Many College Students May Still Qualify For An Economic Impact Payment

The Internal Revenue Service today urged any eligible self-supporting college student who doesn’t need to file a tax return to register by Nov. 21 so they can receive an Economic Impact Payment before the end of the year.

In advance of the National EIP Registration Day on Nov. 10 and highlighted in “A Closer Look,” the IRS is reminding people who don’t normally file a tax return they may be able to register for an Economic Impact Payment with a quick visit to the Non-Filers tool on IRS.gov. In particular, the IRS wants to remind self-supporting students with little or no income that they may be eligible for payments of $1,200 or more.

“The IRS is working hard with our partners across the country to raise awareness about the upcoming deadline to register for a payment,” said IRS Commissioner Chuck Rettig. “College students in particular should be careful not to overlook these payments if they’re supporting themselves and can’t be claimed as a dependent on someone’s tax returns. A few minutes of research could really help students.”

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Barry Fowler

Well, here we are mid-year, the tax season behind us and yet, the tax scammers just keep coming up with fresh ways to trick taxpayers!

While the rest of us are getting on with our lives, feeling the relief of having satisfied the tax man (or not), the criminals are hard at work finding on new targets. They never seem to sleep.

Just the other day, Accounting Today.com, one of our industry publications posted the following:

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New York and a few other states allow a sales tax exemption for college textbooks. That may be too broad of a statement – the exemption is for a college student buying a textbook noted on his/her course syllabus or a list from the college. It is not simple for the buyer or seller due to definitions, restrictions and recordkeeping.

While the exemption might sound like a great thing for students, and California often introduces proposals for such an exemption, it is not. There are better ways for legislatures to help college students including targeting relief to those who need it and not imposing extra work on third parties (booksellers) to handle the program.

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