Mary E. Prados, C.P.A., P.A.

About Federal Tax Refunds

The best way to check the status of a refund is through the Where's My Refund? tool or the IRS2Go app.

https://www.irs.gov/wheres-my-refund

Taxpayers can also call the automated refund hotline at 800-829-1954 to get their refund status. This hotline has the same information about current tax year refunds as Where's My Refund? There is no need to call the IRS unless Where's My Refund? says to do so.

Where’s My Refund has the most current information about refund status. It is updated once a day, usually overnight. Even though the IRS issues most refunds within 21 days, it's possible a refund may take longer. If the IRS needs more information to process a tax return, the agency will contact the taxpayer by mail. Taxpayers should also consider the time it takes for banks to post the refund to the taxpayer's account. People waiting for a refund in the mail should allow extra time.

The firm of Mary Prados, CPA PA. Thinking out of the Box. We’ve built our business, and our clients’ businesses on thinking out of the box. It’s how a problem is approached that makes the difference, and that is where we shine. WelcomeAccounting is rigid and linear. Its rules are set in stone. It’s how a problem is approach...

Mary E. Prados, C.P.A., P.A. The Firm of Mary E Prados CPA

Mileage rates for 2023
The Internal Revenue Service issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

65.5 cents per mile driven for business use, up 3 cents from the midyear increase setting the rate for the second half of 2022.
22 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces, consistent with the increased midyear rate set for the second half of 2022.
14 cents per mile driven in service of charitable organizations; the rate is set by statute and remains unchanged from 2022

IRS Refund Information

*** 2022 TAX FILING SEASON BEGINS JANUARY 24th ***
The Internal Revenue Service announced that the nation's tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.
Treasury officials said Monday the IRS faces enormous challenges heading into the new tax season, including the backlog. The IRS started 2021 with more than 11.7 million returns from 2020. It took until June for the agency to process all the 2019 returns, the report showed. Now heading into the new tax-filing season, the backlog continues. As of mid-December the IRS had millions of items still to address, including more than 6 million unprocessed individual returns, 2.8 million unprocessed business returns, a combined more than 2.8 million unprocessed amended individual and business returns and approximately 4.75 million pieces of correspondence.
"The IRS is in crisis and needs to apply resources to its core mission – processing these returns and paying the corresponding refunds," the report stated. Adding to the complexity heading into the new tax filing season, taxpayers who received advanced monthly child tax credit payments and stimulus checks last year will also need to reconcile those, so processing and refund delays experienced last year could be "as bad, and potentially worse, in 2022," the report said.
CBS News

COST OF HOME TESTING FOR COVID-19 IS ELIGIBLE MEDICAL EXPENSE; REIMBURSABLE UNDER FSAS, HSAS

The Internal Revenue Service reminds taxpayers that the cost of home testing for COVID-19 is an eligible medical expense that can be paid or reimbursed under health flexible spending arrangements (health FSAs), health savings accounts (HSAs), health reimbursement arrangements (HRAs), or Archer medical savings accounts (Archer MSAs). That is because the cost to diagnose COVID-19 is an eligible medical expense for tax purposes.

The IRS also reminds taxpayers that the costs of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of COVID-19 are eligible medical expenses that can be paid or reimbursed under health FSAs, HSAs, HRAs, or Archer MSAs.

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Dear Clients,
The Internal Revenue Service today reminded self-employed individuals, retirees, investors, businesses, corporations, and others who pay their taxes quarterly that the payment for the first quarter of 2021 is due Thursday, April 15, 2021.
The extension to May 17, 2021 for individuals to file their 2020 federal income taxes does not apply to estimated tax payments.
If you have a question related to this please call the office 305.756.1040

Mary E. Prados, C.P.A., P.A. The Firm of Mary E Prados CPA