News & Tech Tips

IRS Launches Tracking Tools

Kathleen Hargrove on March 16, 2021

As the latest round of stimulus payments have started hitting some bank accounts, The IRS has updated the “Get My Payment” tool on its website with further information on when to expect payments.

 

You can check the status of your payment here.

 

The third round of Economic Impact Payments will be based on a taxpayer’s latest processed tax return from either 2020 or 2019. That includes anyone who used the IRS non-filers tool last year, or submitted a special simplified tax return.

 

For those who received the first two stimulus checks but didn’t receive a payment via direct deposit, they will receive a check or a prepaid debit card. Social Security and other federal beneficiaries will generally receive this third payment the same way as their regular benefits. A payment date for this group is expected to be announced soon.

 

In addition, the “Where’s My Refund” page is also live on the IRS website.

 

You need the following information to track the status of your tax refund:

 

  • Social Security number or Individual Taxpayer Identification Number
  • Filing status (single, married or head of household)
  • Exact refund amount in whole dollars (can be found on your tax return)

 

The tool will show you one of three messages to explain your tax return status:

 

  • Received: The IRS now has your tax return and is working to process it.
  • Approved: The IRS has processed your return and confirmed the amount of your refund, if you’re owed one.
  • Sent: Your refund is now on its way to your bank through direct deposit, or as a paper check to your mailbox.

 

 

For more information or further assistance with your filing, please contact your Whalen advisor.

 

 

SOURCE: IRS

IRS Confirms Tax Filing Season to Begin January 28

Kathleen Hargrove on January 8, 2019

Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled.

“We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to the taxpayers during this period,” said IRS Commissioner Chuck Rettig.

Congress directed the payment of all tax refunds through a permanent, indefinite appropriation (31 U.S.C. 1324), and the IRS has consistently been of the view that it has authority to pay refunds despite a lapse in annual appropriations. Although in 2011 the Office of Management and Budget (OMB) directed the IRS not to pay refunds during a lapse, OMB has reviewed the relevant law at Treasury’s request and concluded that IRS may pay tax refunds during a lapse.

The IRS will be recalling a significant portion of its workforce, currently furloughed as part of the government shutdown, to work. Additional details for the IRS filing season will be included in an updated FY2019 Lapsed Appropriations Contingency Plan to be released publicly in the coming days.

“IRS employees have been hard at work over the past year to implement the biggest tax law changes the nation has seen in more than 30 years,” said Rettig.

As in past years, the IRS will begin accepting and processing individual tax returns once the filing season begins. For taxpayers who usually file early in the year and have all of the needed documentation, there is no need to wait to file. They should file when they are ready to submit a complete and accurate tax return.

The filing deadline to submit 2018 tax returns is Monday, April 15, 2019 for most taxpayers. Because of the Patriots’ Day holiday on April 15 in Maine and Massachusetts and the Emancipation Day holiday on April 16 in the District of Columbia, taxpayers who live in Maine or Massachusetts have until April 17, 2019 to file their returns.

Software companies and tax professionals will be accepting and preparing tax returns before Jan. 28 and then will submit the returns when the IRS systems open later this month. The IRS strongly encourages people to file their tax returns electronically to minimize errors and for faster refunds.

 

SOURCE: IRS.gov 

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