Let me begin with a message to every 1040
client from every tax preparer –
“Dear Client -
DO NOT email
me to ask about your 2021, or 2020, federal refund. There is absolutely nothing I, or you, can
do to expedite the processing of your 2021 federal return or the issuance of
your 2021 federal refund. The word
is it will take 5 – 6 months from the date the return was received by the IRS
to get your refund. You just need
patience. FYI – the IRS will pay you
interest on your late refund, recently increased from 4% to 5%.”
* It’s the least they can do. THE HILL reports, as I stated above, “IRS to pay 5 percent interest to individuals with delayed tax refunds”.
Of course, this interest is taxable income and must
be reported on your 2022 federal and state income tax returns.
* Let me help you to experience THE JOY OF AVOIDING TAXES.
* A warning from Sarah Brenner at THE
SLOTT REPORT – “Watch Out For The Once-Per-Year Rollover Rule”.
* Check out the new format of my BOBSERVATIONS blog –
now a monthly online “magazine”. Please
share this with friends, family, colleagues, and co-workers. Your thoughts and comments are welcomed and
solicited.
* Michael Cohn reports “IRS sent over $800M in potentially improper recovery rebate payments” at ACCOUNTING TODAY.
I have no doubt this is true. I am personally aware of many taxpayers who
got a 3rd stimulus payment but should not have.
TTFN
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