Tax refunds

An estimated 9 million people haven't yet received Economic Impact Payments provided under the CARES Act.

The agency finalized plans to stop the temporary procedures for Forms 1045 and 1139.

By law, these payments are taxable so clients will need to report them on their 2020 federal income tax returns.

This may be the final chance for eligible clients to submit for the additional economic impact payments under the CARES Act this year.

“Time is quickly running out for these taxpayers," IRS Commissioner Chuck Rettig said in a statement.

The Internal Revenue Service won’t charge people who threw their stimulus money away because they thought the envelope was junk mail.

The Internal Revenue Service and the Treasury Department are beginning to send nearly 4 million economic impact payments by prepaid debit card, instead of by paper check or direct deposit.

The Internal Revenue Service is bringing in more help to deal with the flood of calls about economic impact payments.

The IRS is giving taxpayers who want to receive their payments by direct deposit a tight deadline.

The Internal Revenue Service has posted information on how people who weren’t supposed to receive their economic impact payments for the novel coronavirus pandemic should return the money.

Despite the July 15 deadline extension as a result of the coronavirus, some taxpayers are advised to file early.

Clients may consider rebalancing their portfolio more often to address asset allocation shifts as a result of the downturn.

For starters, they can use the windfall to pay off debt, shore up their HSAs and build a cash reserve.

Cash-strapped taxpayers may consider waiting until the new deadline to pay or to request a payment plan to buy more time to settle their tax bill.

The IRS estimates it sent about 113.4 million refund checks to taxpayers, down from 116 million sent a year earlier.

Well over half say they would back Sen. Elizabeth Warren’s plan to tax those with more than $50 million in assets, a survey finds.

They are not required to pay taxes on income accrued from properties leased for no more than 14 days.

Clients who owe the IRS should pay their taxes by April 15 even if they have already secured an extension.

The regulator is looking into whether brokers made appropriate share class recommendations for the plans as a result of the new law.

Changing filing statuses and maxing out deductible contributions to IRAs and HSAs are some ways clients received bigger reimbursements.