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Advice to Give Clients Going into Tax Season
Everyone wants to pay the least amount of taxes possible, while receiving their return as quickly as possible. But as a tax professional, it’s your job to report your client’s income and assets accurately, while keeping their goals in mind. There is some basic advice to offer all of your clients to simplify and...
10 Tax Breaks Not to Overlook
The IRS is already accepting tax returns, and you’ve likely begun receiving your tax documents for the 2021 tax year. With the tax code becoming increasingly complicated, and more people than ever filing returns to take advantage of tax savings, it’s important to stay on top of all of the deductions and credits...
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. The postponed Tax Days allowed the IRS to adjust to changes to the tax code. However, millions of taxpayers experienced delays in...
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...
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