T&T Tax and Accounting
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We offer full range of accounting and payroll services for businesses of all sizes. Professional tax
T&T Tax and Accounting provides tax preparation, accounting, payroll, and new business setup services for individuals and businesses in Blue Springs, Independence, Lee's Summit, Grain Valley, Kansas City and surrounding areas. We are ideal for your small business, church, civic organization, home owner's association and more.
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T&T Tax and Accounting!
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IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K | Internal Revenue Service IR-2022-226, December 23, 2022 — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.
Clarification on the Inflation Reduction Act regarding IRS “new hires”.
IRS sets the record straight: We’re going after tax evaders, not honest Americans: Op-Ed IRS Commissioner Charles Rettig sets the record straight on the Inflation Reduction Act's funding for the agency.
Here are some up-to-date facts and information regarding the student loan relief program.
*edited to add: student loan forgiveness will (as of now) NOT be taxable.
FACT SHEET: President Biden Announces Student Loan Relief for Borrowers Who Need It Most - The White House A three-part plan delivers on President Biden’s promise to cancel $10,000 of student debt for low- to middle-income borrowers President Biden believes
New school year reminder to educators; maximum educator expense deduction rises to $300 in 2022 | Internal Revenue Service IR-2022-148, August 10, 2022 — As the new school year begins, the Internal Revenue Service reminds teachers and other educators that they’ll be able to deduct up to $300 of out-of-pocket classroom expenses for 2022 when they file their federal income tax return next year.
Tax Pros Report Increase In Erroneous IRS Notices Saying Taxes Haven’t Been Paid The problem—which the IRS is studying—involves payments on joint returns. Here's what to do if you get this or any other notice.
To celebrate Easter with our families we will be closed Saturday, April 16th. Have a Blessed Day!!
The 2022 tax filing season has started. More than 160M individual tax returns are expected to be filed. anticipates that most people will avoid delays and receive their refund within 21 days when they file an accurate tax return electronically with direct deposit. See www.irs.gov/news
Please watch your mail!!
sending letters to recipients of advance payments and third . Using the information in these letters when preparing your tax return can reduce errors, avoid refund delays. https://go.usa.gov/xt3mm
The IRS recently launched a new feature in its Child Tax Credit Update Portal, allowing families receiving monthly advance child tax credit payments to update their income.
Families should enter changes by November 29, so the changes are reflected in the December payment. Once the update is made, the IRS will adjust the payment amount to ensure people receive their total advance payment for the year.
For married couples, if one spouse makes the income update, it will apply to both spouses and could impact both spouses' future monthly advance payments of the child tax credit.
Families can now report income changes using the Child Tax Credit Update Portal | Internal Revenue Service COVID Tax Tip 2021-167, November 10, 2021
Time to vote! It's that time of year again. Please take time to vote for your favorite businesses today and every day through September 20th in The Examiner's Best of Eastern Jackson County Contest.
2021 Best of Eastern Jackson County If you vote in more than 25 categories, you'll be automatically entered for a chance to win a $250 gift card!
Be alert to criminals who ask by phone, email, text or on social media to verify your information claiming it’s needed to get advance Child Tax Credit payments.
Learn more here: www.irs.gov/childtaxcredit2021
Some families may prefer to wait until the end of the year and receive the entire Child Tax Credit instead of receiving advance payments. There is an IRS tool that lets them do just that: https://go.usa.gov/x6y6s
Check our website for resources and FAQs regarding the Advanced Child Tax Credit. To opt out, you must visit the IRS portal at least three days before the 1st Thursday of the month. July 1 is NEXT Thursday, so to opt out before the July payments go out on 7/15 you must opt out by Monday, June 28. We have a link to the portal on our website.
Tax Prep | Complete Accounting & Payroll Services | Business, Personal T&T Tax and Accounting offers complete accounting and tax preparation services to businesses and individuals in Blue Springs, Lee's Summit, Grain Valley and surrounding areas.
IRS announces two new online tools to help families manage Child Tax Credit payments
Child Tax Credit Eligibility Assistant helps families determine whether they qualify for Child Tax Credit payments
Update Portal helps families monitor and manage Child Tax Credit payments
The Internal Revenue Service today launched two new online tools designed to help families manage and monitor the advance monthly payments of Child Tax Credits under the American Rescue Plan. These two new tools are in addition to the Non-filer Sign-up Tool, announced last week, which helps families not normally required to file an income tax return to quickly register for the Child Tax Credit.
The new Child Tax Credit Eligibility Assistant allows families to answer a series of questions to quickly determine whether they qualify for the advance credit.
