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IRS tax return backlog will continue into 2023 filing season

Accounting Today

Tax returns TIGTA IRS Tax

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Issues to Consider After Your File Your Tax Return

RogerRossmeisl

The tax filing deadline for 2021 has passed. Now that your tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. The statute of limitations is generally three years after you file your return (four years for California).

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IRS management blamed for tax return backlog

Accounting Today

Income taxes Tax returns TIGTA IRS Tax

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IRS still coping with millions of unprocessed tax returns

Accounting Today

Tax returns IRS Tax KPMG

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Be an Odd Duck: Work on, Not in Your Public Accounting Practice

Speaker: Tom Bowman, CPA of Bowman & Company

It is possible to run an Accounting Firm and never do tax returns or financial statements! Tom Bowman, Owner of Bowman & Company, CPA, PC shares his journey and 10 step process for going from Technician to Business Owner.

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Are You Ready for the 2021 Gift Tax Return Deadline?

RogerRossmeisl

If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. The annual gift tax exclusion has increased in 2022 to $16,000 but was $15,000 for 2021.

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IRS makes more progress on tax return backlog

Accounting Today

Income taxes Tax returns IRS Tax Charles Rettig

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What to Do When Your Identity is Used to File a Fraudulent Tax Return

RogerRossmeisl

In Fact Sheet 2022-25, the IRS has provided information about how taxpayers should handle non-tax and tax-related identity theft. Only victims of tax-related identity theft should submit the Form 14039, and only if they haven’t received certain letters from the IRS.

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IRS reduces tax return backlog as AICPA urges penalty relief extension

Accounting Today

Tax returns IRS Tax AICPA Tax relief

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Tips to Speed Tax Return Processing

RogerRossmeisl

The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid hassles. Tip 1 Contact us soon for an appointment to prepare your tax return.

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Importance of Meeting Tax Return and Payment Deadlines

RogerRossmeisl

The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS. Individual Tax Briefs Failure to File Penalty Failure to Pay Penalty

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Why Would Married Couples File Separate Tax Returns?

RogerRossmeisl

If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing status results in the lowest tax. Individual Tax Briefs Married Filing Separately MFS

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How To File Your 2021 Tax Return While Waiting For 2020 To Be Processed

Nancy McClelland, LLC

To validate and successfully submit an electronically filed tax return to the IRS , taxpayers need their adjusted gross income, or AGI, from their most recent tax return. All others should enter the prior year’s AGI from last year’s return.

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Should I File My 2020 Tax Return Early?

RogerRossmeisl

The IRS opened the 2020 individual income tax return filing season on February 12. You can potentially protect yourself from tax identity theft — and there may be other benefits, too. How is a person’s tax identity stolen? The post Should I File My 2020 Tax Return Early?

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Congress prods IRS to fix tax-return backlog, improve customer service

Accounting Today

Income taxes Tax returns IRS Tax Charles Rettig

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How Entrepreneurs Expenses are Claimed on Tax Returns

RogerRossmeisl

Whatever the reason, if you’ve recently started a new business, or you’re contemplating starting one, be aware of the tax implications. The post How Entrepreneurs Expenses are Claimed on Tax Returns appeared first on Roger Rossmeisl, CPA.

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Tax Return Backlog Exceeds 21 Million, Pulverizing the IRS and Taxpayers

KROST

million paper tax returns wait to be processed. million within the last 12 months despite continuous efforts to unclog the excess tax returns. More than 90% of taxpayers file returns electronically, but Read the full article.

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Help Safeguard your Personal Information by Filing your 2021 Tax Return Early

RogerRossmeisl

The IRS announced it is opening the 2021 individual income tax return filing season on January 24. Business returns are already being accepted.) You can potentially protect yourself from tax identity theft — and there may be other benefits, too.

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How New Business Start-up Expenses are Handled on your Tax Return

RogerRossmeisl

You should be aware that the way you handle some of your initial expenses can make a large difference in your federal tax bill. The post How New Business Start-up Expenses are Handled on your Tax Return appeared first on Roger Rossmeisl, CPA.

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Amending personal income tax returns 1040 individual to 1040X

MyIRSRelief

Amending and or correcting a US individual 1040 income tax return (1040X), there are many reasons to do so: correcting filing status of the taxpayers, which if not corrected, would result in incorrect total income reported, tax deductions and tax credits. Tax liability. Tax Credits. Other taxes, local, state, etc. Amending your 1040 tax return to 1040X when situations occur where one spouse may want to file early, and the other does not.

