Sure, you might have to actually pay U.S. taxes on those crypto trades. But at least it will be easier to figure out how much you owe.
A new push by Congress to require crypto brokers to report transactions to the Internal Revenue Service could create some unwelcome tax bills but could clarify rules for traders and users of Bitcoin and other digital tokens, potentially strengthening the system in the long run, people in the industry say.
The new rules — a last-minute addition to the $550 billion bipartisan infrastructure package now being considered by the U.S. Senate — would also force businesses to disclose trades of digital assets of more than $10,000. The provisions are designed to raise $28 billion.
The measures add to increased scrutiny the IRS has recently applied to traders of Bitcoin, Ethereum and other digital assets. The agency has promised it will issue new rules that clarify how those virtual currencies should be taxed.
People who trade digital currencies must pay income taxes on any gains, even if some crypto investors have been ignoring their tax obligations. But even for those who want to follow the law, it can be difficult to keep track of what’s owed.
Filing taxes on crypto trades can create huge headaches, especially for those who conduct multiple transactions each year. While traditional stock brokerages are already required to send detailed tax forms to clients, crypto exchanges aren’t. Even if firms wanted to help their clients file taxes, it’s not always clear how to do that under the current regulations.
In addition, tax obligations can pop up in surprising places. People who use digital currencies to pay for things — like, say, a Tesla, or a pizza — are supposed to pay taxes on any increase in value of the crypto they spend. It’s a key difference between using digital “currencies” and actual, fiat currencies such as the U.S. dollar to conduct commerce.
Andrew Johnson, a project manager at a large national bank, has invested tens of thousands in crypto and uses a dedicated service to figure out what he owes in taxes. He’s been using CoinTracker, which he learned about though a YouTube channel that he trusts.
“Most would benefit from a tracking service to help with taxes,” he said. “For me, I decided it was worth the cost to not have to manually track all the trades I did — which could take hours or days.”
Cryptocurrency exchanges and others in the industry have raised concerns that the U.S. Senate is rushing the rules into effect without consulting them first.
Some wondered whether the new rules and regulatory attention would encourage mainstream investors to join the space — or hurt the appeal of cryptocurrencies by killing its anything-goes ethos.
“Some portion of crypto investors may start to have second thoughts about the tax consequences,” said Michael Bailey, director of research at FBB Capital Partners. “It’s almost like crypto is a really fun party, but it’s getting late and a few people are starting to look at their watches as they think about the next morning.”
For years, the IRS has been warning taxpayers to report cryptocurrency transactions on their tax returns. More recently, the agency has made clear that fighting tax evasion through digital currencies is a top priority.
The IRS has started collecting vast amounts of data on blockchain transactions, has subpoenaed crypto exchanges and worked on coordinating enforcement with foreign governments. Last year, the IRS added a yes-or-no question to the front page of the 1040 income tax form asking whether filers had sold or exchanged virtual currencies.
The jurisdiction of U.S. law enforcement only reaches so far, and crypto traders who prize secrecy could flee to offshore exchanges, or take other measures to avoid being spotted by the IRS. However, the U.S. has already shown it can crack down on foreign tax evasion by, for example, forcing banks in Switzerland and elsewhere to divulge details on American clients.
Even if parts of the crypto universe remain hidden, it may be difficult to move those assets onshore and turn them into legitimate wealth.
“If a U.S. taxpayer is into crypto for the ability to underreport income from sales or transfers, chances are someone in a chain somewhere may have to disclose it,” said Julio Jimenez, an attorney who is principal in the tax services group at Marks Paneth LLP.
All this isn’t necessarily a bad thing for law-abiding investors in digital assets if they end up with clearer rules and easier-to-understand annual statements from crypto firms.
“I think it will have a positive effect on the industry,” said Brett Cotler, an attorney at Seward and Kissel LLP in New York who specializes in blockchain and cryptocurrency. While exchanges and fintech firms that deal in digital currencies may have to spend money upgrading reporting and compliance systems, it will improve customer service, he said.
