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2021 IRS Letters to Save

January 6, 2022 by brittanyeaton@gmail.com

Think it’s junk mail? Think again! If you received Advance Child Tax Credit (CTC) payments or a third Economic Impact Payment (EIP or “stimulus check”) in 2021, the IRS will be sending you some very important letters. Here’s why you need to keep them to help you file your 2021 federal taxes.

Letter 6419: “2021 Advance CTC”

The IRS started issuing information letters to Advance CTC recipients in late December, 2021 and will continue into January. This letter, which includes the total amount paid in 2021 and the number of qualifying children used to calculate payments, can help you reconcile and receive all the 2021 Advance CTC payments you’re eligible for.

If you received Advance CTC payments, this letter will help you compare what you received in 2021 with the amount you can properly claim on your 2021 tax return.

You can also check the amount of your payments by using the CTC Update Portal available on IRS.gov.

Note: Eligible families who did not receive any advance child tax credit payments can claim the full amount of the child tax credit on their 2021 federal tax return. This includes families who don’t normally need to file a tax return.

Letter 6475: “Your Third Economic Impact Payment”

Recipients of the third round of the Economic Impact Payments will begin receiving information letters at the end of January. This letter only applies to the third round of stimulus payments, which were issued March through December of 2021.

This third round of payments, including “plus-up” payments, were advance payments of the 2021 recovery rebate credit that would be claimed on a 2021 tax return.

If you received a third stimulus check, this letter will help you determine if you are entitled to and should claim the recovery rebate credit on your 2021 tax returns when you file in 2022.

Note: If you think you are missing stimulus payments, visit IRS.gov to determine your eligibility and whether you need to claim a recovery rebate credit for 2020 or 2021. This includes people who don’t normally need to file a tax return.

If you get these – or ANY – letters from the IRS, keep them! Do not throw them away. Bring them with you to our office when you come to file your 2021 taxes.

Appointments are filling quickly! Schedule an appointment with one of our tax pros today to file your 2021 return.

For more information about the 2021 advance child tax credit, Economic Impact Payments, and other COVID-19-related tax relief, contact us today or visit IRS.gov.

Filed Under: Taxes, Uncategorized Tagged With: IRS letters, tax letters, tax professionals

Is it the IRS or a SCAM?

August 23, 2021 by brittanyeaton@gmail.com

Scammers are working a lot of overtime these days. We’ve seen them attempting to mimic the IRS, Social Security, and Medicare through social media messages, text messages, and even letters in the mail.

Until last year, we would tell our clients, “The IRS only sends letters.” However, now these criminals are sending scam letters along with their texts and high-pressure phone calls.

Read carefully to learn how to make sure you never fall for one of these schemes.

  1. Never engage over the phone with anyone who claims to be from the IRS unless you called the IRS first. Hang up the phone immediately, no matter how many times they call you back. The IRS does not make calls to ask for money or personal information.
  2. Never engage over social media with anyone who claims to be from the IRS. Mark the message as spam, report the sender, then hit “delete.” The IRS does not have social media officers.
  3. Never respond to a text message from a source claiming to be the IRS, even if they have some information about you. The IRS does not use “chat bots,” nor do they send out text messages.
  4. Never respond to a letter from the IRS until you’ve had it checked by a professional to verify that it is accurate and not a fake. You can also go on the IRS website to view your account, make a payment, or view your balance.

That said, your first contact from the IRS will always come in the form of a letter or notice. Just because it might be a scam, please don’t throw it away until you’re certain.

Generally, the legitimate letters will only inform you about a change to your account, ask you for more information, or let you know a payment is due.

Here’s what not to do with a letter from the IRS:

  • Do not ignore it. Each notice is going to give you information about a specific issue and will have instructions on what you should do to address that issue.
  • Do not throw it away. Keep all notices and letters from the IRS in your file with your tax returns. In general, the IRS suggests that you keep records for three years from the date you filed your tax return.
  • Do not panic. Most of the time, all you need to do is read the letter carefully, then take the appropriate action. The steps you need to take will be outlined in the letter.
  • Do not reply- unless you’re specifically instructed to do so. If you’re instructed to send a payment, simply send a payment as your reply. IRS.gov has information about payment options.

Once a tax professional has reviewed your letter to make sure it’s authentic, here’s what you should do:

  • Do take action right away. Contact our office immediately. Once you have our verification, take action. These notices may be about changes to your account, taxes owed, a payment request or a specific issue on a tax return. Responding quickly could minimize additional interest and penalty charges.
  • Do remember there is usually no need to call the IRS. If you absolutely must contact the IRS by phone, use the number in the upper right-hand corner of the notice. Make sure you have a copy of your tax return and the original letter when you make the call. But please, do not call a number on an IRS letter until you’ve had it reviewed by a professional. If you call a fake number, you will be pulled into a high-pressure scam and may never realize it!

Remember, the IRS sends letters to help you stay up to date with your tax account.

If you find yourself looking at a letter from the IRS, Social Security, or Medicare, please reach out and we will review it for you.

Filed Under: Investments, Taxes, Uncategorized Tagged With: IRS letters, IRS scams, medicare letters, Social security letters

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