J & J Insurance & Tax Service

08/01/2025

06/20/2025

https://dicksonpost.secondstreetapp.com/2025-Dickson-County-Main-Street-Awards/

Check it out now!

01/22/2023

Just a reminder to anyone issuing 1099nec’s and W2’s. The deadline is January 31st. Contact me if you need help to get them done.

01/06/2022

Wait for these 2 forms to file taxes if you received any Advance Child Credit and/or the EIP3 (third stimulus) they are on the way.
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Child Tax Credit Payments – letter 6419

The IRS letter 6419 is the official documentation that has the details to be reported for a taxpayer’s advance Child Tax Credit (CTC) payments. This letter will provide:

Total amount of advance CTC payments received for 2021; this information goes on Schedule 8812

Number of qualifying children counted in determining the Advance Child Tax Credit

Failure to use the amounts referenced in the IRS Letter 6419 on a customer’s return could trigger a manual review thus possibly delaying the refund by 6-8 weeks.
Please, keep in mind that anyone that received at least one Child Tax Credit payment from July to December 2021 should receive the letter 6419, even if they opted-out of the payments at some point.
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Economic Impact Payments (EIP) – letter 6475

The IRS letter 6475 is the official documentation that contains the total amount of the third Economic Impact Payment (EIP-3) and any plus-up payments received.
Taxpayers who didn’t qualify for EIP-3 or did not receive the full amount may be eligible for the Recovery Rebate Credit (RRC) based on their 2021 tax information. They’ll need to file a 2021 tax return, even if they don’t usually file, to claim the credit.

The 6475 letter should provide this information to calculate the correct 2021 RRC amount when they file their tax return. Failure to use the correct payment amounts could create delays in processing their refund.

07/14/2021

WASHINGTON — The Internal Revenue Service today upgraded a key online tool to enable families to quickly and easily update their bank account information so they can receive their monthly Child Tax Credit payment.

The bank account update feature was added to the Child Tax Credit Update Portal, available only on IRS.gov. Any updates made by Aug. 2 will apply to the Aug. 13 payment and all subsequent monthly payments for the rest of 2021.

Families will receive their July 15 payment by direct deposit in the bank account currently on file with the IRS. Those who are not enrolled for direct deposit will receive a check. The IRS encourages people without current bank account information to use the tool to update their information so they can get the payments sooner.

The IRS also urges people to be on the lookout for scams related to the Child Tax Credit. People who need to update their bank account information should go directly to the IRS.gov site and not click on links received by email, text or phone.

How to update direct deposit information

First, families should use the Child Tax Credit Update Portal to confirm their eligibility for the payments. If eligible, the tool will also indicate whether they are enrolled to receive their payments by direct deposit.

If so, it will list the full bank routing number and the last four digits of their account number. This is the account that will receive their July 15 payment, and if they don’t change the account, all future payments will go there as well.

Next, if they choose, they can change the bank account receiving the payment starting with the Aug. 13 payment. They can do that by updating the routing number and account number and indicating whether it is a savings or checking account. Note that only one account number is permitted for each recipient—that is, the entire payment must be direct deposited in only one account.

How to switch from paper check to direct deposit

If the Update Portal shows that a family is eligible to receive payments but not enrolled to receive direct deposits, they will receive a check each month. If they want to switch to receiving their payments by direct deposit, they can use the tool to add their bank account information. They do that by entering their bank routing number and account number and indicating whether it is a savings or checking account.

The IRS urges any family receiving checks to consider switching to direct deposit. With direct deposit, families can access their money more quickly. Direct deposit removes the time, worry and expense of cashing a check. In addition, direct deposit eliminates the chance of a lost, stolen or undelivered check.

07/14/2021

The Internal Revenue Service announced today it will issue another round of refunds this week to nearly 4 million taxpayers who overpaid their taxes on unemployment compensation received last year.
Refunds by direct deposit will begin July 14 and refunds by paper check will begin July 16. The IRS previously issued refunds related to unemployment compensation exclusion in May and June, and it will continue to issue refunds throughout the summer.

To ease the burden on taxpayers, the IRS has been reviewing the Forms 1040 and 1040SR that were filed prior to the law’s enactment to identify those people who are due an adjustment. For taxpayers who overpaid, the IRS will either refund the overpayment, apply it to other outstanding taxes or other federal or state debts owed.

06/07/2020

That’s better!!!!