Johnson, the crypto trader, said he thinks the new rules will help legitimize the crypto ecosystem and foster international growth.
“While at its heart, crypto assets have been a means of moving value outside of government-controlled rails, I still understand the need for regulation in the crypto space in order for wider adoption to take place,” he said.
— With assistance by Natasha Abellard, and Laura Davison
The IRS is facing numerous challenges that have caused setbacks in issuing tax refunds this year. A recent National Taxpayer Advocate report confirmed that some 35 million tax returns are yet to be processed and explained the long delays. The tax agency is tasked with more than usual this time of year. Many 2020 tax returns are requiring adjustments or corrections, disbursing stimulus checks, calculating other tax credits and refunding overpayment on 2020 unemployment compensation.
And then there’s the unprecedented situation brought on by the pandemic. The IRS is taking more than the standard 21 days to send refunds — some taxpayers are waiting months. It’s hard to get live assistance by phone, as many callers wait on hold or aren’t connected due to high call volumes. So what if you need your tax money to cover debt or household expenses? How can you check the status of your money without calling the IRS?
We’ll walk you through how to see your personalized refund status online through IRS tracking tools and what to do if you’re waiting for a tax refund on unemployment benefits, as well. For more on economic relief aid, here are some ways to know if you qualify for the child tax credit payments that start next week. If you’re curious about future stimulus payments or the latest infrastructure deal, we can tell you about that, too. This story has been recently updated.
Why is there a tax refund delay this year?
Because of the pandemic, the IRS ran at restricted capacity in 2020, which put a strain on its ability to process tax returns and created a massive backlog. The combination of the shutdown, three rounds of stimulus payments, challenges with paper-filed returns and the tasks related to implementing new tax laws and credits caused a “perfect storm,” according to a National Taxpayer Advocate review of the 2021 filing season to Congress.
The IRS is open again and currently processing mail, tax returns, payments, refunds and correspondence, but limited resources continue to cause delays. Earlier in the tax season, some refunds were already taking longer than 21 days, including those that required manual processing. The IRS said it’s also taking more time for 2020 tax returns that need review, such as determining recovery rebate credit amounts for the first and second stimulus checks — or figuring earned income tax credit and additional child tax credit amounts.
Here’s a list of reasons your refund might be delayed:
Your tax return has errors.
Your refund is suspected of identity theft or fraud.
You filed for the earned income tax credit or additional child tax credit.
Your return needs further review.
Your return includes Form 8379 (PDF), injured spouse allocation — this could take up to 14 weeks to process.
If the delay is due to a necessary tax correction made to a recovery rebate credit, earned income tax or additional child tax credit claimed on your return, the IRS will send you an explanation. If there’s a problem that needs to be fixed, the IRS will first try to proceed without contacting you. However, if it needs any more information, it will write you a letter.
How can you track the status of your refund online?
To check the status of your income tax refund using the IRS tracker tools, you’ll need to give some information: your Social Security number or Individual Taxpayer Identification Number, your filing status — single, married or head of household — and your refund amount in whole dollars, which you can find on your tax return. Also, make sure it’s been at least 24 hours (or up to four weeks if you mailed your return) before you start tracking your refund.
Using the IRS tool Where’s My Refund, go to the Get Refund Status page, enter your SSN or ITIN, your filing status and your exact refund amount, then press Submit. If you entered your information correctly, you’ll be taken to a page that shows your refund status. If not, you may be asked to verify your personal tax data and try again. If all the information looks correct, you’ll need to enter the date you filed your taxes, along with whether you filed electronically or on paper.
The IRS also has a mobile app called IRS2Go that checks your tax refund status. The IRS updates the data in this tool overnight, so if you don’t see a status change after 24 hours or more, check back the following day. Once your return and refund are approved, you’ll receive a personalized date to expect your money.
Where’s My Refund has information on the most recent tax refund that the IRS has on file within the past two years, so if you’re looking for return information from previous years you’ll need to contact the IRS for further help.
How can you check the status of unemployment tax refunds online?
