim against a property when the tax debt is not paid. If the tax lien is not taken care of, a tax levy could come next. This means the property could be taken away in the form of wage garnishments, bank accounts...
The American Rescue Plan expanded and increased the Child Tax Credit (CTC) for 2021. U.S taxpayers with children under the age of 6 can this year claim a CTC of up to $3,600, and those parents with children aged between 6 to 17 years can claim up to $3,000 per child....
Imagine inheriting a sizable estate from your deceased spouse, only to have the IRS claim that you and your spouse were never legally married and that you owe millions in estate taxes. That was the situation in a tax case recently decided by the United States Tax...
On May 17, 2021, the income tax filing deadline for most Americans, the Supreme Court issued a decision that bolstered taxpayers' rights to challenge IRS reporting rules in court. Here's a summary of the decision and its practical effects on taxpayers and their...
If you have a foreign account, the government will likely find it. Hopefully, your foreign account will have already been reported annually to the Internal Revenue Service when they do. However, if you have decided not to report these accounts, or did not report them...
Many individuals turn to tax preparation services to file their taxes. In some years, more than 50% of filers use a paid preparer. Unfortunately, not all tax preparers are created equal, and you could find yourself facing questions from the IRS if your tax preparer...