04/02/2020

IRS to begin issuing $1,200 coronavirus payments April 9, but some Americans won’t receive checks until September, agency plan says
The Internal Revenue Service plans to send electronic payments as soon as late next week to more than 115 million Americans as part of the $2 trillion coronavirus law, a week sooner than expected, according to a plan circulated internally on Wednesday.
However, $30 million in paper checks for millions of other Americans won’t start being sent out until April 24, as the government lacks their banking information. And some of those checks won’t reach people until September, the document shows, underscoring the reality that many Americans could have to wait five months to receive their checks.
The speed with which the money is disbursed will depend largely on people’s method of filing taxes. Electronic payments can be distributed quickly, whereas the IRS must print paper checks and mail them separately. About eight in 10 taxpayers have signed up for direct deposit payments for their past tax refunds, a number that has grown in recent years. Treasury Secretary Steven Mnuchin said on Thursday that these Americans would receive the money within two weeks.
An IRS spokesman couldn’t immediately be reached for comment.
The IRS plan would distribute paper checks to the lowest-income Americans first, prioritizing payments for individual taxpayers with incomes of $10,000 or less on April 24.
Checks for earners of $20,000 or less would be in the mail May 1, followed by those with incomes of $30,000 on May 8, $40,000 on May 15, and continuing in income increments of $10,000 each week, according to the plan. The IRS plans to issue about 5 million checks each week.
Stimulus checks would be issued on Sept. 4 to joint taxpayers earning around $200,000, the maximum allowed under the stimulus. All others would be sent on Sept. 11, in most cases because the IRS did not have prior tax information for them and they need to apply for the checks.
The tax agency is racing to set up payment systems as millions of Americans have been forced out of the labor force by the pandemic, with jobless claims soaring to a staggering 6.6 million last week.
The plan is to generate electronic checks on April 9, according to the payment schedule reviewed by The Washington Post. Depending on how quickly banks process the payments, they would be deposited by April 14 at the latest.
“If we know where to put the money, we’re going to press the button and put it there next week,” said an IRS official who was not authorized to speak publicly.
American adults who earned less than $75,000 will receive a $1,200 payment, with children receiving $500. The payment will be phased out for Americans who receive more than that, and adults that earned more than $99,000 will not receive the benefit, under the law.
About 145 million Americans are eligible for stimulus checks, depending on their income. Mnuchin had said he expected most Americans to get their payments by April 17. The IRS still has not said publicly how long it would take the agency to issue paper checks, or how it plans to decide who should get them first.
Another 64 million Americans receiving Social Security and disability income will also receive checks, many of them electronically, after the Treasury Department announced Wednesday that they can get payments even if they typically do not file a tax return.
Most taxpayers will not have to file a separate claim with the IRS to receive their checks. The new law directs the Treasury to look at Americans’ 2019 or 2018 tax returns to determine if they are eligible for a payment.
The agency had strongly considered spacing payments out based on $25,000 income brackets, but concluded in recent days that it needed to send the checks in smaller batches because its networks do not have the bandwidth to issue so many checks in one week, the IRS official said. A slower ramp seemed more manageable, the official said.
Lisa Rein covers federal agencies and the management of government in the Trump adminstration. At The Washington Post, she has written about the federal workforce; state politics and government in Annapolis, and in Richmond; local government in Fairfax County, Va. and the redevelopment of Washington and its neighborhoods.
Democracy Dies in Darkness
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03/31/2020

Economic impact payments: What you need to know
Check IRS.gov for the latest information: No action needed by most people at this time

IR-2020-61

WASHINGTON – The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.

Who is eligible for the economic impact payment?

Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.

Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child.

How will the IRS know where to send my payment?

The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

The IRS does not have my direct deposit information. What can I do?

In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.

I am not typically required to file a tax return. Can I still receive my payment?

Yes. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.



How can I file the tax return needed to receive my economic impact payment?

IRS.gov/coronavirus will soon provide information instructing people in these groups on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents and direct deposit bank account information.

I have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?

Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.

I need to file a tax return. How long are the economic impact payments available?

For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.

Where can I get more information?

The IRS will post all key information on IRS.gov/coronavirus as soon as it becomes available.

The IRS has a reduced staff in many of its offices but remains committed to helping eligible individuals receive their payments expeditiously. Check for updated information on IRS.gov/coronavirus rather than calling IRS assistors who are helping process 2019 returns.

To explain the tax relief for those affected by coronavirus.