Tina Mattis, CPA

This place is so amazing !

24 million unprocessed returns 😳

IRS backlog hits nearly 24 million returns, further imperiling the 2022 tax filing season The inventory of unprocessed returns and related correspondence was provided by the IRS’s taxpayer advocate service to the tax-writing committees in Congress. The Treasury Department, the IRS’s parent agency, warned in January that it expected its response to be subpar this year.

This tax season will be complicated. Help your preparer by having all the necessary documents … especially the notices/letters you received about the third stimulus payment and any advance child tax credits received in 2021. If you report these incorrectly, your return will be delayed !!

Tax Season 2022 Is Here, and Pandemic-Related Complications Remain IRS backlogs and accounting for child-tax-credit payments are among the difficulties awaiting taxpayers ahead of the mid-April deadline.

Folks
The IRS is so far behind and creating so much chaos amongst taxpayers. Patience is key.

https://www.irs.gov/newsroom/national-taxpayer-advocate-delivers-annual-report-to-congress-focuses-on-taxpayer-impact-of-processing-and-refund-delays?fbclid=IwAR07kzzsFFfGYgl6HEkd2BQQ5EJnprXNkrKAq3-mPjo_LCyJeJdWcxr2Miw

National Taxpayer Advocate delivers Annual Report to Congress; focuses on taxpayer impact of processing and refund delays | Internal Revenue Service IR-2022-11, January 12, 2022 — National Taxpayer Advocate Erin M. Collins today released her 2021 Annual Report to Congress, calling calendar year 2021 “the most challenging year taxpayers and tax professionals have ever experienced.”

Tax Season 2020 is off to a late start! Early bird filers will have to wait.

Tax filing season to start Feb. 12, IRS announces The IRS announced that it will start accepting 2020 tax returns on Feb. 12, a later date than usual. The delay stems from programming changes needed to account for year-end tax legislation.

So much confusion around the PPP Loans. I advise clients to wait until the details are more clear. If you haven't applied 10 months after receipt of funds, then the amount is deemed a loan.

PPP forgiveness: No need to rush, and other tips Borrowers and their CPA advisers may be eager to move ahead with the Paycheck Protection Program forgiveness process, but there are still many unsettled issues to consider.