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Partners May Have to Report More Income on Tax Returns than they Receive in Cash

RogerRossmeisl

In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. It’s due to the way partnerships and partners are taxed. Unlike C corporations, partnerships aren’t subject to income tax.

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Amending corporation tax returns 1120 or 1120S business to 1120X or 1120SX

MyIRSRelief

The process of correcting business corporate returns 1120 or 1120S requires different types of amended forms and an understanding of the refund procedures as well as possible additional tax obligations. Amendments may be made to either tax forms 1120 or 1120S. IRS Tax Help

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When to File an Amended Tax Return for Small Business

Patriot Software

Did you make an error on a tax return for your small business? Your first time filing taxes for small business can be tricky. You can file an amended tax return to fix mistakes and omissions that date several years back. Accounting Business Taxes

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Correctly File Your Sales Tax Returns in Four Steps

TaxConnex

When looking at all that goes in to maintaining your business’s compliance in sales tax, the filing of your returns is often seen as one of the easiest tasks. To be sure you have that, you must understand the difference between sales tax, seller's use tax, and vendor's use tax.

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What Is the Penalty for Late Tax Return?

Patriot Software

Forgetting to submit your tax return can be stressful. Read on to learn about the penalty for late tax return and what you can do to avoid future penalties. Want to avoid a late tax return … and the penalties that come with […] READ MORE.

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What Is Your Business Tax Return Due Date?

Patriot Software

As a busy entrepreneur, you don’t always have the time to think about your business tax return due date. It can be easy to miss your business tax return deadline with so much on your plate. You may be asking yourself, When are business taxes due?

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2021 Personal Income Tax Return Checklist

DMCL

Our 2021 Personal Tax Return Checklist is designed to help you make this process as easy and efficient as possible. It also assists us in ensuring we have information that is as complete and accurate as possible to assure your taxes are minimized and correctly reported.

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Keep Your Tax Return Safe from “Ghosts”

RogerRossmeisl

The post Keep Your Tax Return Safe from “Ghosts” appeared first on Roger Rossmeisl, CPA. Infographics Ghost Tax Preparers(This is Blog Post #1159).

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What the IRS's $80 billion in funding means for your tax return

Accounting Today

Tax planning IRS Tax Audit

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IRS Still Has Backlog of 21.3 Million Tax Returns

CPA Practice

million unprocessed paper tax returns, an increase of 1.3 At the end of May 2022, the agency had a backlog of 21.3 million over the same time last year.

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Blooper reel: Tiny but important mistakes on returns

Accounting Today

Tax returns Tax

account 79
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Analyzing Business Tax Returns in Divorce Cases

FraudFiles

Tax returns can be one of the most important pieces of information a forensic accountant evaluates in a divorce case. If a party claims that personal or business tax returns are unavailable for any reason, consider requesting the records directly from the Internal Revenue Service.

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Irreplaceable: How accountants can reverse the DIY tax return trend

ThomsonReuters

The public perception of accountants is typically described as compliance processors or number crunchers—people who balance books and prepare tax returns. Technology cannot only automate manual tasks, but it also increases accuracy and optimizes your tax workflow.

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Art of Accounting: 3-step tax return review process

Accounting Today

Income taxes Ed Mendlowitz Tax preparation Tax Tax practice

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Late filers face higher interest rates and renewed penalties

Accounting Today

Tax returns Tax penalties Tax

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Truckers must file 2290s by end of month

Accounting Today

Tax returns IRS Tax

account 77
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House votes to require release of presidential tax returns

Accounting Today

Donald Trump Tax audits Tax returns IRS Tax

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Obtaining an Extension to File Your Tax Return

Withum

The tax due date for most individual tax returns this year is April 18. If you are unable to complete your return to file by April 18, you can file for an extension to submit your return by October 17. You ran out of time to get the return done.

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Finding Hidden Income and Assets With a Tax Return

FraudFiles

One of the most common financial documents reviewed in a divorce or child support case is the income tax return. Tax returns don’t seem all that exciting, and appear to just be a record of what was earned by a party.

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IRS readies IT and service-level improvements

Accounting Today

E-filing Tax returns IRS Tax

account 77
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3 Tips to Realize a Better Net After-Tax Return

Accounting Web

Clients 3 Tips to Realize a Better Net After-Tax Return

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IRS adds options for electronically amending 1040s

Accounting Today

E-filing Tax returns IRS Tax

account 109
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Submitting your Plastic Packing Tax return – HMRC update

Menzies

The Plastic Packing Tax is now operational. On 1 July 2022, HMRC updated their guidance on how to submit your Plastic Packaging Tax return. When to submit your return. Your tax returns must cover the below accounting periods. The new plastic packaging tax.