Tosa Accounting & Tax Service

TAX NEWS | IRS Delays: Backlog Concerning to National Taxpayer Advocate

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IRS Delays, Backlog Concerning to National Taxpayer Advocate - Tosa Accounting & Tax National Taxpayer Advocate Erin Collins says the Internal Revenue Service is concerned about the 21.3 million paper-return backlog. In her midyear report to Congress, Collins notes that low-income families could face financial burdens as affected refunds are frequently delayed by 10 months.… Read ...

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Let the Tax Filing Begin!

IRS urges extra caution for taxpayers to file accurate tax returns electronically to speed refunds, avoid delays...

IRS Commissioner Chuck Rettig noted that taxpayers need to take special care this year due to several critical tax law changes that took place in 2021 and ongoing challenges related to the pandemic.

“IRS employees are working hard to deliver a successful 2022 tax season while facing enormous challenges related to the pandemic,” Rettig said. “There are important steps people can take to ensure they avoid processing delays and get their tax refund as quickly as possible. We urge people to carefully review their taxes for accuracy before filing. And they should file electronically with direct deposit if at all possible; filing a paper tax return this year means an extended refund delay.”

2022 tax filing season begins Jan. 24; IRS outlines refund timing and what to expect in advance of April 18 tax deadline | Internal Revenue Service IR-2022-08, January 10, 2022 — The IRS 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.

Q&A... 2021 Recovery Rebate Credit / 3rd Stimulus Payment

IRS issues Frequently Asked Questions and Answers for 2021 Recovery Rebate Credit | Internal Revenue Service IR-2022-13, January 13, 2022 — The Internal Revenue Service today issued frequently asked questions (FAQs) for the 2021 Recovery Rebate Credit.

Standard VS Itemized deductions...

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It’s important for taxpayers to know the difference between standard and itemized deductions | Internal Revenue Service Tax Tip 2022-06, January 11, 2022 — Taxpayers have two options when completing a tax return, take the standard deduction or itemize their deductions. Most taxpayers use the option that gives them the lowest overall tax.

Watch your mail! Important tax documents are on their way!

IRS issues information letters to Advance Child Tax Credit recipients and recipients of the third round of Economic Impact Payments; taxpayers should hold onto letters to help the 2022 Filing Season experience | Internal Revenue Service IR-2021-255, December 22, 2021 — The Internal Revenue Service announced today that it will issue information letters to Advance Child Tax Credit recipients starting in December and to recipients of the third round of the Economic Impact Payments at the end of January. Using this information when p...

Updates on the American Rescue Plan - CHILD TAX CREDIT. Payments begin soon!

Advance Child Tax Credit Payments in 2021 | Internal Revenue Service Information for taxpayers who may receive advance Child Tax Credit payments in 2021.

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