IRS

More Confusion on the Stimulus Front

Although the House of Representatives passed the Heroes Act earlier this month, passage of the Act remains stalled in the Senate and the Act’s provisions–including a new round of stimulus payments–remain in discussion. Meanwhile, some folks are reporting that “extra”…

Disposing of Tax Returns: Make Sure You Have Earnings Records for Social Security Purposes

One of the most persistent questions on the minds of Americans is “How long must I keep my copies of my Income Tax returns?” In a post today on www.usatoday.com, The Motley Fool’s Kailey Hagen recaps the IRS recommendations currently in…

An Update on Using “Get My Payment portal” Portal

Cnet Associate Managing Editor Clifford Colby, in a post on their website, offers an update on the distribution of economic impact (stimulus) payments, noting that time is running out for some eligible recipients to input the data necessary to ensure…

Stimulus Update: Decoding the Messages Associated with the the “Get My Payment tool”

People anxious to determine the whereabouts of their economic impact (stimulus) payment have reported some confusion with a frequently received ‘Payment status not available’ message. CNN’s Katie Lobosco, in a post on www.kmov.com, sheds some light on what this cryptic message might actually…

More Details on “Stimulus” Eligibility and Payment Scheduling

It’s fair to say that there has been quite a bit of confusion surrounding the schedule for distribution of the Economic Impact (“Stimulus”) Payments, and according to The Motley Fool’s Sean Williams and the IRS, to-date only about half of the…

IRS Releases Guidance for Non-Filers to Provide Information for Stimulus Payments

Information on the “web portal” promised by the IRS for individuals who have not filed tax returns in 2018 or 2019 was released late yesterday in an announcement from the U.S. Department of the Treasury and the Internal Revenue Service. “The ‘Non-Filers:…

Economic Impact Payments: What We Know (As of Today)

The most recent press release from the Social Security Administration (SSA) reiterated what is believed to be the current guidance on economic impact payments (a.k.a. stimulus checks) at this point in the unfolding implementation of the Coronavirus Aid, Relief, and Economic Security…

Stimulus Checks – Some of the Details

As reported in yesterday’s headline article, the “Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act” passed in Congress, providing for substantial stabilization in America’s economy during the unprecedented medical crisis sweeping the country. As approved, the Act provides critically needed…

Surprise! Your Social Security Benefits Can be Taxed

It comes as an unwelcome surprise to many new Social Security beneficiaries, but the truth is your monthly benefit may be subject to federal income tax. In fact, it’s not only possible, it’s likely, since more than half of current…

Surprise! Your Social Security Benefits May be Taxed

For many folks entering the retirement world with an understanding of what their monthly Social Security benefit payment–the benefit they’ve earned through a lifetime of work and FICA tax contribution–will be, it comes as a surprise at tax time to…

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