CFG Tax & Accounting

03/07/2024

12/05/2023

You could fall into a lower tax bracket next year, increasing your take-home pay.

11/28/2023

The IRS announces 2023 Form 1099-K reporting threshold delay for third party platform payments. This means that for 2023 and prior years, payment apps and online marketplaces are only required to send out Forms 1099-K to taxpayers who receive over $20,000 and have over 200 transactions. For tax year 2024, your guess is as good as ours.

FS-2023-27, Nov. 2023 — Following feedback from taxpayers, tax professionals, and payment processors and to reduce taxpayer confusion, the Internal Revenue Service delayed the new $600 Form 1099-K reporting threshold requirement for third party payment organizations for tax year 2023 and is planni...

01/15/2023

The IRS announced that the agency will start accepting and processing 2022 tax returns on Jan. 23rd. The last day to file returns will be April 18, three days after the usual April 15 deadline, due to a holiday weekend.

02/06/2022

Individuals can use their IRS Online Account to securely access information about their federal tax account, including payments, tax records and more.

To help with filing a return, individuals can view:

- The total amounts of Economic Impact Payments issued for tax
year 2021
- The total amount of advance Child Tax Credit payments
- Their adjusted gross income from their last tax return
- The total of any estimated tax payments they made, and refunds
applied as a credit

Get instructions on your online account. Review the amount you owe, balance for each tax year and payment history.

08/02/2021

This year's child tax credit requirements are different from previous years. If you're paid too much, you might be required to pay some or all of it back. That's why it's important to use to the IRS Child Tax Credit Update Portal to: report any household changes so adjustments can be made, or opt out of the advanced payments and claim the credit when filing your 2021 tax return.

The next advance payment will be sent on Aug. 13, but the opt-out deadline is today. Here's what else you need to know.

06/21/2021

For those awaiting refunds, the Taxpayer Advocate Service, an independent agency of the IRS, reports millions of tax returns have yet to be processed, including some from prior years. The IRS is hoping to get the backlog down to zero sometime this summer.🙏

(WATE) — The Internal Revenue Service has yet to process nearly 30 million tax returns and that number continues to grow. The Taxpayer Advocate Service, an independent agency of the IRS, reports mi…

02/25/2021

Will there be a third round of stimulus checks? If so, when will they arrive? How much will they be? Will I get one?

Here's what you need to know about the stimulus check plan currently being considered in Congress for President Biden's COVID-relief package.

02/13/2021

If you didn’t get the full Economic Impact Payment, you may be eligible to claim the Recovery Rebate Credit.

IRS and Treasury have issued all first and second Economic Impact Payments. The "Get My Payment" tool will no longer be updated for first and second payments.

If you didn’t get a first or second payment or got less than the full amounts, you may qualify for the Recovery Rebate Credit and must file a 2020 tax return to claim it, even if you don’t normally file.

Find answers to frequently asked questions about the second Economic Impact Payment.

01/15/2021

**The IRS will begin accepting and processing returns on Friday, February 12, 2021.**

The IRS will begin receiving 2020 income tax returns on Feb. 12.

01/15/2021

Taxpayers who paid too little tax during 2020 can still avoid a tax-time bill and possible penalties by making a quarterly estimated tax payment now, directly to the IRS. The deadline for making a payment for the fourth quarter of 2020 is today - Friday, January 15, 2021.

Pay your taxes, view your account or apply for a payment plan with the IRS.

01/06/2021

Visit IRS.gov for the most current information on the second round of stimulus payments (Economic Impact Payments) rather than calling the agency. The IRS phone workers do not have additional information beyond what’s available on IRS.gov.

January 5, 20201 - IRS Statement about Second Economic Impact Payments and Get My Payment