I hope you have managed to stay safe and well! We focus on resolving tax issues in Prince William County and throughout the lower Northern Virginia area.

Well, unfortunately, the December stimulus bill set a Jan. 15 cutoff for the IRS and US Treasury to send the second stimulus payment to bank accounts and through the mail as a paper check or EIP card. So, at this point, if you have not received the second stimulus, you’ll need to claim the money ($600) when you file your federal tax returns this year as a Recovery Rebate Credit on the 2020 Form 1040 or Form 1040-SR. You can also claim money the IRS owes you from the first round of stimulus checks, (apparently millions are owed a catch-up payment for child dependents).

The first day the IRS will begin accepting and processing individual tax returns is Feb. 12. The tax-filing deadline is April 15 this year. To help work out whether you’re missing a payment, and for how much, the IRS provides a Recovery Rebate Credit Worksheet. You’ll need the IRS’ calculated amount from the letter the agency will send you, called Notice 1444 for the first payment and Notice 1444-B for the second payment. Now, if you did not receive a notice, you’re in the unfortunate position of having to contact the IRS and ask for the notice (Original or “B”), and dodging the courtesy drop program that is in place.  As luck would havit Practitioners can’t help you in this area either. This is what we hear “We are experiencing high call volumes at this time, please call back on the next business day, Goodbye”

Also, there is supposedly a third stimulus check in the works. However, the third stimulus check isn’t final and it’s anybody’s guess at when the next stimulus will come, but you could potentially get ahead of the curve, by signing up for direct deposit with the IRS, when you prepare your 2020 tax returns

We have prepared thousands of tax returns over the last two decades, and would be happy to assist you with any of your Federal, State, or Local tax needs. Including, assisting you in trying to recover your missing stimulus payment amounts.  Feel free to contact us if you need assistance. https://brtaxaccountant.com/