Tax numbers Feed

Many employees have not been at their workplace cubicles for weeks. Now some, including IRS staff, are starting to return, but under dramatically different arrangements. Most taxpayers deal with the Internal Revenue Service electronically. That's the method that the agency has been encouraging for years. But some things still are handled the old-fashioned way. These are paper documents that are mailed by the IRS to taxpayers — like notices you get as an initial contact, not the money-demanding calls from con artists pretending to be IRS employees — and vice versa. Those paper communications, especially those from us to Uncle... Read more →


There are a lot of footprints on many U.S. beaches this Memorial Day weekend as folks seek seashores after weeks of staying home due to the coronavirus. (Photo by Wendy Wei via Pexels) This Memorial Day long weekend is a big one for numbers. As most states have relaxed at least some COVID-19 stay home orders, Americans are taking advantage of more openings to celebrate this unofficial start of summer. They are, naturally, heading to spots that offer traditional seasonal activities. There's no official counts of how many folks have flocked to U.S. beaches and lakes and parks, but the... Read more →


If there's anything positive in this COVID-19 pandemic (yeah, I'm grasping), it's that folks have stocked up on necessities. That's good for those who live in potential hurricane targets. And it's especially fortuitous since, for sixth consecutive year, the Atlantic tropical storm season has started early. A tropical depression formed on Saturday, May 16, afternoon. By nightfall, it had strengthened enough to become Tropical Storm Arthur, the first named storm of 2020. The hurricane season officially runs from June 1 to Nov. 30 each year, but as we all know, Mother Nature often ignores us humans. The best we can... Read more →


Providing bank data for direct deposit of coronavirus relief payments will get you added more quickly to the growing number of folks — around 130 million so far — who've received their COVID cash. Photo by Alexander Mils from Pexels More than 130 million COVID-19 economic impact payments have been delivered, according to the Internal Revenue Service. That means the tax agency is nearing the end of its distribution of the money that is intended to help folks cover a few of the costs they've incurred due to the impact of coronavirus on the U.S. economy. And even though the... Read more →


FreeStocks.org via Pexels The Internal Revenue Service is continuing to send out COVID-19 economic relief payments, but some folks have to act fast to ensure that they aren't shorted. Recipients of Supplemental Security Income and Department of Veterans Affairs benefits who also are caring for dependent children need to let the IRS know about those kids. If the youngsters are age 16 or younger, they could mean an added $500 each in coronavirus relief. But if these child-rearing SSI and VA recipients don't let the IRS know about their families by Tuesday, May 5, those won't get the added $500... Read more →


Photo by Alexander Mils from Pexels Have you received your COVID-19 economic relief payment? The Internal Revenue Service says that 88.1 million taxpayers have. Those payments, which were delivered as of April 17, come to a total of almost $158 billion. Both the total checks and the overall amount are worthy of this week's early By the Numbers recognition. Timely turnaround: The coronavirus relief payments were authorized as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act that was enacted on March 27. That means that in three weeks, the IRS is more than halfway through the 150... Read more →


A closeup of the bread line statues that are part of the Franklin Delano Roosevelt memorial in Washington, D.C. (Photo courtesy National Park Service) Another 5.245 million Americans filed for unemployment benefits in the week ending April 11, according to the Department of Labor's report issued last week. These latest applications mean that coronavirus ramifications have wiped out more than a decade of U.S. job growth. Since June 2009, more than 20 million new jobs were reported across the United States. But in just the last four weeks, the number of unemployment claims has reached 22 million. That 22 million... Read more →


Have you checked your bank account? It might have some added money in it. The Internal Revenue Service announced via social media on Saturday that it had delivered the first batch of coronavirus economic impact statements. #IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today. We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can. For #COVIDreliefIRS updates see: https://t.co/hEEWmgHA9V pic.twitter.com/2bSHOTjMAS — IRS (@IRSnews) April 11, 2020 The turnaround is pretty darn impressive. The Coronavirus Aid, Relief and Economic Security (CARES) Act that created the (so far) one-time... Read more →


Just can't get motivated to do your taxes? You are not alone. It's April, but the pandemic has shifted the tax focus this year from filing, which has a new July 15 deadline, to the coronavirus economic relief payments. Still, if you're due a refund — and yes, some folks who get tax money back still dally when it comes to sending in their returns — you might want to go ahead and get to work on that 1040. The main reason to file is that you'll get your 2019 tax year refund. That's not going to happen until the... Read more →


The law that created coronavirus stimulus payments just took effect yesterday and we're weeks at best from getting actual money. But tax planners have been thinking about COVID-19 tax intricacies since the illness exploded in the middle of this tax season. These payments just add a new tax filing wrinkle, since what we put on our 2019 returns could be a key part in the relief amount's ultimate dollar calculation. Tony Nitti, a CPA and tax partner with RubinBrown in Aspen, Colorado, has a good preview of what our tax filing actions now could mean to our potential coronavirus payments... Read more →


