Two Quick Taxes & Notary

It has been our pleasure to serve you this 2021 tax season. TwoQuick Taxes & Notary will soon offer year round services!!!

Our best season is yet to come.⬇️⬇️⬇️⬇️⬇️⬇️⬇️

Stay tuned...

https://www.irs.gov/newsroom/national-taxpayer-advocate-delivers-annual-report-to-congress-focuses-on-taxpayer-impact-of-covid-19-and-irs-funding-needs

National Taxpayer Advocate delivers Annual Report to Congress; focuses on taxpayer impact of COVID-19 and IRS funding needs | Internal Revenue Service IR-2021-11, January 13, 2021 — National Taxpayer Advocate Erin M. Collins today released her 2020 Annual Report to Congress, focusing on the unprecedented challenges taxpayers faced in filing their tax returns and receiving refunds and stimulus payments during a year consumed by the COVID-19 pande...

Reading is fundamental!!

Refund delays due to COVID-19 processing backlogs.

About 16 million individual income taxpayers filed paper tax returns. Because the IRS could not fully staff its mail facilities, some taxpayers have waited six months or longer for the IRS to process their returns. Most taxpayers receive refunds, which in recent years have averaged more than $2,500. On December 31, the IRS website indicated there were still 7.1 million unprocessed individual returns and 2.3 million unprocessed business returns as of November 24.

The 2020 filing season and Economic Impact Payments
The report says the IRS in most cases "can effectively handle whatever it can automate," and as a result, most taxpayers were well served. As of November 20, 2020, the IRS had received about 169 million individual income tax returns, including about 8.4 million that were filed solely to claim stimulus payments (referred to by the IRS as "economic impact payments" or "EIPs"). About 90% of returns were e-filed and therefore were not delayed by the pandemic. Similarly, the overwhelming majority of EIPs were issued by direct deposit or automated mailings and were successfully and timely transmitted.

The IRS has not yet announced a start date for the 2021 filing season.

IR-2021-10, January 12, 2021

WASHINGTON — The Internal Revenue Service today assured taxpayers and tax professionals that updates to key federal tax forms and instructions are complete and will be available when Americans begin filing their tax returns.

Most individual taxpayers file IRS Form 1040 or Form 1040-SR PDF once they receive Forms W-2 and other earnings information from their employers and payers. IRS has incorporated recent changes to the tax laws into the forms and instructions, and shared the updates with its partners who develop the software used by individuals and tax professionals to prepare and file their returns. Forms 1040 and 1040-SR and the associated instructions are available now on IRS.gov and are being printed for taxpayers who need a hard copy.

Economic Impact Payments are an advance payment of the Recovery Rebate Credit. Important updates include the Recovery Rebate Credit worksheet on page 59 of the 1040/1040-SR instructions. Anyone who didn’t receive the full amount of both Economic Impact Payments should include the amounts they received, before any offsets, when they file. Anyone who received the full amount for both Economic Impact Payments should not include any information about the advance payments when they file their tax return.

Also new this year is the option to use prior year income amounts when computing the Earned Income Tax Credit and the Additional Child Tax Credit.

Attention My Mississippi Clients.

Tax Relief for Mississippi Disaster Victims
Victims of Hurricane Zeta that began Oct. 28, 2020, who reside or have businesses in the Mississippi counties of George, Greene, Hancock, Harrison, Jackson, and Stone now qualify for tax relief from the IRS.

Visit the IRS Disaster Relief page for more information.

Treasury issues millions of second Economic Impact Payments by debit card
Starting this week, the Treasury Department and the IRS began sending approximately 8 million second Economic Impact Payments (EIPs) by prepaid debit card. These EIP Cards follow the millions of payments already made by direct deposit and the ongoing mailing of paper checks that are delivering the second round of Economic Impact Payments as rapidly as possible.

The prepaid debit card, or the Economic Impact Payment card, is sponsored by the Bureau of the Fiscal Service and is issued by Treasury's financial agent, MetaBank, N.A. The IRS does not determine who receives a prepaid debit card. More information about these cards is available at EIPcard.com.