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IRS is in crisis, Taxpayer Advocate warns

IRS warnings about this tax season.

IRS is in crisis, Taxpayer Advocate warns The agency's top watchdog called last year's tax filing season the most challenging ever experienced and warned this year could be worse.

Timeline photos

#IRS sending letters to recipients of advance #ChildTaxCredit payments and third #EconomicImpactPayments. Using the information in these letters when preparing your tax return can reduce errors, avoid refund delays. https://go.usa.gov/xt3mm

Received the child tax credit? Be on the lookout for letter from IRS

A letter is coming showing the 3rd Stimulus amount received, and if you have kids, a letter showing the amount of Advance Child Tax Credit received. Please bring these in with the rest of your tax documents. Letter Number 6419 and Letter Number 6475.

Received the child tax credit? Be on the lookout for letter from IRS If you receive one of these letters, don't ignore it or throw it away.

Child tax credit: IRS unveils new feature to help avoid mailing delays

https://www.valleycentral.com/news/local-news/child-tax-credit-irs-unveils-new-feature-to-help-avoid-mailing-delays/?fbclid=IwAR1ef0OJqr_suuYoz2XI7oFTMuxlHUuWA73K4d2wgMcC3eEVJc7EI4P50pI

Child tax credit: IRS unveils new feature to help avoid mailing delays A new feature launched by the IRS on Friday will make it easier for families getting the advance child tax credit by mail to update their address without delaying or missing the September payment.

August child tax credit payments issued: Here’s why yours might be delayed

https://www.valleycentral.com/news/august-child-tax-credit-payments-issued-heres-why-yours-might-be-delayed/?fbclid=IwAR1IyYwqfhjNPu5xJy27Ue6JikIO3ChvODKJwVPJpByLAOaAxdUfKJGMMf4

August child tax credit payments issued: Here’s why yours might be delayed The second installment of expanded child tax credits was issued Friday to millions of eligible families, but some payments will likely be delayed due to a technical glitch, the U.S. Department of T…

Child Tax Credit Update Portal | Internal Revenue Service

Public Service Announcement!

The IRS will begin direct depositing or mailing Advance Child Tax Credit Payments to millions of taxpayers around July 15th. This " Early Advance" will be subtracted from your 2021 Federal Tax Return when you file next year. The IRS has developed a portal to "Opt Out" if you would rather get all of your refund at one time next year when you file your taxes. However, early indications are that the portal can be extremely difficult for some taxpayers to complete the ID verification process.

If you file Married Filing Joint, both you and your spouse are required to create separate portals for both of you to opt out.

I am providing a link below to the portal, and I am also providing a phone number provided by the IRS if you are unable to "Opt Out" via the portal. Tax Offices have no way of "Opting you Out", so you will have to use one of these methods.

Phone number 800-908-4184

IRS Portal
https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

Child Tax Credit Update Portal | Internal Revenue Service View your eligibility and unenroll from advance payments of the Child Tax Credit.

Backlog of income tax returns is growing, delaying refunds to millions

The IRS has 31 million returns in backlog. Taxpayer's affected by this backlog are just going to have to be patient. An agent will have to manually process to get it out of the backlog, and nobody seems to know how long it's going to take. Calling into the IRS is not going to produce a different result because the Customer Service Agent taking your phone call does not have anything to do with the processing of tax returns. It's going to be a long summer.

https://www.cbsnews.com/amp/news/tax-refund-delay-backlog-returns-growing-irs-2021-05-12/

Backlog of income tax returns is growing, delaying refunds to millions Almost 31 million returns are being held for manual review, delaying refunds. "I depend on that money," one taxpayer says.

IRS is holding over 29 million tax returns, delaying refunds for many poorer Americans

IRS delay affects over 29 Million Tax Returns.

https://finance.yahoo.com/news/irs-holds-over-29-million-tax-returns-delaying-refunds-192532885.html

IRS is holding over 29 million tax returns, delaying refunds for many poorer Americans The Internal Revenue Service is holding 29 million returns for manual processing — delaying refunds for many — because of pandemic-related law changes, processing errors, and fraud detection.

