Why Not To Paper File Your Tax Return
2022-03-31 10:20 Since the beginning of the COVID-19 pandemic, the IRS has fallen nearly a year behind in processing paper tax returns. As of March 18, 2022, the paper return backlog stood at nearly 15 million. Most taxpayers receive refunds, so return processing delays generally mean refund delays. Refund delays ha...
Are You A Single-Member LLC? Information Here
2022-03-31 10:15 Single Member Limited Liability Company (SMLCC) Important information about SMLLCs A single member limited liability company (SMLLC) may be disregarded for federal tax purposes. In California, however, there is a separate existence for this business entity and it is not disregarded for purposes of t...
Missing 3rd Stim Checks Guidelines & Info.
2022-03-31 10:10 Letters about third-round of Economic Impact Payments issued; important steps to take for missing payments and corrections WASHINGTON – With the completion of special mailings of i all Letters 6475 to recipients of the third-round of Economic Impact Payments, the Internal Revenue Service reminds pe...
IRS Increases Deductions for Educators
2022-03-31 10:00 For the first time, maximum educator expense deduction rises to $300 in 2022; limit $250 for those filing 2021 tax returns WASHINGTON – The Internal Revenue Service today reminded teachers and other educators planning ahead for 2022 that they’ll be able to deduct up to $300 of out-of-pocket classro...
IRS To Clear Backlog From 2020 By End Of Year
2022-03-19 20:20 IRS Commissioner Charles Rettig told House members in a hearing Thursday that the Service will process its backlog of unprocessed work — some of it dating back to 2020 — by the end of 2022.   Rettig appeared before the House Ways and Means Committee's Subcommittee on Oversight to report on the cur...
Lower Income Families More Likely To Be Audited
2022-03-09 22:20 The Internal Revenue Service has been increasing its tax audits of the lowest-income wage earners to keep its overall audit numbers from declining, according to a new report.   The report, from Syracuse University’s Transactional Records Access Clearinghouse, found that low-income workers earning ...
All You Need To Know About The Child Tax Credit Monthly Payments
2022-03-08 22:00 2021 Child Tax Credit and Advance Child Tax Credit Payments — Topic A: General Information     Q A1. What are advance Child Tax Credit payments? (updated January 11, 2022)   A1. Advance Child Tax Credit payments are early payments from the IRS of 50 percent of the estimated amount of theChild...