News & Tech Tips

IRS Launches Tracking Tools

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 Delays Start of Tax Filing Season to Feb. 12

The IRS announced that the nation’s tax season will start on Friday, February 12, 2021, when they will begin accepting and processing 2020 tax year returns.

 

They typically begin accepting returns at the end of January, but the February 12 start date this year 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. This programming work is critical to ensuring IRS systems run smoothly.

 

To speed refunds during the pandemic, the IRS urges taxpayers to file electronically with direct deposit as soon as they have the information they need.

 

Individuals can still begin filing their tax returns now, and the returns will be transmitted to the IRS starting February 12.

 

Under the PATH Act, the IRS cannot issue a refund involving the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) before mid-February. The law provides this additional time to help the IRS stop fraudulent refunds and claims from being issued, including to identity thieves.

 

The IRS anticipates a first week of March refund for many EITC and ACTC taxpayers if they file electronically with direct deposit and there are no issues with their tax returns. This would be the same experience for taxpayers if the filing season opened in late January. Taxpayers can utilize the Where’s My Refund Tool for their personalized refund date.

 

Overall, the IRS anticipates that the majority of taxpayers will receive their refund within 21 days of when they file electronically with direct deposit if there are no issues with their tax return. Filing via paper could cause additional delays.

 

Check out these helpful tips from the IRS for taxpayers to make filing easier.