ISCAH Multi-services

ISCAH Multi-services updated their address.

ISCAH Multi-services updated their address.

The American Rescue Plan expanded the amount of Child Tax Credit (CTC) allowed for 2021. A portion of the child tax credit was sent as an advanced monthly payment, unless the taxpayer(s) opted out. Taxpayers should look for letter 6419 from the IRS, which shows the total amount of ACTC payments issued in 2021. Advance CTC payments must be reconciled on the 2021 tax return. Excess advance payment amounts received will be required to be repaid in certain circumstances. To reconcile amounts received for the advance child tax credit, entries must be made on the 8812 screen in Drake Tax 2021.

Tax Season Begins January 24
You can start transmitting returns to Drake once you've installed the January release. The IRS will begin accepting and processing returns Monday, January 24, 2022. Returns sent to Drake before this date are being held in a queue and will be transmitted to the IRS as soon as the IRS is ready to process.
When the IRS starts processing returns, acknowledgments may be unpredictable due to the high volume of returns being processed.

We are at your disposal...

IRS Announcement Regarding Payments
The IRS identified a delay in processing some payments e-filed with Form(s) 1040 balance due, 1040-X amended, and 1040-ES. The IRS has resolved this issue and pending payments are now being processed. Taxpayers should not resubmit these payments. For more details, please read the IRS Quick Alert.

Scam Alert: COVID-19 vaccine passports are coming; scams are sure to follow

Scam Alert: COVID-19 vaccine passports are coming; scams are sure to follow Watch out for cons as new vaccine passports roll out International Association of Better Business Bureaus | 4250 North Fairfax Drive, Arlington, VA 22203 Vaccine Passports are Coming. Scams too! Vaccine passports – digital records of an individual’s COVID-19 vaccination status – are on their w...

USCIS Suspending In-Person Services Jan. 19 and 20
Release Date
01/15/2021
U.S. Citizenship and Immigration Services today announced it will temporarily suspend in-person services at all field offices, asylum offices and application support centers on Jan. 19 and 20 to ensure the safety of our employees and individuals with appointments.

USCIS will reschedule individuals who had appointments on Jan. 19 and 20 and send them notices with their new appointment dates. The USCIS website and USCIS Contact Center will remain available for information, case status updates, and other online tools and resources.

Second Stimulus Payment Update
Drake Customer,
We continue to have regular discussions with IRS leadership about the re-processing status of stimulus payments that were initially sent to the wrong/closed accounts earlier in January. Our communication with the IRS on January 21 confirms that they still intend to re-issue payments at the end of January. Here are some additional notes:
The IRS will re-issue payments to the millions of filers affected by this issue.

Deposits should hit around the end of next week (Jan 29) and middle of the following week (Feb 3).

If the IRS is able to determine that a taxpayer’s ultimate bank account (UBA) on file no longer exists (for example, the taxpayer closed their personal account), the IRS will send a check instead.

Checks will be prepared for distribution next week; the timeframe for printing and mailing checks was not provided.

Once the IRS has re-issued all payments, the Get My Payment (GMP) Tool will be updated with the last 4 digits of the correct account number. In addition, if the IRS intends to send a check, this will be reflected in the GMP Tool. We expect GMP to be updated around January 29.

Important: If a re-issued deposit fails for any reason, the stimulus money should be claimed through the Recovery Rebate Credit when filing the 2020 tax return.

If we receive any additional information about the timing of these re-issued payments, we will pass it along.

PATH Act Update (unrelated to stimulus payments): Refunds on filed tax returns that fall under the PATH Act will be released starting February 16, with anticipated refund deposit dates no earlier than February 27.

Scam Alert: As COVID-19 vaccine rolls out, here are the scams we've seen

Scam Alert: As COVID-19 vaccine rolls out, here are the scams we've seen Watch out for phishing calls and phony messages International Association of Better Business Bureaus | 4250 North Fairfax Drive, Arlington, VA 22203 BBB Sees New Reports of Vaccine Scams COVID-19 vaccine distribution is in full swing, and scammers have been quick to take advantage. BBB Scam Tracker....

The IRS released another statement late in the evening on 1.10.2021. Click here to read. Key information from this IRS statement:

The IRS will reissue payments for taxpayers who did not receive the second Economic Impact Payment in instances where the bank account identified has been closed.
The payments will be sent later this month - taxpayers should receive at the end of January or first few days in February.
This impacts taxpayers whose tax preparation providers followed initial IRS guidance and are now waiting for the IRS to re-process payments related to these accounts.
Payments will be issued directly from the government later this month (software companies and their bank partners are not in possession of these funds).

We, in collaboration with other affected software companies and banks, have done everything we can to impress upon the IRS the importance of this matter. As mentioned in the IRS statement, our bank partners followed IRS guidance regarding these payments. Nonetheless, some of your clients will now have to wait for the IRS to re-issue the payments.
Affected taxpayers will receive their stimulus payment around the end of January/first of February, which means they'll receive it much sooner than if they had to wait to claim it on their tax return. Please advise your clients to watch their bank account and mailbox for their stimulus payment later this month.

Business e-File Start Date is today.
The IRS will begin accepting business returns on Friday, January 8, 2021.

MERRY CHRISTMAS EVERYONE!!!

TRANSPARENCY-INTERGRITY-RELIABILITY

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Stimulus check missing $500? IRS to start sending parents payments this week

foxbusiness.com Some people who did not receive the extra money for eligible dependents can expect it soon.