Joanne M Elsen CPA PC

2025 Tax Return Filing Delayed!

Multiple sources have reported that the new IRS Commissioner announced yesterday at the NAEA Tax Summit that filing season would be delayed until around February 17. Also, that Direct File is gone.

Watch legislation that is in Congress. It's not law yet!
Deduction for Research and Experimental Expenditures. -Current law provides that research or experimental costs paid or incurred in tax years beginning after December 31, 2021, are required to be deducted over a five-year period. Research or experimental costs that are attributable to research that is conducted outside of the United States are required to be deducted over a 15-year period. The provision delays the date when taxpayers must begin deducting their domestic research or experimental costs over a five-year period until taxable years beginning after December 31, 2025. Therefore, taxpayers may deduct currently domestic research or experimental costs that are paid or incurred in tax years beginning after December 31, 2021, and before January 1, 2026. E [my emphasis]

And of course if it passes that means Amending 2022 1120s and other plus 1040's!!!!

http://ow.ly/JHTA50Ox0hx

IRS alerts businesses, tax-exempt groups of warning signs for misleading Employee Retention scams; simple steps can avoid improperly filing claims | Internal Revenue Service IR-2023-105, May 25, 2023 — As aggressive marketing continues; the IRS today renewed an alert for businesses to watch out for tell-tale signs of misleading claims involving the Employee Retention Credit.

NEWS: What to Know about Tax Record Keeping - bit.ly/435dzCQ

FS-2023-13, Upcoming IRS improvements for small business owners FS-2023-13, Upcoming IRS improvements for small business owners Internal Revenue Service (IRS) sent this bulletin at 05/04/2023 01:01 PM EDT IRS Newswire May 4, 2023 News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News Subscri...

I'm Attending in person. Let me know if you are attending too!

2023 AFIT Winter Educational Event, Friday, January 27, 2023 AFIT WINTER TAX SEMINAR/WEBINAR January 27, 2023 8:30 AM to 5:00 PM Desert Willow Conference…

IRS to fast-track 10,000 hirings to address backlog Direct-hire authority will allow the Internal Revenue Service to more quickly reinforce its return processing and account management functions.

Changes for childless couples and more.

IR-2022-20: EITC Awareness Day: Important changes mean more people qualify for credit that helps millions of Americans IR-2022-20: EITC Awareness Day: Important changes mean more people qualify for credit that helps millions of Americans Internal Revenue Service (IRS) sent this bulletin at 01/28/2022 10:10 AM EST IRS Newswire January 28, 2022 News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Med...

From National Taxpayer Advocate Erin M. Collins

”As of late December, the IRS had backlogs of 6 million unprocessed original individual returns (Forms 1040), 2.3 million unprocessed amended individual returns (Forms 1040-X), more than 2 million unprocessed employer’s quarterly tax returns (Forms 941 and 941-X), and about 5 million pieces of taxpayer correspondence – with some of these submissions dating back at least to April and many taxpayers still waiting for their refunds nine months later."

#2020 tax

New documentation beginning 1/10/22 for R & D credit

IRS sets forth required information for a valid research credit claim for refund | Internal Revenue Service IR-2021-203, October 15, 2021 — The IRS has set forth the information that taxpayers will be required to include for a research credit claim for refund to be considered valid.