PYMNTS

JANUARY 11, 2021

There were around 13 million defunct accounts that accidentally received stimulus check payments by the IRS , which the agency is now attempting to get to their right places, according to The New York Times on Sunday (Jan. The tax-prep companies say they're working to help the IRS resolve the issue.

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PYMNTS

APRIL 27, 2020

The key groups who will receive these payments include people who aren’t required to file tax returns, such as those who receive Social Security, Supplemental Security Income (SSI) and veterans’ affairs benefits. In addition, tax filers who have recently provided bank information to the IRS will get the payments.

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IRS Checks Small Business Direct Deposit 103

PYMNTS

JUNE 29, 2020

The number of tax audits on corporations plunged amid the pandemic, with the IRS saying in the National Taxpayer Advocate’s “Objectives Report to Congress” report for Fiscal Year 2021 that it began 716 corporate examinations from April 1 to June 1 this year compared to 2,445 during the same time last year, a 71 percent drop.

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Audit IRS Tax Refunds Returns 69

PYMNTS

MAY 7, 2020

Any $1,200 COVID-19 stimulus checks sent to dead people by the Internal Revenue Service (IRS) must be returned, the agency says. However, the erroneous payments to dead people may have come about because the IRS largely sent out payments based on people’s tax returns for 2018 and 2019.

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IRS Checks Direct Deposit Returns 64

PYMNTS

APRIL 27, 2020

Those who had trouble utilizing the IRS’ “Get My Payment” web tool to access their personal stimulus funds may now find it easier to use after updates were made, per reports. According to the IRS, the updates will make it easier for individuals to add direct deposit information and check the status of their funds.

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IRS Checks Direct Deposit Social Security 61

PYMNTS

MAY 11, 2020

The Internal Revenue Service (IRS) says it’s making progress distributing stimulus checks, and there’s still time for recipients to get their checks direct deposited. We are working hard to continue delivering these payments to Americans who need them,” said IRS Commissioner Chuck Rettig in a statement. The payments, part of the $ 2.2

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Direct Deposit IRS Checks Social Security 64

PYMNTS

OCTOBER 25, 2019

24) that a report from the Treasury Inspector General for Tax Administration claims the IRS is not effectively auditing corporations following tax examination reform that was designed to accelerate auditing processes. Finance predicting more IRS tax reforms ahead. Bloomberg reported on Thursday (Oct.

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IRS Audit Treasury Compliance 40

PYMNTS

FEBRUARY 19, 2020

The IRS has invited cryptocurrency groups to meet for a regulatory summit March 3 to discuss how the two can work together going forward, published reports said Tuesday (Feb. The overall theme will be balancing taxpayer services with the IRS’ regulatory needs. million.

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IRS Cryptocurrency Digital Currency Money Laundering 67

PYMNTS

APRIL 17, 2018

While Americans rush to file their taxes this Tax Day, some computer systems at the Internal Revenue Service (IRS) are “experiencing technical difficulties.” As a result, the agency said it is having trouble taking in returns from tax preparers, The Wall Street Journal reported. This year, Tax Day falls on a Tuesday (April 17).

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PYMNTS

APRIL 5, 2020

Online tax preparation service TurboTax has announced that it is rolling out a free, stimulus registration solution to assist people who are not required to file a tax return. The IRS will be using federal tax returns from 2018 or 2019 to determine eligibility. There are roughly 10 million people in the U.S.

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IRS Returns Checks Direct Deposit 91

PYMNTS

APRIL 23, 2020

One 73-year-old Connecticut resident is wondering if she’s eligible for payment based on her 2018 or 2019 tax returns after being laid off from a nonprofit. Holtzblatt said the IRS “didn’t have much time” to ensure that everything worked correctly due to the immediacy of the myriad problems the virus caused.

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IRS Checks Direct Deposit On-Demand 70

Segpay

FEBRUARY 28, 2024

Merchant Acquirers/Payment Facilitators, Merchants, and Content Creators are ALL required to file tax returns. In 2008, the IRS passed legislation that required Merchant Acquirers/Payment Facilitators to report on any merchant that processed over $20,000 in annual volume or 200 transactions. Simply submit a request for an extension.