The Child Tax Credit Update Portal allows families to verify their eligibility for the payments and if they choose to, unenroll, or opt out from receiving the monthly payments so they can receive a lump sum when they file their tax return next year. This secure, password-protected tool is available to any eligible family with internet access and a smart phone or computer. Future versions of the tool planned in the summer and fall will allow people to view their payment history, adjust bank account information or mailing addresses and other features. A Spanish version is also planned.
Both the Child Tax Credit Eligibility Assistant and Child Tax Credit Update Portal are available now on IRS.gov.
The American Rescue plan increased the maximum Child Tax Credit amount in 2021 to $3,600 per child for children under the age of 6 and to $3,000 per child for children ages 6 through 17. The advance Child Tax Credit payments, which will generally be made on the 15th of each month, create financial certainty for families to plan their budgets. Eligible families will receive a payment of up to $300 per month for each child under age 6, and up to $250 per month for each child ages 6 through 17. The first monthly payment of the expanded and newly-advanceable Child Tax Credit will be made on July 15. Most families will begin receiving monthly payments automatically next month without any further action required.
“IRS employees continue to work hard to help people receive this important credit,” IRS Commissioner Chuck Rettig said. “The Update Portal is a key piece among the three new tools now available on IRS.gov to help families understand, register for and monitor these payments. We will be working across the nation with partner groups to share information and help eligible people receive the advance payments.”
More features coming to the Update Portal soon
Coming soon, families will be able to use the Child Tax Credit Update Portal to check the status of their payments. In late June, people will be able to update their bank account information for payments starting in August. In early August, a feature is planned that will allow people to update their mailing address. Then, in future updates planned for this summer and fall, they will be able to use this tool for things like updating family status and changes in income.
For more information see the FAQs, which will continue to be updated.
Update Portal allows people to unenroll
Instead of receiving these advance payments, some families may prefer to wait until the end of the year and receive the entire credit as a refund when they file their 2021 return. In this first release of the tool, the Child Tax Credit Update Portal now enables these families to quickly and easily unenroll from receiving monthly payments.
The unenroll feature can also be helpful to any family that no longer qualifies for the Child Tax Credit or believes they will not qualify when they file their 2021 return. This could happen if, for example:
• Their income in 2021 is too high to qualify them for the credit.
• Someone else (an ex-spouse or another family member, for example) qualifies to claim their child or children as dependents in 2021.
• Their main home was outside of the United States for more than half of 2021.
Accessing the Update Portal
To access the Child Tax Credit Update Portal, a person must first verify their identity. If a person has an existing IRS username or an ID.me account with a verified identity, they can use those accounts to easily sign in. People without an existing account will be asked to verify their identity with a form of photo identification using ID.me, a trusted third party for the IRS. Identity verification is an important safeguard and will protect your account from identity theft.
Anyone who lacks internet access or otherwise cannot use the online tool may unenroll by contacting the IRS at the phone number included in your outreach letter.
Who is getting a monthly payment
In general, monthly payments will go to eligible families who:
• Filed either a 2019 or 2020 federal income tax return.
• Used the Non-Filers tool on IRS.gov in 2020 to register for an Economic Impact Payment.
• Registered for the advance Child Tax Credit this year using the new Non-Filer Sign-Up Tool on IRS.gov.
An eligible family who took any of these steps does not need to do anything else to get their payments.
Normally, the IRS will calculate the advance payment based on the 2020 income tax return. If that return is not available, either because it has not yet been filed or it has not yet been processed, the IRS is instead determining the payment using the 2019 tax return.
Eligible families will receive advance payments, either by direct deposit or check. Each payment will be up to $300 per month for each child under age 6 and up to $250 per month for each child ages 6 through 17. The IRS will issue advance Child Tax Credit payments on these dates: July 15, Aug. 13, Sept. 15, Oct. 15, Nov. 15 and Dec. 15.
The IRS urges any family who hasn’t yet filed their 2020 return – or 2019 return – to do so as soon as possible so they can receive any advance payment they’re eligible for. At the same time, the agency cautions that tax returns must be processed by June 28 to be reflected in the first batch of monthly payments scheduled for July 15, so eligible families filing now will likely receive payments in the following months. Even if monthly payments begin after July, the IRS will adjust the monthly amounts upward to ensure that people still receive half of their total eligible Child Tax Credit benefit by the end of the year.
Filing soon will also ensure that the IRS has their most current bank account information, as well as key details about qualifying family members. This includes people who don’t normally file a tax return, such as families experiencing homelessness and people in underserved groups.
