Heaton's Income Tax & Accounting

01/13/2022

Be prepared to see delays in your refunds this year. According to the article (at the end of this post), IRS is seriously behind right now, and the 2021 tax season hasn't even begun yet.

"A breakdown of the agency's backlogs as of late last month found the IRS had 6 million unprocessed original individual returns, 2.3 million unprocessed amended individual returns, over 2 million unprocessed employer's quarterly tax returns, and nearly 5 million pieces of taxpayer correspondence."

www.msn.com/en-us/money/taxes/irs-watchdog-deeply-concerned-about-upcoming-filing-season/ar-AASI48t?ocid=msedgntp

01/12/2022

Lots going on this year......we will be open 10a - 6p until January 24th, at which time we will be open 9am to 9pm.

IRS doesn't open until January 24th, so no e-filing tax returns until then.

Look forward to seeing all of you this year. If you need help, give us a call, 675-9396 or 675-9496

06/30/2021

There is a new stimulus payment that folks with dependent children, under age 17, are about to receive, on a monthly basis, thru the end of the year.

This payment is an ADVANCE of your tax refund for next year. That means your income tax refund will be much less then you are accustomed to getting. You need to do nothing if you want this part of your refund now. The IRS will automatically send you a check or direct deposit the funds for you.

If you don't want advance payments of next year's tax refund, which starts July 15th, you can opt out. Go to the IRS website, and then, go to the Child Tax Credit Portal, this gives you a way to unenroll from the monthly payments.

Here are some links with more information:
https://www.msn.com/en-us/money/taxes/when-do-child-tax-payments-start-dates-deadlines-for-opting-out/ar-AALCrjw?ocid=msedgntp
https://www.newsweek.com/what-child-tax-credit-how-opt-out-amount-direct-payments-1603354

01/23/2021

I have received over a dozen calls about folks NOT receiving their stimulus checks...........

There is only one way that I can help you.........file a tax return and get the rebate recovery credit, and it will come to you as a tax refund. Call us - 675-9496, and we will help you.

Here is an article with a bit more information - https://wlos.com/news/local/still-waiting-on-stimulus-money-heres-what-tax-preparers-say-you-should-do?fbclid=IwAR0R9hSW7Xv1EEqgtof-UCMuHEeKkisx1QAb_NsyMIcwbl4q4PoR4QI7SGw

"If you're missing one, we can put in there that your never received it or had it," Warner said. "It'll come in as a tax refund. We'll add it to your tax refund. Or, if you owe taxes, it'll be taken off the taxes you owe."

As leaders in Washington begin considering another round of stimulus money, many Americans said they have yet to get their second -- or even first check. The deadline for the IRS to issue second-round checks was Jan. 15. Caption: WLOS. "I've contacted the Treasury Department, the IRS, been on the we...

01/16/2021

IRS finally lets the public know when they will accept this year's tax returns :

IR-2021-16, January 15, 2021

WASHINGTON ― The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

To speed refunds during the pandemic, the IRS urges taxpayers to file electronically with direct deposit as soon as they have the information they need....... and the returns will be transmitted to the IRS starting February 12.

Under the PATH Act, the IRS cannot issue a refund involving the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) before mid-February. The IRS anticipates a first week of March refund for many EITC and ACTC taxpayers if they file electronically with direct deposit and there are no issues with their tax returns.

Overall, the IRS anticipates nine out of 10 taxpayers will receive their refund within 21 days of when they file electronically with direct deposit if there are no issues with their tax return.

IR-2021-16, January 15, 2021 — The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.