Deitering, McClellan & Rassat Inc

11/01/2022

06/09/2022

Here it is. Remember to track your miles before and after this date as the will have to be calculated separately.

IR-2022-124: IRS increases mileage rate for remainder of 2022 Internal Revenue Service (IRS) sent this bulletin at 06/09/2022 04:05 PM EDT IRS Newswire June 9, 2022 News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News Subscrip...

02/11/2022

IR-2022-29: Tax Time Guide: American Rescue Plan changes can boost refunds for many families; people should file even if they haven’t for years Internal Revenue Service (IRS) sent this bulletin at 02/08/2022 12:17 PM EST IRS Newswire February 8, 2022 News Essentials What's Hot News Releases IRS - ...

12/15/2021

Here are the new notices that the IRS will be sending out this year. If you don’t receive your notice in the mail, there is also information on how to go online and get the information we need to complete an accurate return.

2021 Information Pertaining to the American Rescue Plan Act (ARPA)

Stimulus Payment (Economic Impact Payment (EIP)

Advance Child Tax Credit Payments

On March 11, 2021, the President of the United States signed into law the American Rescue Plan Act (ARPA) that authorized a third round of stimulus payments and advanced payment of the Child Tax Credit. The IRS issued notices that provided the amounts you received for these payments. This information is necessary to accurately complete your 2021 individual tax return. Information provided below explains what notice you received and how to obtain the information if you no longer have the notice or have yet to receive a letter.

The third round of EIP or stimulus payments began mid-March 2021. Individuals could have received up to $1,400 ($2,800 for married couples filing a joint return). Qualifying dependents may have also received $1,400. Unlike the first two payments, EIP3 was not limited to children under 17. Families may have received the payment based on all of the qualifying dependents claimed on the tax return. Most families received $1,400 per person, meaning, a single person with no dependents may have received $1,400
while a family of four may have received $5,600. Notice 1444-C was sent following the payments and Letter 6475 will be issued in January 2022 with a combined total.

If you no longer have Notice 1444-C, or have not received Letter 6475, log in to your IRS Online Account to get the accurate amount of EIP3 received.

1. Go to irs.gov.
2. Select "View Your Account Information."
3. Select "Log in to your Online Account" and follow the prompts provided.
Under ARPA, the maximum amount for the Child Tax Credit (CTC) was increased from $2,000 to $3,600 for each child 5 years old and under. For children ages 6 - 17, the maximum increased to $3,000. In July 2021, eligible families that did not opt out began receiving advanced CTC payments up to $300 per month for each child age 5 and under and up to $250 for each child between the age of 6 and 17. IRS will issue Letter 6419 to provide the amount received per taxpayer and how many children were taken into account to determine the amount received.

If you no longer have Letter 6419, or have not yet received it, follow the directions above to log in to your online account to access the Child Tax Credit Update Portal or log directly in to the portal using the instructions below. For married couples filing a joint return, the taxpayer and spouse will both need to log in to get the amount apportioned to each taxpayer.

1. Go to irs.gov.
2. Select "Child Tax Credit Update Portal."
3. Select "Manage Advance Payments" and follow the prompts provided.

10/05/2021

Status update on tax law changes implementation - October 5, 2021 Minnesota Department of Revenue sent this bulletin at 10/05/2021 01:37 PM CDT Having trouble viewing this email? View it as a Web page. Minnesota tax code changes were signed into law on July 1, 2021. Among the changes were those rela...

10/05/2021

COVID Tax Tip 2021-147, October 5, 2021

07/29/2021

Tax Tip 2021-110, July 29, 2021

06/08/2021

WASHINGTON — The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting in July.

06/04/2021

WASHINGTON —The Internal Revenue Service is sending more than 2.8 million refunds this week to taxpayers who paid taxes on unemployment compensation that new legislation now excludes as income.

04/10/2021

WASHINGTON – Unclaimed income tax refunds worth more than $1.3 billion await an estimated 1.3 million taxpayers who did not file a 2017 Form 1040 federal income tax return, according to the Internal Revenue Service.

03/23/2021

https://www.irs.gov/newsroom/more-economic-impact-payments-set-for-disbursement-in-coming-days-taxpayers-should-watch-mail-for-paper-checks-debit-cards

IR-2021-62, March 22, 2021 — The Internal Revenue Service announced today that the next batch of Economic Impact Payments will be issued to taxpayers this week, with many of these coming by paper check or prepaid debit card.