The Advanced Child Credit Letter: Form 6419 is going to be very popular this year as so many families utilized the payouts for the Child Credit throughout 2021. Like last year's stimulus payments, the Child Credit data on this form will be essential info on your 1040 return. Don't throw it away!
Any Stimulus payments available by filing 2021 return? Yes, if you didn't get the $1400 Spring 2021 stimulus you can receive the payment thru filing your 2021 return.
Didn't File a Return? IRS will file one for you (and you won't like it). After a long hiatus, the IRS is now filing returns in an effort to get the tax assessment rolling. These Substitute for Returns (SFRS) don't have any deductions like family member exemptions or business expenses and are made to be financially onerous. The form 2566 is announcing the SFR to you and does give you an opportunity to file your own aggressive return, albeit quickly.
Revenue Officers are Getting Big High Balance Cases, setting deadlines to get financials and a plan to settle or pay them and levying if you don't honor their deadlines. Representation through the experts at WATAX is recommended for these type of cases.
But What About IRS Collections? While we were seeing levies before December, ACS, the automated system is sending threatening letters but not many real levies. ACS levies have been a real off and on again phenomenon from 2016 to present.