Taxpayers who collected unemployment benefits in 2020 and filed their tax returns early have started to receive additional tax refunds from the IRS. Under new rules from the American Rescue Plan Act of 2021, millions of people who treated their unemployment compensation as income are eligible for a tax break and could get a hefty sum of money back.
However, it’s not easy to track the status of that refund using the online tools above. To find out when the IRS processed your refund and for how much, we recommend locating your tax transcript by logging in to your account and viewing the transactions listed there. We explain how to do that step-by-step.
What is the wait time for a standard tax refund?
The IRS usually issues tax refunds within three weeks, but some taxpayers have been waiting months to receive their payments. If there are any errors, or if you filed a claim for an earned income tax credit or the child tax credit, the wait could be pretty lengthy. If there is an issue holding up your return, the resolution “depends on how quickly and accurately you respond, and the ability of IRS staff trained and working under social distancing requirements to complete the processing of your return,” according to its website.
The date you get your tax refund also depends on how you filed your return. For example, with refunds going into your bank account via direct deposit, it could take an additional five days for your bank to post the money to your account. This means if it took the IRS the full 21 days to issue your check and your bank five days to post it, you could be waiting a total of 26 days to get your money. If you submitted your tax return by mail, the IRS says it could take six to eight weeks for your tax refund to arrive.
What do the IRS tax refund status messages mean?
Both IRS tools (online and mobile app) will show you one of three messages to explain your tax return status.
Received: The IRS now has your tax return and is working to process it.
Approved: The IRS has processed your return and confirmed the amount of your refund, if you’re owed one.
If you receive your tax refund by direct deposit, you may see IRS TREAS 310 for the transaction. The 310 identifies the transaction as an IRS tax refund. This would also apply to the case of those receiving an automatic adjustment on their tax return or a refund due to new legislation on tax-free unemployment benefits. You may also see TAX REF in the description field for a refund.
If you see a 449 instead, it means your refund has been offset for delinquent debt.
What is the IRS phone number to check on a tax refund?
The IRS received 167 million calls this tax season, which is four times the number of calls in 2019. And based on the recent report, only seven percent of calls reached a telephone agent for help. While you could try calling the IRS to check your status, the agency’s live phone assistance is extremely limited right now because the IRS says it’s working hard to get through the backlog. You shouldn’t file a second tax return or contact the IRS about the status of your return.
Even though the chances of getting live assistance are slim, the IRS says you should only call if it’s been 21 days or more since you filed your taxes online, or if the Where’s My Refund tool tells you to contact the IRS. Here’s the number to call: 800-829-1040.
Why will a refund come by mail instead of direct deposit?
There are a couple of reasons that your refund would be mailed to you. Your money can only be electronically deposited into a bank account with your name, your spouse’s name or a joint account. If that’s not the reason, you may be getting multiple refund checks, and the IRS can only direct deposit up to three refunds to one account. Additional refunds must be mailed. Lastly, your bank may reject the deposit and this would be the IRS’ next best way to refund your money quickly.
Tax returns in the United States are reports filed with the Internal Revenue Service (IRS) or with the state or local tax collection agency (California Franchise Tax Board, for example) containing information used to calculate income tax or other taxes. Tax returns are generally prepared using forms prescribed by the IRS or other applicable taxing authority.
Under the Internal Revenue Code returns can be classified as either tax returns or information returns, although the term “tax return” is sometimes used to describe both kinds of returns in a broad sense. Tax returns, in the more narrow sense, are reports of tax liabilities and payments, often including financial information used to compute the tax. A very common federal tax form is IRS Form 1040.
A tax return provides information so that the taxation authority can check on the taxpayer’s calculations, or can determine the amount of tax owed if the taxpayer is not required to calculate that amount. In contrast, an information return is a declaration by some person, such as a third party, providing economic information about one or more potential taxpayers.
The Internal Revenue Service said Monday it has begun sending letters to more than 36 million families likely eligible to receive payments starting in July under the newly expanded Child Tax Credit—one of the major antipoverty initiatives in President Biden’s stimulus plan—and announced the dates those payments are expected to hit bank accounts.
