May 31, 2022
Thomas Zanata
Blog Posts
0 CommentsThe IRS has informed taxpayers that the agency issues most refunds in less than 21 days for taxpayers who filed electronically and chose direct deposit. However, some refunds may take longer. The IRS listed several factors that can affect the timing of a refund after the agency receives a return. A manual review may be […]
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May 31, 2022Salvatore RussoBlog Posts0 CommentsThe IRS addressed the following common myths about tax refunds: Myth 1: Calling the IRS or visiting an IRS office speeds up a refund. The best way to check the status of a refund is online through the “Where’s My Refund?” tool. Taxpayers can also call the automated refund hotline at 800-829-1954. Myth 2: Taxpayers need […]
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March 21, 2022Wayne NaegeleBlog Posts0 CommentsNo Filing Deadline Extension Recommended Despite IRS Backlog – NTA The Internal Revenue Service should not extend the individual filing tax deadline, currently set at April 18 for most of the country, despite the significant backlog in processing of paper tax returns and other mail correspondence that can have an impact in the current the […]
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March 21, 2022Steve GrgasBlog Posts0 CommentsSimplified Return Filing Procedures Let Individuals Claim 2021 Child, Recovery Rebate and Earned Income Credits Individuals who are not required to file tax returns for 2021 may use simplified procedures to file returns to claim: The 2021 child credit, which was expanded and increased for 2021. The IRS may have paid up to one-half of […]
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March 21, 2022Angelica FarrellBlog Posts0 CommentsIRS Begins 2022 Tax Season and Issues Tips for a Smooth Filing Season The IRS has reminded taxpayers to take extra precautions to file accurate tax returns electronically to speed refunds as the agency begins the 2022 tax filing season. The IRS is now accepting and processing 2021 tax returns. Over 160 million individual tax […]
Read moreMarch 21, 2022Salvatore RussoBlog Posts0 CommentsIRS Backs Off of Facial Recognition Verification The Internal Revenue Service is halting its plans for widespread implementation of a system that would have required taxpayers to use facial recognition and authentication to access services on the agency’s website. In a February 7 statement released by the IRS, the agency said “it will transition away from […]
Read moreMarch 21, 2022Salvatore RussoBlog Posts0 CommentsForm 14457, Voluntary Disclosure Practice Preclearance Request and Application Has Been Updated The IRS has announced that Form 14457, Voluntary Disclosure Practice Preclearance Request and Application, has been revised. Form 14457 allows taxpayers who may face criminal prosecution for willful violation of tax law to voluntarily disclose information to the IRS. These updates and additions […]
Read moreMarch 21, 2022Salvatore RussoBlog Posts0 CommentsFurther Details Provided on Relief in Preparing Schedules K-2 and K-3 The IRS has provided further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the transition to these new schedules. Those eligible for the relief will not have to file the […]
Read moreMarch 21, 2022Salvatore RussoBlog Posts0 CommentsTreasury Secretary Yellen Promotes Corporate Minimum Tax A corporate minimum tax is needed to provide tax relief to the working and middle class, Department of Treasury Secretary Janet Yellen said. “Over the past several decades, the burden of taxation – in the United States and globally – has shifted away from corporations and on the […]
Read moreMarch 21, 2022Salvatore RussoBlog Posts0 CommentsAICPA Requests Guidance On How To Handle Prepayment Of Events Canceled By COVID The American Institute of CPAs has asked the Internal Revenue Service to issue updated guidance on how to account, from a tax perspective, prepayments received for live events that were canceled or deferred due to the COVID-19 pandemic. “During the pandemic, taxpayers […]
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