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IRS Returns Facilitators Acquirers 52

PYMNTS

JANUARY 10, 2018

Stripe has announced an addition to its Stripe Atlas toolkit that will help founders file their corporate tax returns in minutes. In fact, 54 percent of Atlas founders reported making a mistake when filing last year’s returns, including paying the incorrect amount, filing late or missing required filings entirely.

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Returns IRS Process Accounts 67

PYMNTS

MARCH 21, 2017

The Internal Revenue Service (IRS) continues its efforts to gain access to United States Coinbase customer accounts, filing new documents in federal court to get the California-based company to turn over the records. The IRS filed its initial request — known as a “John Doe” summons because it doesn’t name a specific person — in November 2016.

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IRS Bitcoin Digital Currency Assessments 40

PYMNTS

JULY 15, 2020

Today (July 15) is Tax Day , and despite it coming three months later than normal due to COVID-19, several million Americans will be scrambling to get their returns (or at least their applications for extensions) out the door by midnight. Those returns don’t present much of a challenge during the pandemic.

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IRS Tax Refunds Returns Process 58

PYMNTS

JANUARY 8, 2021

The IRS is supposed to distribute all payments by Friday, Jan. Eligible taxpayers who didn’t receive their payment will need to claim it on their 2020 tax returns, CNBC reported. People have been frustrated by not being able to reach the IRS about the payments.

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Debit Card Checks IRS Direct Deposit 129

The Paypers

MARCH 24, 2016

(The Paypers) The IRS is now taking up to 21 days to review a tax return which in 2015 took 7 days to review, a recent report unveils.

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IRS Returns 28

PYMNTS

SEPTEMBER 21, 2020

The GAO did note that the Internal Revenue Service (IRS) implemented several recommendations to make sure people got the payments, including extended deadlines for those who hadn’t filed an income tax return until Sept. However, the GAO still said the IRS had to update the information on how many people hadn’t seen their money yet.

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Checks IRS Returns Governance 91

The Paypers

FEBRUARY 14, 2019

(The Paypers) The IRS has planned to expand its voluntary program for taxpayers who wish to obtain IP PINs and are not currently victims of tax return identity theft.

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IRS Identity Theft Returns 28

PYMNTS

APRIL 9, 2020

The first round of emergency assistance is expected to reach people who have previously provided direct deposit information to the Internal Revenue Service (IRS). For security reasons, the IRS will mail letters to recipients at their last known address within 15 days after the payment is made.

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IRS Direct Deposit Social Security Accounts 102

PYMNTS

MAY 13, 2020

The IRS is seeking to have contractors assist in auditing digital currency tax returns, according to a post on CryptoTrader.Tax ‘s website.

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IRS Bitcoin Error Resolution Digital Currency 52

FICO

MARCH 8, 2021

This year the Internal Revenue Service (IRS) will start accepting 2020 tax returns on February 12 , about two weeks later than usual. That’s positive news—because you definitely want to file your tax return as soon as possible, particularly if you’re claiming a refund. Why is that important? File early. Monitor your credit.

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Tax Refunds Identity Theft IRS Returns 52

Payment Savvy

JULY 18, 2023

An employer identification number, or EIN, is a unique, nine-digit number issued by the Internal Revenue Service (IRS). It serves as a way for the IRS to track and communicate with taxpayers. If you look through your previous tax returns or other documents issued by the IRS, you’ll be sure to spot them.

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PYMNTS

AUGUST 4, 2020

The IRS has reportedly gotten much of the money back, putting out instructions for those who received checks for dead family members on how to return it. And it turns out that sending checks to dead people isn’t the government’s only worry; the whole process is a creating a health risk at the IRS. Roughly 10 percent of U.S.

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Checks IRS Tax Refunds Returns 97

PYMNTS

MAY 1, 2020

Small businesses fortunate enough to get their Paycheck Protection Program (PPP) loans forgiven will forfeit some tax breaks, according to new rules from the Internal Revenue Service (IRS). . This conclusion is consistent with prior guidance of the IRS.”. This treatment prevents a double tax benefit,” the agency said in the notice.

