FixingSeason

My Top Ten Concerns About The 2021 Tax Filing Season

having been a return-preparing tax professional for the last 40+ years, i annually put together a pinnacle-ten listing of worries approximately the filing season beforehand. earlier today irs commissioner rettig announced that the upcoming filing season begin date may be delayed. irs will start accepting tax returns on february 12. i can almost listen the groans throughout this usa as tax preparers take a deep breath and shake their heads.

1. have we finished 2020 yet? i’m certain i used to be now not the most effective tax expert making calls this week to customers who haven’t finished supplying the statistics wanted to complete their 2020 returns. a few have been laid low with deaths of their circle of relatives, some had been affected by the california wildfires catastrophe. however i accept as true with for a few, they were honestly overcome by way of apathy inside the midst of the pandemic.

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2. has irs completed beginning the envelopes and cashing the exams from closing year’s filing season yet? this is still an problem. i still have a small stack on my desk of notices clients have received we accept as true with are not accurate. irs has told us, “give us a few greater weeks to method…” our challenge is whether we ought to resubmit facts or raise the case to protect the taxpayer from further irs notices that that the taxpayers “have unpaid taxes” or that irs intends “to seize (levy)” their assets.

three. a few years ago, treasury determined to invite irs to create a “postcard size 1040.” it become not definitely viable to achieve this, and ended in a two partly-used pages for the 1040 shape and 5 extra agenda pages. the 1040 shape continues to conform, or devolve because the case may be. this 12 months it has become the standard two-pager with up to 3 connected schedules. not to mislead, the masses of various forms and schedules for particular sorts of profits or disclosures still exist and there have been plenty of adjustments you’ll want to review before you prepare returns.

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four. in case you obtained an monetary effect price (eip) closing summer season, did you keep in mind to preserve the letter that got here along side it? you could need that statistics to prepare your 2020 return, because the payments should be reconciled at the 2020 return if the taxpayer might be certified to acquire an additional payment. these bills aren't taxable to you, but your preparer will need to recognize you got the full amount you were entitled to.