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TaxMama’s® TaxQuips
IRS Improvements Summer of 2021  

 

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It's TaxQuips time from TaxMama.com® -
today TaxMama® wants to tell you about resources that are opening up for you on the IRS website.



Listen to the podcast here
Or watch it on YouTube tomorrow


Dear Family,

The IRS was busy last week, issuing announcements people have been waiting for about the advance payment of the Child Tax Credit this summer. The IRS will pay half the total credit amount in advance monthly payments. You  will claim the other half when you file your 2021 income tax return.

Eligible families who already filed or plan to file 2019 or 2020 income tax returns should not use the non-filer tool. You will get the funds distributed automatically, starting July 15th

 

Non-Filer Sign-Up Tool - https://www.irs.gov/credits-deductions/child-tax-credit-non-filer-sign-up-tool . This tool has two purposes:

  • Use this tool to report your qualifying children born before 2021 if you:
  • Are not required to file a 2020 tax return, didn’t file one and don’t plan to; and
  • Have a main home in the United States for more than half of the year.
  • Also, if you did not get the full amounts of the first and second Economic Impact Payment, you may use this tool if you:
  • Are not required to file a 2020 tax return, didn’t file and don’t plan to, and
  • Want to claim the 2020 Recovery Rebate Credit and get your third Economic Impact Payment.

In addition, we expect to see another Opt-In tool for people whose children were born in 2021, or who got custody of children in 2021,

Not everyone will want to get these payments in advance – for a variety of reasons. Taxpayers have expressed a desire to opt out. The IRS will be adding the new tools to this page.  
https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

In other news, the IRS held a very informative Digital Day webinar on July 17th.  (The IRS will be posting the video here, in a couple of months.) Meanwhile, if you missed it, you will want to read this handout.  FINAL_HANDOUT_Online_Services_Digital_Day_508_June2021
(You might have to log into the TaxMama website to download this.)

Some highlights:

  • For Taxpayers – you will have an expanded online account:
    • You will be able to access many more IRS tools, transcripts, records and payment plans.
    • You will also be able to see all the payments you have submitted to the IRS – and any scheduled payments.
    • You will also be able to see and approve powers of attorney that you have given to tax professionals. It will accept an electronic signature.
  • For Tax Professionals - you will also have an expanded online account:
    • Most importantly, when it comes to powers of attorney (POA) (Form 2848) and information authorization forms (Form 8821), you will be able to fill in the client’s (and your) information directly into the system – and sign electronically.
      • When your client logs into their account and approves it, you will have instant access to their account. (Instead of the current `10-12 week wait to get into the CAF unit).
      • You can add multiple representatives to the POA, but only the first two will get copies of notices sent to the taxpayer.

This will work for people who have access to their own cell phone accounts and have credit accounts. The IRS is making some changes to make this more accessible for seniors and others who don’t necessarily have active credit accounts. But this will still not be useful for many of the people who need our help the most – non-filers – people who haven’t filed a tax return for a year or more. They won’t have any information about last year’s adjusted gross income.

Regardless, these are additional systems – they don’t replace the old ways to reach the IRS. The IRS designed them to be accessible to the largest possible number of taxpayers in compliance. More improvements will be added in the coming year.

And remember, you can find answers to all kinds of questions about taxes and business issues, and EA Education, free. Where? Where else? At http://iTaxMama.com/AskQuestion

TaxQuips Forum.To make comments please drop into the

 

 

 

To make comments please drop into the TaxQuips Forum.
 

Follow TaxMama’s® on Twitter  @TaxMama   
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The Enrolled Agents Examination – PLEASE JOIN US

The new 2021-2022 exam will include all the CARES Act laws, the PPPs, and the tax laws in the latest 5.593 page  Consolidated Appropriations Act! 


Join us for Part 2 of the EA Exam!  It official starts TOMORROW~   https://irsexams.school/signup/

Incidentally, if you are presently unemployed, check with your  unemployment office or business insurance coverage – they just might be able to pay your tuition. 
This is a great time to improve (or develop) your skills as a tax professional.

 




Everything You Wanted to Know About the 2021-2022 Enrolled Agent Exam.
Get all the information you need about this year's Special Enrollment Examination here.
https://taxmama.com/tax-quips/everything-you-want-to-know-about-the-ea-exam/

Watch this before you ask me questions, please.


And remember, you can find answers to all kinds of questions about taxes and business issues, and EA Education, free. Where? Where else? At http://iTaxMama.com/AskQuestion

To make comments please drop into the TaxQuips Forum.

Hugs

Eva


 


 

Some Helpful IRS Links

IRS CoronaVirus updates
https://www.irs.gov/coronavirus

Which IRS services are open and available – keep an eye on this link 
https://www.irs.gov/newsroom/irs-operations-during-covid-19-mission-critical-functions-continue

IRS Electronic Options
https://www.irs.gov/newsroom/irsgov-helps-taxpayers-get-tax-information-they-need-find-tools-for-filing-paying-checking-accounts-and-answering-questions

IRS Online Assistance Available
https://www.irs.gov/newsroom/irs-urges-taxpayers-to-use-electronic-options-outlines-online-assistance

Dealing with audit or collections issues – IRS is keeping this page up to date
https://www.irs.gov/newsroom/irs-unveils-new-people-first-initiative-covid-19-effort-temporarily-adjusts-suspends-key-compliance-program

Of course, all the filing and paying deadlines - including taxpayers overseas whose June 15th filing deadline has been pushed back to July 15th.
https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers?

And a great chart: How to Use the Tools on IRS.gov to Get Your Economic Impact Payment  https://www.irs.gov/newsroom/how-to-use-the-tools-on-irsgov-to-get-your-economic-impact-payment

There are lots more things going on – watch the information in the IRS Newsroom -  https://www.irs.gov/newsroom  and TaxMama.com  


Incidentally, I don't know if you know - TaxMama.com® is a free resource for people to get answers to tax questions BEFORE they make major, costly moves.

To make comments please drop into the TaxQuips Forum.
 




Small Business Taxes Made Easy

Well, my friends, the book is out and healthy.
The Kindle and audio versions are available.  

 You can get the audio book wherever audiobooks are sold - http://iTaxMama.com/4thEdition_Audio 

 

I would really appreciate it if you have the book and like it –
to please post a
review at Amazon.com .
   This is the best version of the book ever. 

 

And for those people in business, or starting a business,
or with clients who operate a business, we have completed the
12-week course based on the book, at CCH CPE Link.
It turned out really well and people found the information extremely helpful!
The course follows each chapter of the book – but also provides help to deal with your business issues during this COVID19 shutdown and quarantine. Who knows, it might help you  save your business – or your finances!


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