Integrity Tax Services

01/03/2022

12/20/2021

**TAX FACT**

In early 2022, the IRS will send Letter 6475 that contains the total amount of the third Economic Impact Payment and any Plus-Up Payments received. People should keep this and any other IRS letters about their stimulus payments with other tax records. Individuals can also log in to their IRS.gov Online Account to securely access their Economic Impact Payment amounts.

12/20/2021

**TAX FACT**

Charitable Deduction Changes

Taxpayers who don't itemize deductions may qualify to take a charitable deduction of up to $600 for married taxpayers filing joint returns and up to $300 for all other filers for cash contributions made in 2021 to qualifying organizations.

12/20/2021

**TAX FACT**

In January 2022, the IRS will send Letter 6419 with the total amount of advance Child Tax Credit payments taxpayers received in 2021. People should keep this and any other IRS letters about advance Child Tax Credit payments with their tax records.

03/20/2021

**TAX FACTS**

IRS to Handle Unemployment Returns, Don't Amend!!

Returns filed with unemployment benefits prior to the $10,200 exclusion should not be amended. The IRS has indicated it will refigure taxes on these returns and adjust the taxpayer's account accordingly. The IRS will then send any refund amount directly to the taxpayer. The IRS has not yet communicated a timeline for making adjustments and sending refunds.

03/03/2021

ARKANSAS TAX FACT

Act 154 has been signed into law by Governor Asa Hutchinson. This act provides tax relief to Arkansans that received or will receive unemployment by making unemployment benefits exempt from tax for tax years 2020 and 2021.

01/20/2021

Call me for a free Consultation 972.255.3149 or 870.632.5018

01/15/2021

TAX FACTS

The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

The February 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the December 27 tax law changes that provided a second round of Economic Impact Payments and other benefits.

01/14/2021

TAX FACTS

- 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).