We’re now greater than midway via the 2022 tax return submitting season, and I’m typically requested for submitting greatest practices — extra particularly, greatest practices for submitting earnings tax returns and coping with the IRS and state and native taxing authorities.
The pandemic has created distinctive challenges for tax professionals, taxpayers and the taxing authorities. The IRS has supplied some aid in a number of methods, together with halting sure notices to taxpayers and, in lots of circumstances, eliminating the necessity to file these prolonged new Okay-2 and Okay-Three types. See my article on the current IRS steering concerning Okay-2 and Okay-Three submitting aid, particularly if you’re working with home S companies and partnerships and do not have information of companion or shareholder want for data on objects of worldwide relevance.
The IRS just lately granted additional penalty aid in Discover 2022-13 for qualifying farmers and fishers submitting Types 7203, so long as they:
- Electronically file their 2021 tax return, and,
- Pay any tax due by April 18, 2022 (or April 19 for these dwelling in Maine or Massachusetts).
Nevertheless, with thousands and thousands of prior years’ returns nonetheless not processed, continued staffing and know-how challenges and continued complaints by tax professionals concerning the issue of reaching IRS workers by cellphone, we are able to anticipate a very difficult tax season, even because the IRS reassigns tons of of skilled workers and brings on 1000’s of latest staff in an effort to enhance service for each tax professionals and taxpayers. Commissioner Chuck Rettig just lately indicated that the purpose of the IRS is to clear the returns processing backlog by the top of 2022.
Regardless of these ongoing challenges, your tax apply’s busy season doesn’t have to be a catastrophe. Beneath are 5 greatest practices that may assist submitting returns go extra easily and expedite receiving refunds.
Whereas these suggestions will definitely assist expedite filings and processing of returns and receipt of refunds, important backlogs, lack of enough staffing, issue reaching tax authority brokers by cellphone and pandemic-related IRS and state and native workplace closures will undoubtedly make this tax season a novel and notably difficult one for tax professionals and taxpayers.