Unemployment Update:

In Mid March, Congress passed a $10,200 exclusion on Unemployment taxpayers were paid in Tax Year 2020. Many taxpayers had already filed based on the previous law. The IRS has decided to amend and correct these returns themselves instead of tax preparers correcting them. The IRS news release says the IRS will begin correcting these returns sometime in May. If you received unemployment in 2020 and filed your taxes before the middle of March law change, then don't be alarmed if you get a correction letter from the IRS correcting your return. Some of the early filers may get an additional refund after the IRS corrects their return. However, some returns may not change at all. Also keep in mind, Georgia chose not to exclude the $10,200, so your Georgia Return will not change. Thanks, Quick Sam Tax Service.

TAS’s Ability to Help With Delayed Refunds Is Limited - Taxpayer Advocate Service

IRS DELAYS: Over 6 million returns affected by delays.

The Taxpayer Advocate Service is a division of the govt that works hand in hand with the IRS, but represents your interest and not the IRS. This article from them explains about the many delayed returns across the US. I know many taxpayers are in desperate need of their refunds, but at this point only time is going to help. Your tax preparer, the Taxpayer Advocate, and in many cases even the IRS agent, cannot do anything at this point.

https://www.taxpayeradvocate.irs.gov/news/tas-ability-to-help-with-delayed-refunds-is-limited/

TAS’s Ability to Help With Delayed Refunds Is Limited - Taxpayer Advocate Service The Taxpayer Advocate Service (TAS) is aware that taxpayers are experiencing more refund delays this year than usual. Typically, the IRS processes electronic returns and pays refunds within 21 days of receipt. However, the high volume of 2020 tax returns being filed daily, backlog of unprocessed 201...

Watchdog warns of refund delays amid IRS backlog

Please remember your tax preparer is at the mercy of the IRS. The IRS is still back logged from last years tax season and this tax season is muddled with stimulus check payments being issued during the heat of the battle. I promise you that your tax preparer wants you to have your refund as quickly as you want to receive it. Stay calm, be patient, and if you receive a letter from the IRS take it to your tax preparer as soon as possible. The attached article explains some of the problems.
https://www.accountingtoday.com/articles/watchdog-warns-of-tax-refund-delays-amid-irs-backlog-struggles?position=editorial_7&campaignname=ACT%20Daily-03262021&utm_source=newsletter&utm_medium=email&utm_campaign=ACT_Daily_Daily%2B%27-%27%2B03262021&bt_ee=tCqZC2zyazaXhqK2iH7wbNRCgI3V7Qe5NBUTY7gBw48xRRnuNfSCK0Ow0tF3nBVq&bt_user_id&bt_ts=1616752887447&fbclid=IwAR0MGg1a0BnPWC4ceCbzwO4-Ei5JAq0eX_f67fwvSv0Y-Xpz5LT_7uZoP44

Watchdog warns of refund delays amid IRS backlog U.S. taxpayers face the risk of delayed tax refunds as the agency struggles to work down a backlog of returns from last year, according to a watchdog report.

Get My Payment | Internal Revenue Service

The IRS started sending out round 3 EIP(Stimulus) payments this weekend. The IRS will be handling everything directly, so the tax banks will not be receiving your stimulus deposits. They will continue direct depositing all stimulus payments that received direct deposit of their tax refund. If you picked up a check in the office or chose a Netspend card, then the IRS will mail your stimulus soon. We are waiting on an official mail date.

The Stimulus will be decided by your Tax Year 2020 return if you have filed and it is finished processing. If you haven't filed or if your return processing isn't complete, then the IRS will use the info from your Tax Year 2019 return. So if this is the case, they will use your direct deposit or mailing address from your 2019 Tax Return.

I will post updates as they become available from the IRS. For now, you can track the status of your Stimulus at the following website.

https://www.irs.gov/coronavirus/get-my-payment

Get My Payment | Internal Revenue Service Use Get My Payment to get information about your payment status and payment type.

Quick Sam Tax Service updated their business hours.

Quick Sam Tax Service updated their business hours.

Get My Payment | Internal Revenue Service

Stimulus Update:

The IRS has updated their "IRS Get My Payment" website with information about the Second Stimulus. Please go to the link below to check your status.

www.irs.gov/coronavirus/get-my-payment

Get My Payment | Internal Revenue Service Use Get My Payment to get information about your payment status and payment type.

