IRS Reminders

Taxpayers this time of year are rushing to get tax return documents together, including W2s and other statements. Filers should keep in mind that most income is taxable such as unemployment compensation, refund interest, and income from the gig economy. IRS spokesperson Robin Capehart also says that taxpayers should know the IRS has phased out paper checks for tax refunds…

“The IRS will request banking information on all tax returns to issue refunds via direct deposit or electronic funds transfer, and there is help for those without access to bank accounts. So, options such as prepaid debit cards, digital wallets, or limited exceptions will be available.”