IRS issues regading the Rabate Recovery Credit
Does it ever stop with the challenges in preparing an individual tax return? Now there is an issue with the “Recovery Rebate Credit”. A few banks will begin denying RAL requests on any return with Recovery Rebate Credits. Based on information from IRS, it is better to claim zero than to claim the wrong amount. If a taxpayer claims zero, and is entitled to a recovery rebate credit, the IRS has indicated they will credit the taxpayer with the correct credit, and adjust the refund or balance due accordingly. But if they claim the wrong amount,their refund will be delayed.
Based on this new information from IRS, our recommendation is to not claim the credit on any return, unless you have verified the amount of the credit at the IRS Website.
Contact the accounting, tax and financial consulting firm of Robert C Olivieri, Jr. PC if you still have any other questions or are looking to have your personal, corporate, payroll or sales tax returns prepared. Take advantage of our 30 plus years of Accounting, Tax and Financial Consulting experience to reduce your IRS liabilities and show you our provocative Retirement Strategies. Our retirement suggestions are not stockbroker friendly because we are not in the business of selling stocks or mutual funds. Feel free to call Bob, almost anytime, at 215.943.3296 for any questions you may have. Is it not time you dealt with Accounting and Tax Professionals that are available at your convenience?
