Kule'a Tax & Financial Resources LLC

American Rescue Plan Act of 2021 Don’t file related amended returns yet The IRS urges taxpayers not to file amended returns related to the new legislative provisions or take other unnecessary steps at this time.... The IRS is reviewing implementation plans for the newly enacted American Rescue Plan Act of 2021. Additional information will be made available as soon as possible about: Unemployment (IRS emphasizes not filing amended returns, until it issues additional guidance) New round of Economic Impact Payments Child Tax Credit, including advance payments Other tax provisions Back to top

IRS begins delivering third round of Economic Impact Payments to Americans The IRS announced that the third round of Economic Impact Payments will begin reaching Americans this week. No action is needed by most taxpayers; the payments will be automatic and, in many cases, similar to how people received the first and second round of Economic Impact Payments in 2020. In general, most people will get $1,400 for themselves and $1,400 for each of their qualifying dependents claime...d on their tax return. The third round of Economic Impact Payments news release covers: Automatic delivery Income limits Expanded qualifying dependents How to check payment status Under the new law, the third round of Economic Impact Payments cannot be offset to pay various past-due federal debts or back taxes.

IRS EXTENDED TAX DEADLINE Tax Day for individuals extended to May 17 The Treasury Department and the IRS have extended the federal income tax filing due date for individuals for the 2020 tax year from April 15 to May 17. This relief does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15. The IRS will provide formal guidance in the coming days.... "This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities," IRS Commissioner Chuck Rettig said. "Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to."