03/17/2023
Tax Updates:
📌810 Refund Freeze:
This could mean even the smallest thing and not always a bad thing….
✨ Misspelling of your name, address, etc
✨Unreported income
✨Identity Verification needs to be done
✨The IRS is simply backlogged on processing returns
📌Unreported Income:
A lot of people chose to file before receiving all of their W2s or tax documents just to apply for the refund advances , or maybe they forgot they had more documents, or simply because they were impatient and wanted to file. The IRS has cracked down and is thoroughly checking for unreported income and possible errors on returns this year.
You MUST report ALL income! I’ve had a few clients tell me that they had more income AFTER they’ve filed🤦🏽♀️ You have to report income. Many get upset with their preparers in why they haven’t received their refund and it could simply mean that they have unreported income.
📌FAKE W2s:
Some people have been providing false W2 documents to their preparer and then get upset and wonder why they haven’t received their refund! 🤦🏽♀️ YES, people are still trying the false W2 thing. Why? I have no clue. But from the looks of things, they’re doing it because W2 workers are getting higher refunds this year…. Well guess what? 🚨 NEWS FLASH 🚨 The IRS has hired over 89,000 new agents in the fraud department and yes, they are checking and verifying these W2s!
These are just a few updates and I’ll continue to share! I hope this helps most!
