On Your Side: Look for IRS Letter Regarding Child Tax Credit Before Filing Your Taxes
The IRS is urging families to look for a letter regarding last year’s child tax credit before filing their 2021 tax return.
Tax Refund
IRS Sending Refunds to Those Who Already Paid Taxes on 2020 Unemployment Compensation
The Internal Revenue Service is sending more than 2.8 million refunds this week to taxpayers who paid taxes on unemployment compensation that new legislation now excludes as income. IRS efforts to correct unemployment compensation overpayments will help most affected taxpayers avoid filing an amended tax return. So far, the IRS has identified 13 million taxpayers that may be eligible for…
Split Between House, Senate on Taxes Poses a Big Challenge
The House and Senate tax overhaul plans are broadly similar, but crucial differences are creating headaches for Republican leaders determined to keep myriad interest groups and factions of the GOP satisfied. And then there’s the ambitious timetable of finishing in time to get legislation to President Donald Trump by Christmas. The most politically challenging decisions involve dealing with popular and…
