The IRS has been in the news recently, and there are several rumors floating around on social media that we’d like to set straight. It’s simply NOT true that 87,000 IRS agents with guns will be coming after you any time soon! Here are the real facts. The Inflation Reduction Act signed by the President […]
The Benefits of Filing for an Automatic Extension of Time to File Your Income Tax Return
Many taxpayers are under the assumption that it’s bad to delay filing your taxes by filing an extension. While individual tax returns are due April 15 each year, you can file an automatic 6-month extension so that the return is not due until October 15. The rumor that you have a better chance of getting […]
Processing Delays and Backlogs at the IRS
The pandemic shutdown in 2020, staffing shortages, budget limitations, and numerous tax law changes have converged to cause a snowball effect on the IRS’s ability to process returns in a timely manner. Both taxpayers and tax professionals have been heavily impacted for the last couple of years, and it has become so bad going into […]
IRS Letter About Advanced Child Tax Credits
The IRS announced that it will be sending out letters to everyone who received advance Child Tax Credit payments. Please be on the lookout for this letter and DO NOT throw it away. IRS Letter 6419 will go out January 19, 2022. It will show the total amount of advance Child Tax Credit payments that […]
43 Life Events That May Affect Your Taxes and Accounting
Your tax professional will ask you about what’s happening in your life, whether in the form of an interview, intake form, or annual tax organizer. Please know they are not being overly nosy! They need to know when life events occur because they often make a difference in how much tax you pay. It’s usually […]