A recent report released by the Treasury Inspector General for Tax Administration (TIGTA) found that the IRS sent out stimulus checks totaling $603 million to taxpayers that were likely ineligible... Meanwhile, approximately 10 million taxpayers were likely eligible for a stimulus check and did not receive one, but the IRS is not going to take the initiative to get these taxpayers their money. The responsibility falls on YOU the taxpayer to chase the IRS for your stimulus payments. The report only covers the first two stimulus checks (EIP1 and EIP2), so if you are missing your EIP3 payment of $1,400, we still don't know the IRS' success rate on distributing these payments to taxpayers. For a link to the full report, check here: https://www.treasury.gov/tigta/auditreports/2022reports/202246032fr.pdf Jason’s Page: https://jasondknott.com/ Knott PLLC: https://www.knottpllc.com/ Need more help? Schedule a Consultation: https://jasondknott.com/Consultation ✅ TAX & ACCOUNTING TRAINING GUIDES Udemy - https://jasondknott.com/Udemy Gumroad - https://jasondknott.com/Gumroad ✅ AFFILIATE LINKS Open an LLC with Better Legal - https://jasondknott.com/BetterLegal Signup Bonus with M1 Finance - https://jasondknott.com/M1_Finance Open a Bitcoin IRA - https://jasondknott.com/BitcoinIRA Protect your Privacy with Nord VPN - https://jasondknott.com/NordVPN Open a Webull Stock Account - https://jasondknott.com/Webull File Taxes with TurboTax - https://jasondknott.com/TurboTax File Taxes with TaxSlayer - https://jasondknott.com/TaxSlayer Open a Wise Bank Account - https://jasondknott.com/Wise Try Amazon Prime - https://jasondknott.com/AmazonPrime Shamining Crypto Cloud Mining - https://jasondknott.com/Shamining_Crypto_Mining ✅ FOLLOW JASON HERE: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. This description includes links to affiliates. I may earn a commission or referral bonus if you use these links to purchase products or services from the providers. Thank you. #StimulusChecks #MissingStimulusCheck #EIP #RecoveryRebateCredit ... https://www.youtube.com/watch?v=N9DmPC0VoJQ

We are 1 month away from the Form 1040 filing deadline of April 18, 2022. So, how has the IRS fared so far? The IRS commissioner testified that with the addition of an extra 10,000 new IRS employees, they should be able to get all caught up with tax returns, notices, IRS correspondence, and other taxpayer matters before the year closes in December 2022. Let's hope he is right... If you have yet to file your tax return, please file it electronically! Paper filed returns will be delayed for months! Need to claim the EITC: https://youtu.be/jP3OYhZrxns IRS FAQ on the EITC: https://www.irs.gov/newsroom/irs-issues-questions-and-answers-about-the-tax-year-2021-earned-income-tax-credit You can check your tax refund status online at the IRS.gov website. Jason’s Page: https://jasondknott.com/ Knott PLLC: https://www.knottpllc.com/ Need more help? Schedule a Consultation: https://jasondknott.com/Consultation ✅ TAX & ACCOUNTING TRAINING GUIDES Udemy - https://jasondknott.com/Udemy Gumroad - https://jasondknott.com/Gumroad ✅ AFFILIATE LINKS Open a Bitcoin IRA - https://jasondknott.com/BitcoinIRA Protect your Privacy with Nord VPN - https://jasondknott.com/NordVPN Open a Webull Stock Account - https://jasondknott.com/Webull DIY Legal Services with NOLO - https://jasondknott.com/NOLO File Taxes with TurboTax - https://jasondknott.com/TurboTax File Taxes with TaxSlayer - https://jasondknott.com/TaxSlayer Try Amazon Prime - https://jasondknott.com/AmazonPrime ✅ FOLLOW JASON HERE: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. This description includes links to affiliates. I may earn a commission or referral bonus if you use these links to purchase products or services from the providers. Thank you. #TaxRefundUpdates #TaxRefund #Form1040 ... https://www.youtube.com/watch?v=5CfcsoLn6gI

Form 4797 is used to report the gains & losses on the sale of rental real estate property and related assets. In this example, we look at a partnership LLC that sold a residential rental property. The gain on the sale of the property comprises both real property & improvements (Section 1250 property) & personal property (Section 1245). The company must record an ordinary gain on the depreciation recapture for the personal property, unrecaptured Section 1250 gains on the straight line depreciation for the real property, and Section 1231 gains. For more videos on Form 4797 & Form 1065 tutorials: Nonrecaptured Section 123Losses: https://youtu.be/uDzLCzRfcvk Section 1250 Ordinary Recapture: https://youtu.be/jgQgMgL9-jw Real Estate Depreciation Recapture: https://youtu.be/H4_Emz5vGSQ Real Estate Flipping Business: https://youtu.be/crEKLgBR8WI Rental Property Form 1065 Example: https://youtu.be/rRbhWU40hX0 TY2022 Rental Real Estate LLC: https://youtu.be/HCblXT-JtXY IRS Form 8288 Withholding Taxes: https://youtu.be/usu3ORWb6yY For a larger database of tutorials, please visit our website and search for your question: https://knottlearning.com/ DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials. #Form4797 #RentalRealEstate #RentalProperty ... https://www.youtube.com/watch?v=XbooTlHxZoM

Many taxpayers are familiar with the Federal Earned Income Tax Credit (EITC) on their Form 1040. However, there are over 30 states that have their own version of the EITC which can be claimed on their resident state tax return. Colorado is a state that will provide their own EITC which is calculated as a percentage of your federal EITC. The amount for CO purposes is 10% for 2021 tax years and prior, and will be 15% of the EITC for the 2022 tax year. If you are a full year CO resident make sure to claim your state EITC if eligible! Jason’s Page: https://jasondknott.com/ Knott PLLC: https://www.knottpllc.com/ Need more help? Schedule a Consultation: https://jasondknott.com/Consultation ✅ TAX & ACCOUNTING TRAINING GUIDES Udemy - https://jasondknott.com/Udemy Gumroad - https://jasondknott.com/Gumroad ✅ AFFILIATE LINKS Open an LLC with Better Legal - https://jasondknott.com/BetterLegal Signup Bonus with M1 Finance - https://jasondknott.com/M1_Finance Open a Bitcoin IRA - https://jasondknott.com/BitcoinIRA Protect your Privacy with Nord VPN - https://jasondknott.com/NordVPN Open a Webull Stock Account - https://jasondknott.com/Webull File Taxes with TurboTax - https://jasondknott.com/TurboTax File Taxes with TaxSlayer - https://jasondknott.com/TaxSlayer Open a Wise Bank Account - https://jasondknott.com/Wise Try Amazon Prime - https://jasondknott.com/AmazonPrime Shamining Crypto Cloud Mining - https://jasondknott.com/Shamining_Crypto_Mining ✅ FOLLOW JASON HERE: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. This description includes links to affiliates. I may earn a commission or referral bonus if you use these links to purchase products or services from the providers. Thank you. #EITC #ColoradoTax #EarnedIncomeTaxCredit ... https://www.youtube.com/watch?v=DlM9HcCJbu4