The Internal Revenue Service announced in late April Health Savings Accounts (HSA) limit for 2023.
Things To Consider About The Employee Retention CreditZinner & Co. , COVID-19 , The CARES Act , ERC , Employee Retention Credit
The Employee Retention Credit (ERC) was established under the CARES Act in March 2020 to provide a refundable employment tax credit to help businesses with the cost of payroll and to help keep people employed during the COVID-19 pandemic. If your business qualifies, the ERC can potentially be a very large influx of cash to help you continue to run a successful business.
Krantz named 2022 Cleveland Jewish News Difference MakerSue Krantz , Robin Baum , Zinner News , Cleveland Rape Crisis Center , Zinner & Co.
Cleveland Jewish News recently named Zinner & Co. Partner Susan Krantz, CPA, CGMA, one of 18 Difference Makers for 2022.
Krantz joined Zinner & Co. in 1990 and was named a partner in 1999. She possesses over 30 years of experience in audit and assurance.
IRS announces penalty relief for certain 2019 and 2020 returnstax services , Taxes - Corporate & Business , Taxes - Planning, Rules and Returns , Taxes - Individual , IRS , tax avoidance
$1.2 billion in penalties will be refunded to 1.6 million taxpayers
In late August, the Internal Revenue Service announced on its website that it had issued Notice 2022-36, which will provide penalty relief to most taxpayers who filed certain 2019 or 2020 tax returns late.
Zinner & Co. Managing Partner Robin Baum, CPA, will present at the 49th Annual Charitable Tax Seminar, organized by the Jewish Federation of Cleveland's Professional Advisory Council.
Where Is My Tax Refund?Taxes - Corporate & Business , Taxes - Planning, Rules and Returns , Taxes - Individual , IRS
In late May, the Internal Revenue Service enhanced the Where's My Refund? tool on their website.
This new feature allows taxpayers to check the status of their refunds for current tax year and two previous years.
In order to check their refund status, taxpayers will need to provide their Social Security number or ITIN, filing status and expected refund amount from the original filed tax return for the tax year they are checking.
Previously, Where's My Refund? only displayed the status of the most recently filed tax return within the past two tax years. Information available to those calling the refund hotline will be limited to the 2021 tax return.
Using the Where's My Refund? Tool, taxpayers can check the status of their refund within:
• 24 hours after e-filing a tax year 2021 return
• Three or four days after e-filing a tax year 2019 or 2020 return
• Four weeks after mailing a return
The IRS reminds taxpayers that the Online Account continues to be the best option for finding their prior year adjusted gross income, balance due or other type of account information.
“We encourage those who expect a refund, but requested an extension, to file as soon as they're ready,” said IRS Commissioner Chuck Rettig. “We process returns on a first-in basis, so the sooner the better. There's really no reason to wait until October 17 if filers have the relevant information to file now. Free File is still available for extension recipients to use to prepare and file their federal tax return for free.”
Electronic filing is available anytime and the IRS continues to receive returns and issue refunds. Once taxpayers have filed, they can track their refund with the Where's My Refund? tool.
This helpful tool, accessible on irs.gov or the IRS2Go mobile app, allows taxpayers to track their refund through three stages – received, approved and sent.
The tool is updated daily and gives taxpayers a projected refund issuance date as soon as it is approved.
The IRS does not recommend taxpayers call them to check on their refund status unless it has been more than 21 days since the return was filed or the tool says the IRS can provide more information.
If the IRS needs more information to process the return, the taxpayer will be contacted by mail.
For more information about checking the status of a tax refund, please visit irs.gov/refunds.
IRS admits to destroying 30 million unprocessed information returnsBrett W. Neate , IRS , Zinner & Co. , Online Tax Payment , Electronic Tax Payments
Issue highlights another reason to file and make remittance payments electronically
The Internal Revenue Service admitted it destroyed roughly 30 million unprocessed informational returns from the 2020 tax year.
IRS suspends automated collection notices for tax year 2020Taxes - Planning, Rules and Returns , Taxes - Individual , tax , taxes , IRS
The IRS announced on its website that it has suspended the mailing of automated collection notices, including balance due notices and unfiled tax return notices normally issued when a taxpayer owes additional tax, and the IRS has no record of a taxpayer filing a tax return.
Expect The IRS To Struggle During The 2021 Tax SeasonTaxes - Planning, Rules and Returns , Taxes - Individual , tax , taxes , income tax , filing , IRS
CPAs and taxpayers urged to contact elected officials and push for passage of H.R. 5155
Based on multiple media reports, the U.S. Treasury and IRS are preparing for the worst this filing season.
According to a Jan. 10 Washington Post article, the Treasury warned of enormous challenges this tax filing season that will likely delay refunds.
Treasury Department officials told reporters they predict a “frustrating season” for taxpayers and tax preparers due to delays caused by the pandemic, years of budget cuts to the IRS, and federal stimulus measures that have added to the tax agency’s workload.
IRS Urges Taxpayers To Take Steps To Make Filing Taxes Easier In 2022electronic filing , tax services , Taxes - Planning, Rules and Returns , Taxes - Individual , tax , taxes , filing , IRS
A page on the IRS website reminds taxpayers to take the steps now to make the tax filling process easier in 2022.