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The FTC Is Investigating Intuit Over TurboTax Practices

The Federal Trade Commission has been investigating Intuit and its marketing of TurboTax products, following ProPublica’s reporting that the Silicon Valley company deceived tax filers into paying when they could have filed for free. The FTC probe, run out of the commission’s Bureau of Consumer Protection, centers on whether Intuit violated the law against unfair …

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I Just Got a 1099-C Form for a Debt From 16 Years Ago

Question: Dear Steve, I received a 1099-C for charge off debt in 2004. I filed my taxes already. This debt occurred when I was married. Divorced for more than 6 years. The single parent no child support. I support my household alone. Can I claim insolvent on this based on my the household falls on …

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Trump Signs Order on Payroll Tax But Watch Nasty Surprise or Pay Up

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President Trump just signed a new executive order, “Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster.” For those unemployed and receiving benefits, it doesn’t mean much. For people that are employed an impression people may come away with is taxes withheld will be waived. The executive order says the halt to the …

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If We Owe the IRS Money Will We Still Get a Stimulus Check?

Question: Dear Steve, My husband and I recently filed out 2018 taxes and owe/paying down a few thousand dollars. Our combined adjusted gross income in 2018 was around $97K. We didn’t receive our stimulus check, although I receive SS which is directly deposited into my bank account. Do you know if someone owes the IRS …

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What Do I Do With This IRS CP2000 Claim I Owe Tax On a Cancelled Debt?

Question: Dear Jim, I received a CP2000 concerning a bank cancellation of debt, this was due to insolvency. I did not know I had to file this on my 2018 tax return because I honestly do not remember receiving it. The total due is over $2000 in taxes after IRS computed calculated adjustments. I would …

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What’s the Deal With Coronavirus Stimulus Checks, and How Do I Get One?

At the end of March, the federal government passed a $2.2 trillion bipartisan emergency coronavirus relief package, offering some of the most hard hit a much needed stopgap. The legislation includes small business loans and coronavirus stimulus checks for low- and middle-income Americans. Will I get a coronavirus stimulus emergency check? You should receive a …

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Millions of Americans Might Not Get Stimulus Checks. Others Might be Misdirected to Get Them.

Congress has approved billions of dollars of checks for Americans hard hit by the biggest round of layoffs in U.S. history. But millions of Americans will have to wait months for that money — and millions more may never get the money at all. That’s because the rescue legislation left it to the IRS, an …

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