C & N Accounting

01/23/2025

Happy New Year!!

Welcome to Tax Season 2025!

Individual Tax Returns
The IRS will begin accepting all Individual tax returns at 9 a.m. Eastern on January 27, 2025.

Business Tax Returns
The IRS will begin accepting all business tax returns at 9 a.m. Eastern on January 15, 2025.

Send a message to learn more

01/19/2023

01/27/2022

Happy New Year & Welcome to tax season 2022!!

The January 24 start date for individual tax return filers allows the IRS time to perform programming and testing that is critical to ensuring IRS systems run smoothly. Updated programming helps ensure that eligible people can claim the proper amount of the Child Tax Credit after comparing their 2021 advance credits and claim any remaining stimulus money as a Recovery Rebate Credit when they file their 2021 tax return.

"Planning for the nation's filing season process is a massive undertaking, and IRS teams have been working non-stop these past several months to prepare," said IRS Commissioner Chuck Rettig. "The pandemic continues to create challenges, but the IRS reminds people there are important steps they can take to help ensure their tax return and refund don't face processing delays. Filing electronically with direct deposit and avoiding a paper tax return is more important than ever this year. And we urge extra attention to those who received an Economic Impact Payment or an advance Child Tax Credit last year. People should make sure they report the correct amount on their tax return to avoid delays.

The IRS encourages everyone to have all the information they need in hand to make sure they file a complete and accurate return. Having an accurate tax return can avoid processing delays, refund delays and later IRS notices. This is especially important for people who received advance Child Tax Credit payments or Economic Impact Payments (American Rescue Plan stimulus payments) in 2021; they will need the amounts of these payments when preparing their tax return. The IRS is mailing special letters to recipients, and they can also check amounts received on IRS.gov.

Like last year, there will be individuals filing tax returns who, even though they are not required to file, need to file a 2021 return to claim a Recovery Rebate Credit to receive the tax credit from the 2021 stimulus payments or reconcile advance payments of the Child Tax Credit. People who don't normally file also could receive other credits.

April 18 tax filing deadline for most
The filing deadline to submit 2021 tax returns or an extension to file and pay tax owed is Monday, April 18, 2022, for most taxpayers. By law, Washington, D.C., holidays impact tax deadlines for everyone in the same way federal holidays do. The due date is April 18, instead of April 15, because of the Emancipation Day holiday in the District of Columbia for everyone except taxpayers who live in Maine or Massachusetts. Taxpayers in Maine or Massachusetts have until April 19, 2022, to file their returns due to the Patriots' Day holiday in those states. Taxpayers requesting an extension will have until Monday, Oct. 17, 2022, to file.

04/03/2021

IRS to Recalculate Taxes on Unemployment Benefits; Refunds to Start in May

The Internal Revenue Service announced today that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan.

For those taxpayers who already have filed and figured their tax based on the full amount of unemployment compensation, the IRS will determine the correct taxable amount of unemployment compensation and tax. Any resulting overpayment of tax will be either refunded or applied to other outstanding taxes owed. Because the change occurred after some people filed their taxes, the IRS will take steps in the spring and summer to make the appropriate change to their return, which may result in a refund. The first refunds are expected to be made in May and will continue into the summer.

The IRS will do these recalculations in two phases, starting with those taxpayers eligible for the up to $10,200 exclusion. The IRS will then adjust returns for those married filing jointly taxpayers who are eligible for the up to $20,400 exclusion and others with more

01/10/2021

HAPPY NEW YEAR!!

It has been a while and wanted to get those of you who have NOT received a second stimulus check some additional information. We hope is helps

The IRS has released additional information about how the 2nd economic impact payments. Individuals can now check the status of their second payment by using the Get My Payment tool on the IRS website.

Here are additional details on the distribution of the payments:

1. Individual did not receive their 2nd payment or it is less than they expected

The second payments are in the process of being distributed from now until the middle of January.

If the IRS had the individual's direct deposit information on file the second payment will be direct deposited to their bank account. Because of the speed at which the IRS issued the second round of payments, some payments may have been sent to an account that may be closed or is no longer active. If this occurred the financial institution must return the payment to the IRS. While the IRS is exploring options to correct these payments, if the taxpayer has not received their full payment by the time they file their 2020 federal tax return, they may claim the Recovery Rebate credit on their return.

If the IRS did not have the individual's direct deposit information on file, a paper check will be mailed to them at the address that was on their 2019 federal return.

For individuals who received a partial 2nd payment, they can receive any remaining amount due to them by claiming the Recovery Rebate Credit on their 2020 federal return.

2. Changing bank account of mailing information

For the second payment, the IRS cannot change the payment information, which includes the bank account or address information.

For more details see "IRS News Release IR-2021-01" (Economic Impact Payments on their way, visit IRS.gov instead of calling).

As more questions arise about the 2nd economic impact payment the IRS will be posting more information on the "Questions and Answers about the 2nd Economic Impact Payment" page on the IRS website.

09/08/2020

According to this notice you may qualify for additional stimulus credit. Credits equal a larger tax refund!! (Just an FYI.)

Keep EIP Notices and Other Tax Records for Tax Time:

Starting mid-April, Economic Impact Payments, also known as Stimulus Payments, began being paid out to taxpayers across the U.S. Taxpayers that were an eligible recipient of a stimulus check and received payment should have also received Notice 1444 in the mail following the disbursement of the payment.

Notice 1444 appears as a letter issued by The White House and contains the amount of Economic Impact Payment received, needed when filing 2020 tax returns. Taxpayers should be reminded to not discard this notice and to bring it in during tax preparation as the amounts received will be reconciled during preparation next year. Although the stimulus amounts taxpayer already received are not taxable, the letter is necessary to determine if taxpayer qualifies for additional stimulus credit and would only help them.