T2 News Room - Current Information

Coronavirus Tax News from the IRS (as of 10/3/2021)


Need someone to prepare your tax return?

IRS – Choosing a Tax Professional


October 3, 2021 – Advance Child Tax Credit Payments

Recently I have had many questions about the monthly Advance Child Tax Credit Payments.


Detroit Free Press – July 29, 2021

Child tax credit money isn’t just like more stimulus cash: What to know.


Kiplinger – June 13th, 2021

NEW CHILD TAX CREDIT – 2021 Child Tax Calculator and FAQ


IRS – May 17,2021

Treasury announce families of 88 percent of children in the U.S. to automatically receive monthly payment of refundable Child Tax Credit


5-14-2021 Update concerning unemployment received in 2020

The Internal Revenue Service has announced that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan.

The IRS states:

“There is no need for taxpayers to file an amended return unless the calculations make the taxpayer newly eligible for additional federal credits and deductions not already included on the original tax return.”


American Rescue Plan Act of 2021

3-13-2021 – Information on the Act





March 5, 2021 – Fox Business


TurboTax Glitch Led To $216 Million Tax Bill

Sept 17, 2019 – Forbes: A spokesperson from TurboTax confirmed the error.


The IRS has a computer for that!

March 10, 2019 – Forbes: Don’t Wrestle With The IRS Robots


CBS NEWS: Smaller tax refunds don’t mean higher tax payments

Feb. 27, 2019 – Less withholding is the key


Forbes: Don’t Fall For New Twist On IRS Email & Phone Scams During Tax Season

Feb. 20, 2019 – Remember the phone scams where the callers were allegedly from IRS?


Veterans: The IRS May Owe You Money, For A Change

July 16th, 2018 – Task & Purpose: About 130,000 veterans could be eligible to receive a refund for taxes they paid on disability compensation that shouldn’t have been taxed.


IRS to clarify rules on payments in lieu of state and local taxes

May 23, 2018 – The Tax adviser:  The IRS warned taxpayers….


Why new tax rules make Roth accounts better than ever

March 21, 2018 – Market Watch, Everyone likes free. Add on “tax-free,” and it’s even better.


IRS more likely to question returns than taxpayers think

March 15, 2018 – The IRS is more than six times more likely to challenge returns than is commonly reported.


Beware, the IRS is looking for these red flags this tax season

March 2, 2018 – An IRS software program may randomly select the taxpayer


IRS – Use multi-factor authentication, when available.

Feb 21, 2018 – Steps Victims Can Take to Minimize Effect of Data Theft.


Scam Alert: IRS Urges Taxpayers to Watch Out for Erroneous Refunds;

Feb 13, 2018 – Beware of Fake Calls to Return Money to a Collection Agency


115th Congress TAX CUTS AND JOBS ACT

Find the full text of the Tax Cuts and Jobs Act here


Tax Cuts and Jobs Act, The Pure Law


TurboTax user hacked, gets bank account frozen after IRS refund scam: Money Matters

Feb 11, 2018 – My bank account was frozen last week


10 steps you can take to adapt to the new tax law

Feb 9, 2018 – Since many Americans are employed by someone else, you may want to know: how will the new tax bill affect me as an employee?


The new tax law gives a slightly unintentional benefit to gig economy workers and independent contractors.

 Feb 6, 2018 – Independent contractors will be able to deduct 20 percent of their income before paying the new lower tax rates.


Cryptocurrency and taxes:

Jan 30, 2018 – What you need to know


Tax law means new choices for small business

Jan 29, 18 – Tax professionals advise owners not to rush into decisions based on what they believe they know about the law.


Grandparents Caring for Grandchildren Should Check Their Eligibility for EITC

Jan 26, 18 IRS – Grandparents who work and are also raising grandchildren might benefit from the Earned Income Credit.


Scammers impersonate the Social Security Administration

Jan 26, 18 – If you get a phone call or are directed to a website other than ssa.gov that is claiming to be associated with the Social Security Administration, don’t respond. It’s most likely a scam.