Biden’s $1.9 trillion American Rescue Plan significantly expanded the Child Tax Credit for the 2021 tax year: It will now provide eligible parents with a $3,000 credit for every child aged 6 to 17 and $3,600 for every child under age 6 (up from $2,000 per dependent child up to age 16).
Individuals earning up to $75,000 a year, heads of household up to $112,500 a year, and joint filers up to $150,000 a year are eligible to receive the full amount of the credit.
The amount of the payments will phase out by $50 for every $1,000 in adjusted gross income above those thresholds. The IRS will use information from 2019 or 2020 tax returns or the agency’s online Non-Filers tool to determine eligibility.
Some of that money will come in the form of advance payments, via either direct deposit or paper check, of up to $300 per month per qualifying child on July 15, August 13, September 15, October 15, November 15 and December 15, the IRS said Monday.
Families can claim the remainder of the credit on the 2021 tax returns they file next spring.
The American Rescue Plan also made the Child Tax Credit fully refundable for 2021. It was previously refundable only up to $1,400 per child, and families needed to earn at least $2,500 to be eligible for any of that money. That means many low-income families or families with no income at all that would have been ineligible for some or all the old credit (because they didn’t earn enough to owe taxes to qualify) can receive the full benefit in 2021.
What To Watch For
The IRS said it will send a second letter to eligible families with information about the estimated monthly payments they can expect to receive. The IRS is also expected to open an online portal where families can check their eligibility, update information about income and qualifying children, check the status of their payments and opt out of the program.
The White House has proposed extending the expanded Child Tax Credit for another five years under the American Families Plan (which has yet to be taken up by Congress), but many progressives want to make the expanded credit permanent. “No recovery will be complete unless our tax code provides a sustained pathway to economic prosperity for working adults and families,” 41 Democratic senators wrote in a letter to President Biden in March. “Your forthcoming Recovery Plan is the opportunity we have to make the expansions of these credits permanent.“
I’m a breaking news reporter for Forbes focusing on economic policy and capital markets. I completed my master’s degree in business and economic reporting at New York University. Before becoming a journalist, I worked as a paralegal specializing in corporate compliance.
There have been important changes to the Child Tax Credit that will help many families receive advance payments starting this summer. The American Rescue Plan Act (ARPA) of 2021 expands the Child Tax Credit (CTC) for tax year 2021 only.
The expanded credit means:
The credit amounts will increase for many taxpayers.
The credit for qualifying children is fully refundable, which means that taxpayers can benefit from the credit even if they don’t have earned income or don’t owe any income taxes.
The credit will include children who turn age 17 in 2021.
Taxpayers may receive part of their credit in 2021 before filing their 2021 tax return.
For tax year 2021, families claiming the CTC will receive up to $3,000 per qualifying child between the ages of 6 and 17 at the end of 2021. They will receive $3,600 per qualifying child under age 6 at the end of 2021. Under the prior law, the amount of the CTC was up to $2,000 per qualifying child under the age of 17 at the end of the year.
The increased amounts are reduced (phased out), for incomes over $150,000 for married taxpayers filing a joint return and qualifying widows or widowers, $112,500 for heads of household, and $75,000 for all other taxpayers.
Advance payments of the 2021 Child Tax Credit will be made regularly from July through December to eligible taxpayers who have a main home in the United States for more than half the year. The total of the advance payments will be up to 50 percent of the Child Tax Credit. Advance payments will be estimated from information included in eligible taxpayers’ 2020 tax returns (or their 2019 returns if the 2020 returns are not filed and processed yet).
The IRS urges people with children to file their 2020 tax returns as soon as possible to make sure they’re eligible for the appropriate amount of the CTC as well as any other tax credits they’re eligible for, including the Earned Income Tax Credit (EITC). Filing electronically with direct deposit also can speed refunds and future advance CTC payments.