For most people, the fastest and easiest way to file a return is by using IRS Free File, available only on IRS.gov. Besides qualifying them for these advance payments, using Free File will also enable them to claim other family-oriented tax benefits, if eligible, such as the Earned Income Tax Credit and the Recovery Rebate Credit/Economic Impact Payments.
New tool helps non-filers register
For families who don’t normally file an income tax return, another easy option is to register for these advance payments using the new Non-filer Sign-up Tool, introduced recently, and available only on IRS.gov. Among other things, the tool asks users to supply current bank information, along with key details about themselves and their qualifying children. The tool then automatically fills in a very basic 2020 federal income tax return that is electronically sent to the IRS. The new tool was developed in partnership with Intuit and the Free File Alliance.
Child Tax Credit Eligibility Assistant unveiled
Before filing a return or using the Non-filer Sign-up Tool, families unsure of whether they qualify for either the credit or the advance payments may want to check out another new tool—the Child Tax Credit Eligibility Assistant. By answering a series of questions, the tool helps people determine if they qualify for the credit and the payments.
The IRS emphasized that because the Child Tax Credit Eligibility Assistant requests no personalized information, it is not a registration tool, but merely an eligibility tool. Nevertheless, it can still help an eligible family determine whether they should take the next step and either file an income tax return or register using the Non-filer Sign-up Tool.
Personal help available
IRS and its partners are helping families register for the payments using the Non-filer Sign-up Tool. During late June and early July, free events will take place in Atlanta, Brooklyn, Detroit, Houston, Las Vegas, Los Angeles, Miami, Milwaukee, Philadelphia, Phoenix, St. Louis and Washington, D.C. More details will be available soon on IRS.gov.
Child Tax Credit 2021
The IRS has created a special Advance Child Tax Credit 2021 page, designed to provide the most up-to-date information about the credit and the advance payments. It’s at IRS.gov/childtaxcredit2021.
Among other things, it provides direct links to the Non-Filer Sign Up Tool, the Child Tax Credit Update Portal, the Child Tax Credit Eligibility Assistant, a set of frequently asked questions and other useful resources.
Child Tax Credit changes
The American Rescue Plan raised the maximum Child Tax Credit in 2021 to $3,600 for children under the age of 6 and to $3,000 per child for children ages 6 through 17. Before 2021, the credit was worth up to $2,000 per eligible child.
The new maximum credit is available to taxpayers with a modified adjusted gross income (AGI) of:
• $75,000 or less for singles,
• $112,500 or less for heads of household and
• $150,000 or less for married couples filing a joint return and qualified widows and widowers.
For most people, modified AGI is the amount shown on Line 11 of their 2020 Form 1040 or 1040-SR. Above these income thresholds, the extra amount above the original $2,000 credit — either $1,000 or $1,600 per child — is reduced by $50 for every $1,000 in modified AGI. In addition, the credit is fully refundable for 2021. This means that eligible families can get it, even if they owe no federal income tax. Before this year, the refundable portion was limited to $1,400 per child.
Help spread the word
The IRS urges community groups, non-profits, associations, education organizations and anyone else with connections to people with children to share this critical information about the Child Tax Credit as well as other important benefits. Among other things, the IRS is already working closely with its community partners to ensure wide access to the Non-filer Sign-up Tool and the Child Tax Credit Update Portal. The agency is also providing additional materials and information that can be easily shared by social media, email and other methods.
For the most up-to-date information on the Child Tax Credit and advance payments, visit Advance Child Tax Credit Payments in 2021.
Advance Child Tax Credit Payments in 2021 | Internal Revenue Service Find details about the advance Child Tax Credit payments, including how to get them or stop getting them.
Check out our website for more information.
The IRS is sending letters to families who may qualify for monthly Child Tax Credit payments based on their tax returns. Any family who hasn’t yet filed is urged to do so soon so they may receive any advance payment they’re due. Learn more at: https://go.usa.gov/x6Zku
2020 Recovery Rebate Credit amount different than you expected? Here are some common reasons why IRS may have corrected the amount: https://go.usa.gov/xHCtZ
Here’s how people can pay their federal taxes
The May 17 deadline for individuals to file and pay their federal income tax is fast approaching. While paying taxes is not optional, people do have options when it comes to how they pay taxes. The IRS offers a variety of ways to pay taxes.
Some taxpayers must make quarterly estimated tax payments throughout the year. This includes sole proprietors, partners, and S corporation shareholders who expect to owe $1,000 or more when they file. Individuals who participate in the gig economy might also have to make estimated payments. The deadline to pay estimated taxes remains April 15, 2021.
