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Tax Cliff Notes: Filing? Credits? Refunds?
January 10, 2022   |   2021 Tax Season, Form 1040, IRS, Refund, Stimulus, Tax Credit, Tax Forms, Taxes

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IRS plans to start accepting individual tax returns on January 24.

Tax preparers may be preparing returns before January 24 so they can be filed as soon as the IRS is ready.

Taxpayers receiving Earned Income Credit or Child Tax Credit on the return may have a delayed refund. IRS is statutorily allowed to hold those returns for additional scrutiny because of fraud issues in these returns.

Stimulus payment 3 ($1400 per person/$2800 per couple claimed on the tax return received January–March 2021) will be reconciled on this return. Tax Pros ¬†will need the stimulus amount received. Stimulus is not taxable, but if was “shorted” the “shortfall” is added to tax refund. ¬†Inaccuracies will delay refund.

Will keep you posted.  . .

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