Tax Year 2021 Updates
February 11, 2022
Tax Season is here! Well...kinda.
The IRS has opened the e-file portal for tax returns, however there are several forms that cannot be e-filed due to the forms not being ready from the IRS to the software providers. Makes sense, right? Not exactly.
The IRS is in crisis mode and it will probably get worse. To put it into perspective, in any given year the IRS has about one million tax returns lingering from the previous year that they need to process. As of this month, there were over 24 MILLION tax returns that are still waiting to be processed! This does not even include over 36 MILLION pieces of mail that have yet to be opened either. Based on this information, the word for the year is PATIENCE. Don't blame us, we are just the messengers.
It's not entirely the IRS's fault. Part of the problem is Congress since they are the ones passing laws that get administered through the tax return. For example, Advanced Child Tax Credit, EIP3, the new K2/K3 requirements for S corps and partnerships, another new form 7203 requirement for S corps...and the list can go on. This means that most S corps and partnerships will need to get an extension even if the return is basically ready because the IRS can't accept the e-file. SMH!
On that note, we are upgrading all of our systems to reflect the need to increase user access, workflow efficiency AND increase security with our technology stack. We now have a portal (click here for link) that integrates better with the tax software that also includes virus and cyber security protocols. This also includes tighter security on our email, which unfortunately means some of your emails do get scooped up by our spam filter. We would rather be safe than sorry on that front so if you have an email that goes unanswered for more than 48 hours, just give us a call and we can pick it up from there.
At any point along the way, feel free to schedule a call using one of our 15 minute call links. Here is the link for the appointments.
IRS has been sending a ton of letters...many of which have been incorrect. As of February, they have suspended sending the automated letters until further notice. This has caused a lot of confusion on the taxpayer side since the letters don't reflect reality of correspondence or amounts that have been paid...remember those 36 million unprocessed pieces of mail???
If you would like a Tax Organizer, we have them at this link. If you would like one specifically with your prior information, please email us at [email protected] or call (678) 707-8044 and we can upload that to your portal.
We look forward to serving you and are available to answer any questions you have regarding your tax and financial planning needs!
Tax Season is here! Well...kinda.
The IRS has opened the e-file portal for tax returns, however there are several forms that cannot be e-filed due to the forms not being ready from the IRS to the software providers. Makes sense, right? Not exactly.
The IRS is in crisis mode and it will probably get worse. To put it into perspective, in any given year the IRS has about one million tax returns lingering from the previous year that they need to process. As of this month, there were over 24 MILLION tax returns that are still waiting to be processed! This does not even include over 36 MILLION pieces of mail that have yet to be opened either. Based on this information, the word for the year is PATIENCE. Don't blame us, we are just the messengers.
It's not entirely the IRS's fault. Part of the problem is Congress since they are the ones passing laws that get administered through the tax return. For example, Advanced Child Tax Credit, EIP3, the new K2/K3 requirements for S corps and partnerships, another new form 7203 requirement for S corps...and the list can go on. This means that most S corps and partnerships will need to get an extension even if the return is basically ready because the IRS can't accept the e-file. SMH!
On that note, we are upgrading all of our systems to reflect the need to increase user access, workflow efficiency AND increase security with our technology stack. We now have a portal (click here for link) that integrates better with the tax software that also includes virus and cyber security protocols. This also includes tighter security on our email, which unfortunately means some of your emails do get scooped up by our spam filter. We would rather be safe than sorry on that front so if you have an email that goes unanswered for more than 48 hours, just give us a call and we can pick it up from there.
At any point along the way, feel free to schedule a call using one of our 15 minute call links. Here is the link for the appointments.
IRS has been sending a ton of letters...many of which have been incorrect. As of February, they have suspended sending the automated letters until further notice. This has caused a lot of confusion on the taxpayer side since the letters don't reflect reality of correspondence or amounts that have been paid...remember those 36 million unprocessed pieces of mail???
If you would like a Tax Organizer, we have them at this link. If you would like one specifically with your prior information, please email us at [email protected] or call (678) 707-8044 and we can upload that to your portal.
We look forward to serving you and are available to answer any questions you have regarding your tax and financial planning needs!
Office Location Financial Links
Buford:
4315 S Lee Street
Suite 400
Buford, GA 30518
4315 S Lee Street
Suite 400
Buford, GA 30518
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