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IRS Payroll Small Business Returns 70

PYMNTS

APRIL 29, 2020

Treasury Secretary Steve Mnuchin says $1,200 stimulus checks from the government were sent in error , and relatives and family members should return the money. It’s unclear exactly how many of those checks were sent, and the IRS could take any number of actions to try and get back any payments it believed were made in error.

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Checks Treasury IRS Returns 56

PYMNTS

MAY 6, 2020

This will help on two levels, both enabling easier access to money for these citizens as well as allowing the IRS — the agency responsible for these payments — to find their records with more ease. The IRS itself has also crafted a tool of its own for underbanked consumers called Get My Payment, which enables stimulus check tracking.

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IRS Checks Blocks Government 88

PYMNTS

NOVEMBER 18, 2016

17) of a new tax bill scam in which unwitting consumers receive a fake IRS notice that contends they owe the government money because of the Affordable Care Act. The IRS said lots of people have received the fake notices, which typically say a taxpayer owes money from the year earlier under the Affordable Care Act.

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Tax Scams Scams IRS Federal Trade Commission 61

PYMNTS

FEBRUARY 26, 2020

Following a five-day trial in the Western District of Washington, Kvashuk was convicted of five counts of wire fraud, six counts of money laundering, two counts of aggravated identity theft, two counts of filing false tax returns, and one count each of mail fraud, access device fraud, and access to a protected computer in furtherance of fraud.

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IRS Identity Theft Crime Digital Currency 82

PYMNTS

MAY 5, 2019

The calls, which came in the form of letters sent to the IRS and FTC from presidential hopefuls Senator Elizabeth Warren and Bernie Sanders among other lawmakers, stem from allegations the companies didn’t promote free government tax preparation options to customers, reported CNBC.

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Blocks FTC IRS Federal Trade Commission 43

Segpay

FEBRUARY 28, 2024

Non-Compliance Fees Breaking processor terms for excessive chargebacks or returns, late batches, invalid data, or other violations generates non-compliance fees from $25 on up. The IRS Mandate. Carefully follow card network regulations and monitor for shady processors invoking fees without actual non-compliance.

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Processors IRS Push-to-Card Non-Bank 52

PYMNTS

APRIL 7, 2017

The tool — which allows users to directly port their electronic tax return into the Free Application for Federal Student Aid form — had to be unplugged in March when it was discovered that enterprising cybercriminals were using the tool for an unintended purpose: gathering information to file fake tax returns.

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Breach IRS Returns Payer 40

PYMNTS

MARCH 17, 2020

The Internal Revenue Service (IRS) says refunds take an average of 21 calendar days to reach recipients – but as CBS News reported in January 2020, “…the tax agency notes that it can take longer to receive your refund, typically because the IRS needs more time to process the return in case of errors or other problems.”.

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IRS Tax Refunds Direct Deposit Faster Payments 52

PYMNTS

AUGUST 13, 2018

The Internal Revenue Service (IRS) said last month that it would train its sights on virtual currencies, with a focus on larger firms and international companies. The IRS defines crypto holdings as property. The IRS has said it has a “compliance campaign” in place that is tied to virtual currencies.

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IRS Cryptocurrency Bitcoin Treasury 40

PYMNTS

APRIL 18, 2017

And today is IRS Christmas. While we won’t know about 2016’s filings until next year, IRS preliminary data from 2015’s filings (what you submitted in 2016) can shed some light on the typical American taxpayer’s contribution. First off, the IRS received over 150.5 Tax season, that is. Curious to know how your taxes stacked up?

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IRS Tax Refunds Social Security Returns 40

Payment Savvy

DECEMBER 7, 2023

It’s important to note that while HSAs are flexible, they are governed by specific rules on what constitutes a qualified medical expense, as defined by the IRS. However, understanding the qualifying criteria is crucial to ensure that you’re using your HSA funds appropriately and in alignment with IRS guidelines.

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IRS Process Accounts Transactions 59

PYMNTS

DECEMBER 15, 2020

residents who are not required to file tax returns, typically because they fall below the income threshold, passed Nov. 21, meaning many l ow-income families were the last to receive stimulus funding from the IRS. The stimulus payment deadline for U.S.

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Instant Payments IRS Governance Government 69