Just looking through my website stats, I noticed that on April 15, 2008 (Tax Day) AtkinsSC.com received the highest amount of visitors in a single day ever. Thanks guys for checking out this blog. I hope you are finding a lot of helpful information here.

And there really isn’t a major surprise that the most popular posts this month are about the “proper” way to file your income tax returns and, of course, the economic stimulus package and when those payments are getting mailed out.

Thanks again for checking out AtkinsSC.com! Be sure to add our RSS feed to your feed reader!

A welcome announcement came from the IRS today that they are going to be about a week ahead of schedule in directly depositing and mailing the tax rebate checks from the economic stimulus package.

Here is a list of when to expect your payments based on whether you are receiving a paper check or direct deposit:

DIRECT DEPOSIT

PAPER CHECK

For more information about the economic stimulus package, check out the IRS web page set up for this topic here!

Question: What will happen if you moved?  Will the check come to the forward address, or get sent back? Is the a number we can call to give the new address?

Answer: The IRS is going to mail your rebate check to the last known address they have on file for you.  Basically, since your eligibility is based on your 2007 income tax return, your address on that tax return is where the IRS will mail your check.  If you have a different address from your most recent tax return, you should do a couple of things:

First, you should file a Form 8822 (Just click the link to download the form) with the IRS.  This form is a “change of address” form that notifies the IRS of your new address.

Second, you should file a change of address notice with the U.S. Postal Service to ensure that your check is delivered to your new address even if the IRS has not updated your address yet.

Without your current address, the check could be returned to the IRS as undeliverable.  You would still probably be able to claim your check at this point, it would probably just be a major hassle that should be easy to avoid.

Of course, I’m sure you can call the IRS on their toll free telephone number 1-800-829-1040; but you have to be prepared to sit on hold for a while.

Question: Is it better to set up an installment agreement with the IRS or just wait for a letter?

Answer:  Thanks for the question.  I think it is always better to be proactive when it comes to the IRS, but the situation always dictates what you should do.  I always like to point out that as long as you owe the IRS money penalties and interest are accruing.  The sooner you take action to resolve your liability, the sooner you can get out of trouble with the IRS and the more money you will save for yourself rather than spending it on interest to the IRS.

If you don’t owe a lot of money, setting up an installment agreement with the IRS isn’t too difficult and is usually just a phone call away.  If you owe a substantial amount, you should definitely consider having a CPA or attorney help you with getting the payment plan set up so you don’t get taken to the cleaners.
Finally, as a disclaimer, I need to do my ethical duty as an attorney and let you know that this blog is meant to provide general tax and legal information and not specific information for your particular situation. You should always consult a competent attorney or tax professional to discuss the specifics of your case.

I know everyone is chomping at the bit to get their hands on that “free money” the government is sending out as a part of the recent economic stimulus package.  The IRS has recently updated their site about the stimulus package and I am providing a link below.  The order of how the payments are being made is based on your social security number and payments are supposed to begin being mailed on May 2, 2008.

    I wanted to wish you a happy tax day!  Hopefully, you aren’t running around like crazy trying to get your taxes filed this afternoon or standing in a long line at the IRS office this afternoon.  But, if you are, I would recommend that you do everything you can to get your return filed and paid on time today.  That means you have it postmarked before midnight.

If you are unable to get your tax return filed or mailed today, you should at the very least file an extension to file your tax return.  However, an extension to file is not an extension to pay.  Therefore, you need to make sure if you are going to owe taxes you make a payment today for what you think you are going to owe or you will be penalized for not making the payments on time.