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Refund Delays Expected Again as IRS Falls Behind on Processing Returns
The IRS will begin accepting and processing returns on January 24, 2022. Last year, the IRS postponed Tax Day for the second year in a row; returns could be turned in as late as May 15, 2021. The postponed Tax Days allowed the IRS to adjust to changes to the tax code. However, millions of taxpayers experienced delays...
Tax Law Changes for 2022
Tax season is quickly approaching, although an official start date has not been announced yet. Typically, returns begin to be accepted by the end of January. As of now, all returns (or an automated extension) must be filed by April 15; although the IRS extended the deadline in both 2020 and 2021, there is no...
Is it True that the IRS is Hiring 87,000 New Agents to Audit Americans?
On May 20, 2021, President Joe Biden proposed hiring 86,852 new IRS agents over the next 10 years. The proposal from the U.S. Department of Treasury also includes a budget increase of $80 billion for the federal agency. The agency estimated uncollected taxes to be $554 billion just in 2019. IRS Commissioner Chuck...
The Tax Implications You Must Consider When Structuring Your New Business
So you'd like to start a new business? Perhaps you have an excellent idea for a new product or service, or you think you can improve upon something that already exists. Either way, you expect to grow quickly, and you'd like to register your business right away. But before you even register your business with the...
1099 and Information Reporting Compliance Part One: When to File, Where to Send, and Who Gets a 1099 Form
By: Tanya Baber, EA Overview of 1099 Reporting Information reporting faces several important hurdles: it is commonly misunderstood, the requirements for reporting often change, and new legislation and requirements are constantly being passed, all of which lead to confusion. IRS code sections 6042-6050 describe the...
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