WITS Income Tax Service

10/17/2024

Mansfield city friends. I’m sure most of you don’t know but there is a school tax levy on the ballot. If they win every working person in Mansfield school district will have to pay 1% of their income and file a school district tax return. If you don’t go vote don’t complain to me at tax time. Spread this word. Also on that same line is an increase in property tax.

02/14/2024

Great grand daughter came to get taxes done. Ask me how it will take for her generation to pay off the national debt ....

10/03/2022

This is the antiquated system the IRS uses to process millions of tax returns each year.

06/23/2022

FROM AN ARTICLE IN THE CPA PRECTICE ADVISOR

On June 22, National Taxpayer Advocate Erin M. Collins released her statutorily mandated midyear report to Congress. The report expresses concern about continuing delays in the processing of paper-filed tax returns and the consequent impact on taxpayer refunds. At the end of May, the agency had a backlog of 21.3 million unprocessed paper tax returns, an increase of 1.3 million over the same time last year.

"The IRS has said it is aiming to crush the backlogged inventory this year, and I hope it succeeds," Collins wrote. "Unfortunately, at this point the backlog is still crushing the IRS, its employees, and most importantly, taxpayers. As such, the agency is continuing to explore additional processing strategies."

The report points out that the significant majority of individual taxpayers receive refunds. "At the end of the day, a typical taxpayer cares most about receiving his or her refund timely," Collins wrote. "Particularly for lower income taxpayers who receive Earned Income Tax Credit benefits, tax refunds may constitute a significant percentage of their household income for the year. Thus, these processing delays are creating unprecedented financial difficulties for millions of taxpayers and outright hardships for many."

Among business taxpayers, many have been waiting extended periods to receive Employee Tax Retention Credits for which they are eligible, in addition to their regular refunds. Key taxpayer challenges this year have included return processing delays, correspondence processing delays, and difficulty reaching the IRS by phone.

05/26/2021

It’s been an interesting tax season. The Coronavirus Relief and Government Funding package that was signed in December pushed tax season back 3 weeks. Then they decided to send out the 3rd Economic Stimulus round during an already chaotic tax season before they had processed the refunds from February. Then in March they passed the American Rescue Plan that changed the legislation for unemployment and Obamacare tax returns so now millions of already filed tax returns need fixed. If you are still waiting on your refund don’t worry. You will get it eventually. There is nothing anyone can do to get the refunds that are “still being processed “. Keep watching the progress on the IRS website.

01/13/2021

IRS ready for the upcoming tax season; last-minute changes to tax laws included in IRS forms and instructions

WASHINGTON – The Internal Revenue Service today assured taxpayers and tax professionals that updates to key federal tax forms and instructions are complete and will be available when Americans begin filing their tax returns.

Most individual taxpayers file IRS Form 1040 or Form 1040-SR once they receive Forms W-2 and other earnings information from their employers and payers. IRS has incorporated recent changes to the tax laws into the forms and instructions, and shared the updates with its partners who develop the software used by individuals and tax professionals to prepare and file their returns. Forms 1040 and 1040-SR and the associated instructions are available now on IRS.gov and are being printed for taxpayers who need a hard copy.

Economic Impact Payments are an advance payment of the Recovery Rebate Credit. Important updates include the Recovery Rebate Credit worksheet on page 59 of the 1040/1040-SR instructions. Anyone who didn’t receive the full amount of both Economic Impact Payments should include the amounts they received, before any offsets, when they file. Anyone who received the full amount for both Economic Impact Payments should not include any information about the advance payments when they file their tax return.

Also new this year is the option to use prior year income amounts when computing the Earned Income Tax Credit and the Additional Child Tax Credit.

The IRS has not yet announced a start date for the 2021 filing season. IRS Free File will open in mid-January when participating providers begin accepting returns. The IRS Free File providers will accept completed tax returns and hold them until they can be filed electronically with the IRS.

Latest Economic Impact Payments are automatic for eligible taxpayers

This month, the Treasury Department and the IRS are sending the second round of Economic Impact Payments to millions of Americans as part of the implementation of the Coronavirus Response and Relief Supplemental Appropriations Act.

Taxpayers don’t need to take any action to receive these payments. Economic Impact Payments are automatic for eligible taxpayers who filed a 2019 tax return and those who receive Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits, Supplemental Security Income (SSI) and Veterans Affairs beneficiaries who didn’t file a tax return.

These second round of payments follow the successful delivery of more than $270 billion in CARES Act Economic Impact Payments to about 160 million Americans in 2020.

Eligible individuals who did not receive an Economic Impact Payment – either the first or the second payment – can claim a Recovery Rebate Credit when they file their 2020 taxes this year. The IRS urges taxpayers who didn’t receive an advance payment to review the eligibility criteria when they file their 2020 taxes; many people, including recent college graduates, may be eligible for a credit.

Eligible individuals who didn’t receive the full amount of both Economic Impact Payments should claim the missing amount as a credit. Anyone who did receive the full amount for both Economic Impact Payments should not include any information about their payment when they file their taxes – they’ve already received the full amount of the Recovery Rebate Credit as advance payments.

For the latest IRS forms and instructions, visit the IRS website at www.irs.gov/forms.

Please visit IRS.gov for the latest information about the Economic Impact Payments and filing your 2020 tax return.


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Access IRS forms, instructions and publications in electronic and print media.

01/06/2021

15-20 million individuals of the 112 million expected to receive their Economic Impact Payments through ACH transactions will now receive their payments via paper check. It was unclear as of this morning whether the Get My Payment portal will tell recipients if they have been affected by this error. The information on the website may not be accurate.

We do not have access to the status or timing of government stimulus payments. We are very sorry we are not able to answer stimulus questions. To check your status visit the IRS website and view the Get My Payment tool at https://IRS.gov/coronavirus/get-my-payment.

If you did not get the correct payment we will be able to get it for you on your 2020 tax return. Call the office and we will be happy to make an appointment. 419-756-7748.

Use Get My Payment to get information about your payment status and payment type.

10/31/2020

10/22/2020

Got grass?

We are getting rid of this ornamental grass. It’s up for the taking if anyone wants it.

10/22/2020

We are getting rid of this ornamental grass. It’s up for the taking if anyone wants it.