aboutbtax.com

Tax season will be starting later than ever by the IRS for taxpayers across the US. The IRS does not plan to start accepting tax returns until February 12, 2021. You can still come in early to file and do your part. This means refunds will be later than ever, so you may want to consider one of our loan products which may help get money in your hands quicker. I have posted a link to the IRS announcement below. Please remember, once you have your W2, you can still go ahead and file the paperwork and apply for a loan. I will post any updates as they become available.
https://aboutbtax.com/U6K?fbclid=IwAR2HX2KJm6f0313xcD6lK5_s4_oMLypzS-aqwqMCsIPplX2E04Y1F21PitI

aboutbtax.com

IRS Statement — Jan. 10, 2021 Update on Economic Impact Payments | Internal Revenue Service

Newest Press Release from IRS on this Second Stimulus.

https://www.irs.gov/newsroom/irs-statement-jan-10-2021-update-on-economic-impact-payments

IRS Statement — Jan. 10, 2021 Update on Economic Impact Payments | Internal Revenue Service January 10, 2021 — The IRS continues to take additional steps to get the second Economic Impact Payments to more eligible taxpayers.

January 10th Update on Second Round of Stimulus Check: Due to continued efforts of our Tax Banking Partner, Tax Software Company, and the IRS, it appears the IRS has committed to make special payments directly to affected taxpayers, either by direct deposit or check, no later than February 1st. Our office will keep you updated as we hear more.

IRS Statement about Second Economic Impact Payments | Internal Revenue Service

Millions of people are having to wait until they file their tax return to get their stimulus money. In a press release from the IRS, the IRS acknowledges mistakenly depositing stimulus payments to closed accounts. They go on to say that legally the banks had to return the money. Instead of sending the money by mail to taxpayers, they have decided to make taxpayers file for the Stimulus when they file their upcoming 2020 Tax Return. This article is mostly involving clients who were processed through a Tax Product Bank in order to file without "upfront fees" or who applied for a tax loan. We will provide any new information as the IRS makes available.

https://www.irs.gov/newsroom/irs-statement-about-second-economic-impact-payments

IRS Statement about Second Economic Impact Payments | Internal Revenue Service January 5, 2021— IRS Statement about Second Economic Impact Payments and Get My Payment.

What happened at Citi Tax Financial? Sheriff's office has found an explanation

Video explaining IRS mistake is the reason some Stimulus Checks are delayed. Tax preparers are being blamed for something they had no control in. https://www.wrdw.com/content/news/What-happened-at-Citi-Tax-Financial-Sheriffs-office-says-it-was-all-a-misunderstanding-569692101.html?fbclid=IwAR26HIsF9s1c4SedhAJls23Yk3CDfIzqNhR5FFzgMlx7_oBvYH-xtlrncHo

What happened at Citi Tax Financial? Sheriff's office has found an explanation A crowd of people anxious about their stimulus checks showed up at a Richmond County tax preparer's office on Wednesday, but the sheriff's office is saying it's all got to do with the IRS and a third-party bank.

IRS to take taxpayer's money in a shutdown but not issue refunds, plan says

As of today, the IRS is shut down and is not issuing refunds. We offer up to $6,000 in an Easy Advance. Give us a call at 287-0780 to discuss your options!

Or you can wait for the IRS....

https://www.usatoday.com/story/news/politics/2019/01/03/government-shutdown-tax-refunds-could-delayed-under-irs-plan/2478906002/?fbclid=IwAR10A4Dq6QS4rY8CdGejcLqVCBR0O8NC2zdcbrRdRrR6jh6rl9R1fgd6ZWE

IRS to take taxpayer's money in a shutdown but not issue refunds, plan says As a partial government shutdown approaches its two-week point, concerns are growing that a heavily-impacted IRS will delay issuing taxpayer refunds.

Don't let this be you! We see it all the time...people paying much higher taxes than they should, because they are trying to save money by doing their taxes themselves. If you really want to save money, let Quick Sam Tax Service help you!

IRS To Accept Tax Returns with Education Credits, Depreciation Next Week

On Sunday, Feb. 10, the IRS started processing tax returns that contain Form 4562, Depreciation and Amortization.

Tomorrow, Thursday, Feb. 14, the IRS plans to start processing Form 8863, Education Credits.

IRS To Accept Tax Returns with Education Credits, Depreciation Next Week WASHINGTON — The Internal Revenue Service announced today that taxpayers will be able to start filing two major tax forms next week covering education credits and depreciation.

Tax Planning for Home Businesses

More than half of all U.S. businesses (53%) are run from home.

Are you one of them?

Tax Planning for Home Businesses Here are some things you can do NOW for your home business to obtain a better tax outcome when it's time to file your return.

The only way to get out of paying taxes!