Chain Jones & Sudik, PLLC

Recent information from the IRS shows that 24 million 2020 returns still haven’t been processed, with refunds taking 10 months or longer for some taxpayers. This backlog will impact 2021 tax return processing times and continues to impact the time it takes to resolve tax matters with the agency.

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.

Stay safe today everyone!

Please feel free to leave a message at our office by calling 405-848-4300 or by emailing [email protected], and we will get back to you as soon as we are able.

Our office is looking for a part-time Tax Assistant to start in the next two weeks. No tax experience is necessary. The main requirements are a familiarity with Microsoft Windows and Office and a willingness to learn. The position will be about 10-15 hours per week, Monday through Friday, 2-3 hours per day. The hours will be flexible, and the position could eventually become full-time. The salary range will be $12-15/hour.

If you are interested in applying, you can send your resume to [email protected].

Oklahoma City, OK Accounting Firm | Home Page | CJS | Chain Jones & Sudik Take a look at our Home page. CJS | Chain Jones & Sudik is a full service tax, accounting and business consulting firm located in Oklahoma City, OK.

This year, individual taxpayers will need to provide us with the amount they received for last year’s stimulus payment (issued in March 2021) AND the amount they received for their Advance Child Tax Credit (issued every month from July through December 2021).

While we understand that verifying these deposit amounts through your bank can be tedious, filing a return with incorrect amounts will significantly delay any refund you are owed.

If you filed an extension for your individual or 1120 tax return, remember that next Friday, October 15th, is the filing deadline!

In 2019, we began transitioning to using SafeSend Returns as our tax return delivery system. It has been hugely successful as our clients find it to be simple, fast, and secure. Your personal information is no longer being transmitted over email, and there’s no need to have stacks of paper laying around. It saves you time and gives you the opportunity to review your return at your convenience.

1040 User Experience.mp4

Have you been receiving the prepaid Child Tax Credit? You will need to track how much you are receiving so that it can be reported on your 2021 tax return.

Here’s Who Will Get Advance Payments of the Child Tax Credit There have been changes to the Child Tax Credit that will benefit many families as they receive advance payments starting in summer 2021. For more details, v...

Deadlines are quickly approaching! September 15th is the extended deadline for S Corp and Partnership returns. September 30th is the extended deadline for Trusts and Estates. Personal returns must be filed by October 15th!

If you are still waiting on refunds from 2019, 2020, and amendments filed in those years, you are not alone!

If you or your clients are still waiting on their federal tax return, you’re not alone!

The Taxpayer Advocate, Erin Collins, recently released her annual IRS report, showing that their current backlog of unprocessed individual & business tax returns is approximately 35 million. (For scale, that is 5x the backlog of 2019.)

Read more about the reasons behind the congestion, including flagged and suspended returns, in this week’s special edition newsletter from TaxSpeaker! Find it for free here: taxspeaker.com/newsletter/list

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Senate approves House-passed Paycheck Protection Program reform bill The Senate on Wednesday evening passed by voice vote a House-passed Paycheck Protection Program reform bill, clearing it for President Donald Trump's signature.

At Taxspeaker we are resisting rushing out a short course discussing the preparation of the forgiveness application because so many major issues remain unresolved, particularly affecting small businesses. In this week's newsletter, we detail a list of these holes in key PPP loan information.

View the newsletter online: https://buff.ly/3gMNoJm