We're in what during normal times would be the annual tax season's big push to the end (or an extension). But these are not normal times. Instead, it feels more and more like we're living in a tax version of Bill Murray's classic "Groundhog Day." That's because for the second time in three days the Treasury Department and Internal Revenue Service have moved the deadlines for filing and paying taxes. Friday, March 20, morning Treasury Secretary Steve Mnuchin decided that an earlier decision that split the usual April 15 deadline for tax filing and paying should be changed. So he... Read more →


Happy Pi Day 2014. March 14 is the annual celebration of pi, usually indicated by the Greek letter π, since the 3/14 calendar format is a close representation of pi's first three digits. What exactly is pi? Naturally, I went to the internet to find out, so math experts please cut me a slice of slack here. The consensus is that pi is a number that originally was defined as the ratio of a circle's circumference to its diameter. It's a mathematical constant, meaning it isn't changed by the size of the numbers it is used to equate. It's also... Read more →


I feel like one of the wrung out wacky clocks in Salvador Dalí's "The Persistence of Memory" every time we have to spring forward and lose an hour. (Oil on canvas, 1931 © Salvador Dalí, Gala-Salvador Dalí Foundation/Artists Rights Society (ARS), New York. Photograph taken in 2004. Image via About.com, fair use, Wikipedia Commons) Time and tax deduction method changes It's that time again, literally for most of the United States that switches from Standard to Daylight Saving Time (DST). Whether you like the shift to DST, which provides more sunshine at the end the day. Or hate it since... Read more →


Law schools and their students, like these at Georgia State University College of Law, are major contributors to the success of Low-Income Taxpayer Clinics nationwide. (Photo courtesy Philip C. Cook LITC) Sometimes, taxpayers encounter issues more serious that just filing their returns. They discover that the Internal Revenue Service has some questions about a prior return or an appeal of an agency decision isn't going as expected or that the federal tax collector is taking his name to heart and initiating collection procedures. What to do? Specifically, what to do if you don't have much money? Find your nearest Low-Income... Read more →


Oh, Canadians. A recent report on tax attitudes north of the 49th parallel is upsetting my idealized vision of your country. A recent Canada Revenue Agency (CRA) internal memo, first reported by Blacklock's Reporter, found that around 20 percent of Canadians believe the benefits of tax cheating outweigh the risks. In fact, the CRA said 26 percent don't think that tax officials will discover their tax evasion. The CRA also found that many Canadians did not view tax evasion on amounts less than $1,000 to be "serious tax cheating." And it classified 13 percent as outlaws who view tax evasion... Read more →


Even with increased e-filing, taxpayers still don't seem to be in a big hurry to send their 1040s to the IRS. At the start of every filing season, there's a lot of talk and media coverage (guilty!) about how folks are champing at the bit to get their returns in to the Internal Revenue Service. And for the last five years, taxpayers have said "meh," at least as far as filing as soon as they can. Comparing IRS filing data for early February from 2016 through 2020, we see: Filing Season Week Ending # Returns Filed % Change from Prior... Read more →


Newark On Reddit via Twitter The Academy Awards is tonight and although I'm a big film fan, I'll probably skip it. The early awards shows have already spoiled it for me. Sorry, ABC. If Antonio Banderas somehow takes the Oscars statuette from Joaquin Phoenix, which is what I'd love to see, then I'll catch the replay on YouTube tomorrow. Some folks in New Jersey, however, will be closely watching this year's ceremony and pulling for the "Joker" actor. The street where Phoenix's disturbed Arthur Fleck character gets jumped early in the movie is in Newark. Tax breaks, of course, played... Read more →


This numerically notable day is part of the Leap Year, which gives us 24 more hours to devote to our taxes. Bonus huzzah! February 2, 2020. What a day. Super Bowl LIV. International pop star Shakira's birthday, which she'll celebrate performing with J-Lo at halftime of the NFL championship game. Groundhog Day (Phil says early spring). And the real biggie, it's Palindrome Day. This 2nd day of the second month of the year 2020 reads the same front or back when written out fully. 02022020 special features: Palindrome dates aren't that uncommon. It happened, based on how they're written, on... Read more →


The second filing season under the Tax Cuts and Jobs Act (TCJA) is about to start. This one will be easier, right? Right? Maybe. At least this year, we and the Internal Revenue Service aren't dealing with the longest federal government shutdown in history. Plus, folks got a good look with their filings last year at how the massive Republican tax reform law affects them, although some areas are still a bit fuzzy. And of course, everyone adjusted their payroll withholding so there won't be a replay of 2019's reduced/no-tax-refund drama. Yeah, I'm rolling my eyes at that statement, too.... Read more →


Millions are watching NFL playoffs today. But millions of other esports fans enjoy competitions like this match between Dallas Fuel and New York Excelsior at the Blizzard Arena in Los Angeles last June, the second season of the Overwatch League. Among those also watching esports closely are state tax collectors. (Image by Dallas Fuel via Wikipedia Commons CC BY 3.0) Tonight, we'll know which two National Football League (NFL) teams will be in South Florida next month to play in Super Bowl LIV. While you can never predict who'll win any game — just ask the previously heavily favored Baltimore... Read more →