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IRS sent out 12 million refunds after making corrections to 2020 taxes

The refunds averaged to about $1,232 each, and anyone impacted by these adjustments should have been alerted from a letter in the mail.

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Tax refund delays may be due to pandemic-related problems within IRS

During the 2021 tax season, many Americans find themselves frustrated as they wait weeks, or even months, for refunds that they were told would arrive within 21 days.

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Talking 2020 Taxes

Talking 2020 Taxes
By Madisson Haynes
After a one-month extension, the federal income tax filing deadline is May 17. The process includes obtaining any relevant financial documentation and filing it with the government. There's paperwork involved and a few different ways you can file your taxes, and we thought we'd be able to provide some guidance on a few of those issues.
For those new to filing taxes, unsure about the process or to people who just have a curiosity for the industry, check out these eight videos below.
Tax Forum 2021: An Unprecedented Tax Year
Tax Forum
If you're looking for specific 2020 tax information, expert CPAs Gregory Porcaro and Patricia Thompson discuss the challenges of filing personal and business taxes for tax year 2020 against the backdrop of government support programs and direct payments during the COVID-19 pandemic. This knowledge is courtesy of Tax Forum.

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IRS offers tax relief for Louisiana's severe winter storm victims

IRS offers tax relief for Louisiana's severe winter storm victims
4 hours 41 minutes 12 seconds ago
Monday, April 05 2021
Apr 5, 2021
April 05, 2021 9:49 AM
April 05, 2021
in
News
Source: WBRZ
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BATON ROUGE- In harmony with a March 10 announcement from the Internal Revenue Service (IRS), Louisiana citizens who were impacted by winter storms that occurred February 11-19 of this year have until June 15 to file various individual and business tax returns and make tax payments.
According to a March statement released by the IRS, affected taxpayers in all 64 parishes will receive tax relief, and the declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area.

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Crypto Art Sales Can Mean Hefty Tax Bill for NFT Investors

Reuters
Crypto art is taxed when it is purchased and sold, as well as through the cryptocurrencies used to buy the NFTs.
NFTs are not yet subject to the same sales taxes as physical art pieces.
After his $70 million NFT sale, Beeple likely faces taxes worth tens of million of dollars.
While crypto art sales have boomed in the past month, catching the national spotlight with flashy price tags, what many buyers and sellers might not realize is that non-fungible tokens or NFTs can generate a large tax bill.
In March, a crypto art piece by digital artist Mike Winkelmann, also known as Beeple, made history when it sold for nearly $70 million. When told how he would be taxed on the sale, Winkelmann expressed surprise.

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3rd Stimulus check: Tax filing impact, the child tax credit and other FAQs

3rd stimulus check: Tax filing impact, the child tax credit and other FAQs
WLS
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CHICAGO (WLS) -- With the stroke of a pen, a third round of federal stimulus money is on the way. Your stimulus money could arrive within days. But there are questions like, how will your 2020 tax filing affect your payment? And what about those extra payments for parents?
If you're one of 22 million Americans who lost a job during the pandemic, you could benefit from having the third stimulus payment based on your 2020 tax filing.
"If you know that 2020 was a rough year for you and you didn't make as much money as you did in 2019 you should definitely file now, if you haven't filed already, you need to file asap today," says tax Preparer Connell Jones. He says the IRS will most likely use the latest income tax documentation on record, to determine how much stimulus money you're eligible to receive.

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Taxes 2020: Do home office purchases qualify for deductions?

Taxes 2020: Do home office purchases qualify for deductions?
WLS
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CHICAGO (WLS) -- If you're working from home because of the pandemic, you may have had to buy items to create a home office.
From desks and chairs, to printers and ink, many people have been hoping home office items would qualify for a tax deduction.
But tax expert Chad Elkins says for many people, that will not be possible.
"Unfortunately, tax reform from a couple of years go eliminated this as a possibility," Elkins said. "So now, the only way you can write off home office expenses such as a computer, a printer, internet and things like that, is if you're self-employed...I do think that after this tax season, it's going to be re-evaluated and if we're still mainly working from home in 2022, which is a possibility, I do think that they're going to have to allow some deductions for this."

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14 Last-Minute Moves that Can Boost Your Tax Refund

14 Last-Minute Moves that Can Boost Your Tax Refund
On 3/8/21 at 7:00 AM EST
More than 60 million taxpayers have already filed their tax returns this year. Average refund so far: $3,021.
Drew Angerer/Getty Images
More than three-quarters of the nearly 60 million taxpayers who have already filed their 2020 returns will be getting a refund this year, so far averaging just over $3,000, according to the IRS. While a check that big will certainly come in handy given the continued challenges of the pandemic economy, chances are, with a few smart steps, you can do even better—boosting the amount you get back from Uncle Sam by a few hundred dollars or more, or cutting the amount you owe if you're one of the unlucky group who'll end up with a tax bill instead of a refund.

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Can Small Businesses Deduct Expenses Paid With PPP? (VIDEO)

SHOW TRANSCRIPT
Small businesses have been struggling to survive the COVID-19 pandemic, with many closing their doors for good, despite relief funding from the government.
I’m not an expert, but we talked to lots of them, and asked: can small businesses deduct expenses that were paid with PPP money?
"The answer to this one is actually exciting, and yes," said Misty Erickson, Tax Research Manager at the National Association of Tax Professionals.
If you’re a small business owner, you can write off expenses paid with Paycheck Protection Program money. That also includes businesses that have shut down.
"Closing a business does have some of its own implications, but it's not going to change what they can deduct as far as business expenses go," said Nathan Rigney, principal tax research analyst at H&R Block.

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Some Stimulus Checks Haven't Made It To Taxpayers | Real 105.1

By DJ 33 1/3
Mar 22, 2021
The IRS is sending out the next round of stimulus checks this week!
Paper checks and debit cards are available for those who do not have their banking information on file with the IRS.
The U.S. Treasury Department said that the IRS will continue sending out checks until all eligible Americans receive their $1,400 stimulus check.
One significant change to the latest stimulus bill is that taxpayers will receive an additional $1,400 for all dependents, even those over 18.
More than 90 million Americans who provided the agency with the direct deposit information when they filed their taxes in 2019 or 2020 have already received their stimulus check in their bank accounts.

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