WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?

 

* Oi vey!  Kelly Phillips Erb tells us “IRS Still Has Millions Of Returns To Process As Next Tax Season Approaches” at FORBES.COM –

“The agency says that it has processed all paper and electronic individual returns received before October 2023. Additionally, the agency claims it is opening mail within normal time frames. This means, they say, that all individual returns received for the tax year 2021 or earlier have been processed—if those returns had no errors or did not require further review.

By the numbers, as of Nov. 11, 2023, the agency had 953,000 unprocessed individual returns (Forms 1040). These include tax years 2022 and 2021 returns that need review or correction and late filed prior year returns.”

* To celebrate Cyber Monday “IRS, Security Summit partners launch 2023 National Tax Security Awareness Week focusing on holiday scams, protecting personal information as tax season nears”.

* The Service follows up on security by announcing “IRS supports international efforts to fight fraud during Charity Fraud Awareness Week”.

* The firm of MEYERS BROTHERS AND KALICK gives us “Substantiating Business Expenses: A Primer” –

“Businesses can generally deduct their “ordinary and necessary” business expenses. But even if an expense is legitimate, it’s not deductible unless it’s adequately substantiated.”

* The FI TAX GUY explains how to "Retire On 72(T) Payments".

TTFN