Here are five ways for people who need to pay their taxes. They can:
• Pay when they e-file using their bank account, at no charge, using electronic funds withdrawal.
• Use IRS Direct Pay which allows taxpayers to pay electronically directly from their checking or savings account for free. They can choose to receive email notifications about their payments when they pay this way. Taxpayers should watch out for email schemes. IRS Direct Pay sends emails only to users who request the service.
• Pay using a payment processor by credit card, debit card or digital wallet options. Taxpayers can make these payments online, by phone or through the IRS2Go app.
• Make a cash payment at more than 60,000 participating retail locations nationwide. To pay with cash, visit IRS.gov and follow the instructions.
• Pay over time by applying for an online payment agreement. Once the IRS accepts an agreement, the taxpayers can make their payment in monthly installments.
IRS will recalculate taxes on 2020 unemployment benefits and start issuing refunds in May
Normally, any unemployment compensation someone receives is taxable. However, a recent law change allows some recipients to not pay tax on some 2020 unemployment compensation.
The IRS will automatically refund money to eligible people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan.
These refunds are expected to begin in May and continue into the summer.
Under the new law, taxpayers who earned less than $150,000 in modified adjusted gross income can exclude some unemployment compensation from their income. This means they don’t have to pay tax on some of it. People who are married filing jointly can exclude up to $20,400 – up to $10,200 for each spouse who received unemployment compensation. All other eligible taxpayers can exclude up to $10,200 from their income.
Information for people who already filed their 2020 tax return
This law change occurred after some people filed their 2020 taxes. For taxpayers who already have filed and figured their 2020 tax based on the full amount of unemployment compensation, the IRS will determine the correct taxable amount of unemployment compensation. Any resulting overpayment of tax will be either refunded or applied to other taxes owed.
The agency will do these recalculations in two phases.
• First, taxpayers who are eligible to exclude up to $10,200.
• Second, those married filing jointly who are eligible to exclude up to $20,400, and others with more complex returns.
Taxpayers only need to file an amended return if the recalculations make them newly eligible for additional federal tax credits or deductions not already included on their original tax return.
For example, the IRS can adjust returns for taxpayers who claimed the earned income tax credit and, because the exclusion changed their income level, may now be eligible for an increase in the EITC amount.
IRS extends additional tax deadlines to May 17
Following the extension of the filing and payment deadline for individuals to May 17, 2021, the IRS announced other tax deadline extensions to the same date.
Here’s what’s affected:
Contributions to IRAs and health savings accounts
People now automatically have until May 17, 2021, to make 2020 contributions to their:
• Individual retirement arrangements
• Health savings accounts
• Archer medical savings accounts
• Coverdell education savings accounts
The deadline for reporting and paying the 10% additional tax on amounts included in gross income from 2020 distributions from IRAs or workplace-based retirement plans is now May 17, 2021. Lastly, the due date for Form 5498 series returns related to these accounts is now June 30, 2021,
2017 unclaimed refunds The law provides a three-year window to claim a refund. Normally, April 15, 2021, is the deadline to claim a refund from tax year 2017 but, the IRS has extended it to May 17, 2021. To get the unclaimed refund, a taxpayer must properly address and mail the tax return, postmarked by May 17, 2021. If a taxpayer doesn’t file a return within three years, the money becomes property of the U.S. Treasury.
Foreign trusts and estates Foreign trusts and estates with federal income tax filing or payment obligations, who file Form 1040-NR, now have until May 17, 2021.
No extension for estimated tax payments April 15, 2021 is still the deadline to make first quarter estimated tax payments.
Withholding is automatic for most employees, but some taxpayers’ income isn't subject to income tax withholding. These taxpayers must generally make quarterly estimated tax payments. Income that may require estimated tax payments includes:
Taxpayers should review IRS Notice 2021-21 for more information about these extensions.
Here’s how the third Economic Impact Payment is different from earlier payments
The third Economic Impact Payment is different from the first and second payments in several ways.
The third Economic Impact Payment is an advance payment of the 2021 recovery rebate credit. The two earlier payments are advance payments of the 2020 recovery rebate credit. Eligible people who didn't get a first and second Economic Impact Payment or got less than the full amounts, may be eligible to claim the 2020 recovery rebate credit and must file a 2020 tax return even if they don't usually file a tax return.
The third Economic Impact Payment will be larger for most eligible people. Eligible individuals who filed a joint tax return will receive up to $2,800, and all other eligible individuals will receive up to $1,400. Those with qualifying dependents on their tax return will receive up to $1,400 per qualifying dependent.