Eligible taxpayers do not need to take any action now other than to file their 2020 tax return if they have not done so.
Eligible taxpayers who do not want to receive advance payment of the 2021 Child Tax Credit will have the opportunity to decline receiving advance payments. Taxpayers will also have the opportunity to update information about changes in their income, filing status or the number of qualifying children. More details on how to take these steps will be announced soon.
The IRS also urges community groups, non-profits, associations, education groups and anyone else with connections to people with children to share this critical information about the CTC. The IRS will be providing additional materials and information that can be easily shared by social media, email and other methods.
Hear that? It’s the sound of millions of taxpayers cheering across the country: the Internal Revenue Service (IRS) has announced the open of the tax filing season. That date is February 12, 2021.
If you want to get your refund as fast as possible, the IRS recommends that you e-file your tax return and use direct deposit (be sure to double-check those account numbers before you send your return). If you file by paper, it will take longer. According to the IRS, eight out of 10 taxpayers get their refunds by using direct deposit.
Assuming no delays, here are my best guesses for expected tax refunds based on filing dates and information from the IRS. I can’t stress enough that these are simply educated guesses. I like math and charts as much as the next girl, but there are a number of factors that could affect your tax refund (keep reading)
* No matter when you filed your tax return, if you claimed the EITC or the ACTC, don’t forget to take into consideration that hold date.
My numbers are based on an expected IRS receipt date beginning on the open of tax season, February 12, 2021, through the close of tax season on April 15, 2021. To keep the chart manageable, I’ve assumed the IRS received your e-filed tax return on the first business day of the week; that’s usually a Monday, but if there’s a holiday (like President’s Day), I’ve skipped ahead until Tuesday. The same logic holds true for issuing refunds. In reality, the IRS issues tax refunds throughout the week, so the date could move forward or backward depending on the day your return was received.
Other sites may have different numbers but remember they’re just guessing, too: The IRS no longer makes their tax refund processing chart public.
Do not rely on any tax refund chart—this one included—for date-specific planning like a large purchase or a paying back a loan.
Remember that if you claim the earned-income tax credit (EITC) and the additional child tax credit (ACTC), the IRS must wait until February 15 to begin issuing refunds to taxpayers who claim the EITC or the ACTC (that’s pretty close to the start date). Don’t forget to consider regular processing times for banks and factor in weekends and the President’s Day holiday. The IRS expects to see tax refunds begin reaching those claiming EITC and ACTC during the first week of March for those who file electronically with direct deposit and there are no issues with their tax returns.
If you want to get your tax refund as fast as possible, the IRS recommends that you e-file your tax return and use direct deposit. Keep in mind that if you e-file, the day that the IRS accepts your return may not be the day that you hit send or give the green light to your preparer. Check your e-filing confirmation for the actual date that the IRS accepts your return.
If you file by paper, it will take longer. Processing times can take more than four to six weeks in the best of times (and these are not the best of times) since the IRS has to manually input data. Don’t forget about postal holidays, too, when counting on the mail. There’s just one official postal holiday during tax season, Monday, February 15 (President’s Day), and one that follows just after tax season, Monday, May 31 (Memorial Day).
Even if you request direct deposit, you may still receive a paper check. Since 2014, the IRS has limited the number of refunds that can be deposited into a single account or applied to a prepaid debit card to three. Taxpayers who exceed the limit will instead receive a paper check. Additionally, the IRS will only issue a refund by direct deposit into an account in your own name, your spouse’s name or both if it’s a joint account. If there’s an issue with the account, the IRS will send a paper check.
If you’re looking for more information about the timing of your tax refund, don’t reach out to your tax professional. Instead, the IRS encourages you to use the “Get Refund Status” tool. Have your Social security number or ITIN, filing status and exact refund amount handy. Refund updates should appear 24 hours after your e-filing has been accepted or four weeks after you mailed your paper return. The IRS expect that the refund tool will be updated for those claiming EITC and ACTC, beginning on February 22, 2021. Otherwise, the IRS updates the site once per day, usually overnight, so there’s no need to check more than once during the day.
