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Happy New Year to you and your family! As the year ends, that means tax season is quickly approaching. The IRS announced recently that they began issuing information letters (Letter 6419) to Advance Child Tax Credit recipients in December 2021 already. If you received Advanced Child Tax Credit payments and have not received your IRS information letter yet, please be on the lookout for that form as Verhoff & Company will need it to complete your taxes. Taxpayers who received the Advanced Child Tax Credit payments can also check the amount of their payments by using the Child Tax Credit Update Portal available on IRS.gov
The IRS also announced that they will begin issuing information letters (Letter 6475) to Third Round Economic Impact (stimulus check) recipients in late January 2022. This letter will help determine how much stimulus money for the Third Round Payment that the taxpayer received. Please hold on to this letter as Verhoff & Company will need it to complete your taxes. Taxpayers who received the Third Round Economic Impact payment can also check the amount of their payment by using the creating an online account on IRS.gov
As mentioned above, there is another option to view stimulus payments and Advanced Child Tax Credit payments other than on the letters the IRS is sending, and that is through an IRS online account.
Taxpayers who have an existing online account with the IRS are still able to use this account, however, existing accounts with the IRS will expire in summer 2022. The IRS is going to require a new "ID.me" account which is able to be created now. Here's the following steps that need to be taken in order to set up an "ID.me" account:
- Go to IRS.gov, click on "Sign in to Your Account"
- Click on "Sign in to your Online Account"
- Here is where you can create the new "ID.me" account -> Click on ID.me Create an Account
- Sign up with an email and create a password
- Confirm your email with the code it sends
- Choose a multi-factor authentication method to further authenticate your account
- Biometric authentication by uploading a picture of your ID or passport (takes 15 seconds to authenticate after uploading)
- Identify yourself via face scan with the link it will send to your phone (takes 15 seconds via the link it will send)
- Enter your Date of Birth and SSN
- Allow the IRS to create your new "ID.me" account
IRS Processing of Refunds in 2022
Many people in 2021 experienced delays receiving their refunds from the IRS on their federal income tax returns. We expect 2022 to be very similar
as the IRS continues to play catch-up. Patience will be another key when waiting on refunds in 2022.
Cheers to another great year! If you have any questions now or into the New Year don't hesitate to contact us. We're always happy to help.
Sincerely,
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