More people qualify as dependents. Unlike the first two payments, the third payment is not restricted to children under 17. Eligible families will get a payment for all qualifying dependents claimed on their return. This may include older relatives like college students, adults with disabilities, parents and grandparents.
Income phase-out amounts are different for the third payments.
Taxpayers will not receive a third payment if their Adjusted Gross Income exceeds:
• $160,000, if married and filing a joint return or if filing as a qualifying widow or widower.
• $120,000, if filing as head of household.
• $80,000 for eligible individuals using other filing statuses, such as single filers and married people filing separate returns
This means that some people won't be eligible for the third payment, even if they received first or second EIPs or are eligible for a 2020 recovery rebate credit.
Some people may be eligible for a Supplemental Payment.
The amount of the third payment is based on the taxpayer’s latest processed tax return from either 2020 or 2019. If the taxpayer's 2020 return hasn’t been processed, the IRS used 2019 tax return information to calculate the third payment.
If the third payment is based on the 2019 return, and is less than the full amount, the taxpayer may qualify for a supplemental payment. After their 2020 return is processed, the IRS will automatically re-evaluate their eligibility using their 2020 information. If they’re entitled to a larger payment, the IRS will issue a supplemental payment for the additional amount.
Changes to earlier eligibility requirements. For taxpayers who file jointly and only one individual has a valid SSN, the spouse with a valid SSN will receive up to a $1,400 third payment and up to $1,400 for each qualifying dependent claimed on their 2020 tax return. For taxpayers who don’t have a valid SSN, but have a qualifying dependent who has an SSN, they will only receive up to $1,400 for a qualifying dependent claimed on their return only if they meet all other eligibility and income requirements. If either spouse was an active member of the U.S. Armed Forces at any time during the taxable year, only one spouse needs to have a valid SSN for the couple to receive up to $2,800 for themselves, plus up to $1,400 for each qualifying dependent.
If married taxpayers filing jointly did not receive one or both of the first two Economic Impact Payments because one spouse didn’t have a Social Security number valid for employment, they may be eligible to claim a 2020 recovery rebate credit on their 2020 tax return for the spouse with the SSN valid for employment.
IRS to recalculate taxes on unemployment benefits; refunds to start in May
WASHINGTON – To help taxpayers, the Internal Revenue Service announced today that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan.
The legislation, signed on March 11, allows taxpayers who earned less than $150,000 in modified adjusted gross income to exclude unemployment compensation up to $20,400 if married filing jointly and $10,200 for all other eligible taxpayers. The legislation excludes only 2020 unemployment benefits from taxes.
Because the change occurred after some people filed their taxes, the IRS will take steps in the spring and summer to make the appropriate change to their return, which may result in a refund. The first refunds are expected to be made in May and will continue into the summer.
For those taxpayers who already have filed and figured their tax based on the full amount of unemployment compensation, the IRS will determine the correct taxable amount of unemployment compensation and tax. Any resulting overpayment of tax will be either refunded or applied to other outstanding taxes owed.
For those who have already filed, the IRS will do these recalculations in two phases, starting with those taxpayers eligible for the up to $10,200 exclusion. The IRS will then adjust returns for those married filing jointly taxpayers who are eligible for the up to $20,400 exclusion and others with more complex returns.
There is no need for taxpayers to file an amended return unless the calculations make the taxpayer newly eligible for additional federal credits and deductions not already included on the original tax return.
For example, the IRS can adjust returns for those taxpayers who claimed the Earned Income Tax Credit (EITC) and, because the exclusion changed the income level, may now be eligible for an increase in the EITC amount which may result in a larger refund. However, taxpayers would have to file an amended return if they did not originally claim the EITC or other credits but now are eligible because the exclusion changed their income.
These taxpayers may want to review their state tax returns as well.
According to the Bureau of Labor Statistics, over 23 million U.S. workers nationwide filed for unemployment last year. For the first time, some self-employed workers qualified for unemployed benefits as well. The IRS is working to determine how many workers affected by the tax change already have filed their tax returns.
The new IRS guidance also includes details for those eligible taxpayers who have not yet filed.
The IRS has worked with the tax return preparation software industry to reflect these updates so people who choose to file electronically simply need to respond to the related questions when electronically preparing their tax returns. See New Exclusion of up to $10,200 of Unemployment Compensation for information and examples. For others, instructions and an updated worksheet about the exclusion were available in March and posted to IRS.gov/Form 1040. These instructions can assist taxpayers who have not yet filed to prepare returns correctly.
Forms & Instructions | Internal Revenue Service Access IRS forms, instructions and publications in electronic and print media.
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