I think I will return the BUZZ to a weekly Monday posting schedule.
* It will be déjà vu all over again. Michael Cohn of ACCOUNTING TODAY reports “Taxpayer Advocate warns of tax refund delays this season” (highlight is mine) -
“National Taxpayer Advocate Erin Collins expressed deep concerns Wednesday about the upcoming tax filing season in her annual report to Congress on the 2021 filing season.
The report found that tens of millions of taxpayers saw delays in the processing of their returns last year, and with 77% of individual taxpayers receiving tax refunds, ‘processing delays translated directly into refund delays.’ Similar delays or worse are likely to occur this year.”
The IRS itself anticipates continued delays in return processing for the upcoming filing season, so expect delays in getting refunds requested on your 2021 returns. And, most important, there is absolutely nothing whatsoever your tax preparer can do to expedite the processing of a return or the issuance of a refund – so do not call or email your tax pro if your 2021 refund is delayed!
* Speaking of the Taxpayer Advocates annual report to Congress, Kay Bell discusses it in more detail in “Top 10 Taxpayer Problems of 2021 likely to repeat in 2022” at DON’T MESS WITH TAXES.
Click here for the TA’s full report.
* And Kay lists and explains “Tax statements you need to file your 2021 return”.
Here is one statement you especially need to be aware of, and save and give to your tax professional -
“Letter 6475 — Similarly, this IRS letter details how much of the COVID-19 third economic impact payment (EIP) you got last year. The maximum, as also provided by ARPA, was $1,400 per person. If you didn't get that much, you might be able to get additional relief money by claiming the Recovery Rebate Credit. The information in Letter 6475, officially titled Your 2021 Economic Impact Payment, will help you calculate just how much you're still due. If you didn't get any EIP last year, but qualify, you can claim the Recovery Rebate Credit, no letter needed.”
When you receive the applicable forms in the mail be sure to check the Social Security numbers for accuracy and, if possible, verify the dollar amounts reported with your records.
I hope my clients are “listening”.
* Matt Lebo, CPA discusses in detail “Considerations When Inheriting an IRA” at the new to me TAX WARRIORS blog.
* And we have another Kay Bell trifecta with her “Tax return checklist & questions to help you file your taxes”.
THE LAST WORD
We seem to be dealing with TWO pandemics.
Not only COVID, but a serious outbreak of STUPIDITY. The stupidity outbreak is exacerbating the COVID outbreak.
There are, sadly, too many complete idiots in America today - and almost all seem to be Republicans.