If you’re looking for tax information on the go, you can check your refund status with IRS2Go, the official mobile app of the IRS. The app includes a tax refund status tracker.
Remember that the IRS will not contact you by phone or by email regarding your refund. If you receive a call from someone claiming to be from the IRS or a debt collection agency regarding your tax refund, hang up immediately: it is a scam. Follow me on Twitter or LinkedIn. Check out my website.
Kelly Phillips Erb Years ago, I found myself sitting in law school in Moot Court wearing an oversized itchy blue suit. It was a horrible experience. In a desperate attempt to avoid anything like that in the future, I enrolled in a tax course. I loved it. I signed up for another. Before I knew it, in addition to my JD, I earned an LL.M Taxation. While at law school, I interned at the estates attorney division of the IRS. At IRS, I participated in the review and audit of federal estate tax returns. At one such audit, opposing counsel read my report, looked at his file and said, “Gentlemen, she’s exactly right.” I nearly fainted. It was a short jump from there to practicing, teaching, writing and breathing tax. Just like that, Taxgirl® was born.
Once the tax liability has been determined, we must consider the final three items in income tax preparation: tax credits, other taxes, and payments. When an overpayment occurs, the taxpayer has the option of receiving a refund or applying the amount of the overpayment to next year’s estimated tax.
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School choice legislation on the fast track myemail.constantcontact.com – Today[…] the “Missouri Empowerment Scholarship Accounts Program” and specifies that any taxpayer may claim a tax credit, not to exceed 50% of the taxpayer’s state tax liability, for any qualifying contribution to an educational assistance organization for all tax years beginning on or after July 1, 2022. The cumulative amount of tax credits issued in any one calendar year shall not exceed $50 million […]0
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HMRC waives penalty for late filing of self-assessmentshttp://www.bbc.co.uk – Today[…] The tax agency said more than 8.9 million customers have already filed their tax returns. However, taxpayers are still required to pay their tax bills by 31 January […] However, they will need to file their 2019-2020 tax return first. People who have tax bills over £30,000, or who need longer than 12 months to pay their bill, are advised to call HMRC […]0
If you filed your 2019 tax return by the July 15 extended deadline, and are owed a refund, you will receive a check from the IRS this week for accrued interest. Nearly 14 million Americans will receive an interest payment check, with the average payment being $18. Here’s what you need to know.
Why You Will Receive An Interest Check
Because COVID-19 is labeled a “disaster” by the federal government and caused the tax return deadline to be extended, the IRS is required to pay interest on the refunds owed to individuals. Businesses will not qualify for an interest payment.
Interest is paid at the adjusted quarterly rates. The rate for the second quarter was 5%, while the third quarter dropped to 3%. If the amount owed spans across the quarters, a blended interest rate applies. No interest will be added to any refund issued before the original April 15 deadline.
How To Receive An Interest Check
Checks will be sent to taxpayers who met the July 15 deadline and either received a refund in the past three months or anticipate receiving a refund. The interest payments will be issued separately from tax refunds, in most cases.
Taxpayers who received their tax refund by direct deposit will have their interest payment direct deposited in the same account. About 12 million of these payments will be direct deposited. Everyone else will receive a mailed check.
Your Interest Check Will Be Taxed
All earned interest is taxable income. Taxpayers who receive an interest check must report the interest on the 2020 federal income tax return they file next year. In January 2021, the IRS will send a Form 1099-INT to taxpayers who receive an interest check over $10.
For the millions of taxpayers that will receive a check in the coming days, the 1099-INT sent out in 2021 will be an additional form you need for your next tax return.
Brett Holzhauer is a graduate of the Walter Cronkite School of Journalism at Arizona State University. He writes about using points and miles for travel, personal finance news, utilizing credit cards as financial leverage, and investing for the future. He has been featured in publications such as The Points Guy, The Money Manual, Recruiter, Travel Pulse, and LendingTree. He is a full-time digital nomad with his wife, Kiersten.