Trinity Tax & Accounting LLC

01/30/2023

The Internal Revenue Service highlighted its annual Earned Income Tax Credit Awareness Day on Friday as a way to help millions of people take advantage of the tax break, but the National Taxpayer Advocate is also pointing out that some of those benefits actually expired and don't apply this year. Average tax refunds will probably be down this year as a result.
Taxpayers who earned $53,057 ($59,187 married filing jointly) or less last year can still claim the EITC, which is a refundable tax credit. However, the IRS has been doing extra fraud checks in recent years on claims for the EITC and other refundable tax credits to deter scammers, so tax returns claiming the EITC will take longer to process.

The maximum EITC for taxpayers with no dependents is $560, which is available to filers with an adjusted gross income below $16,480 in 2022 ($22,610 for married filing jointly), and can be claimed by eligible workers between the ages of 25 and 64. Married but separated spouses who do not file a joint return may qualify to claim EITC if they meet certain requirements.

01/11/2023

WHEN IS THE FIRST DAY TO START FILING TAXES IN 2023?
When is the first day to file taxes? The Internal Revenue Service announced that the nation’s tax season will start on Monday, January 24, 2023, when the tax agency will start accepting and processing 2022 tax year returns.

01/10/2023

We can help with your business and personal income taxes! Contact me on Facebook, via email: [email protected], or 678-986-4805! Over 20 years Income Tax Preparation Experience!

03/20/2022

https://www.gobankingrates.com/retirement/social-security/social-security-how-much-average-person-collects/?utm_campaign=1159155&utm_source=yahoo.com&utm_content=2&utm_medium=rss

Retired workers are not the whole story.

03/20/2022

https://finance.yahoo.com/news/irs-life-expectancy-tables-could-120023735.html?fr=sycsrp_catchall

03/20/2022

https://www.irs.gov/newsroom/irs-information-technology-looking-for-over-200-technologists-to-focus-on-modernization-job-openings-posted-with-more-to-come

IR-2022-59, March 16, 2022 — As part of a larger hiring effort underway, the Internal Revenue Service announced today plans to hire more than 200 additional technologists to help the agency further modernize its technology.

01/27/2022

TAX
Entering ‘another miserable tax season’
By Roger Russell
January 26, 2022, 3:53 p.m. EST

The 2022 filing season kicked off with no one predicting smooth sailing. Practitioners, pundits and even the IRS itself foresee problems ahead.

The start of the season on Jan. 24 was two weeks earlier than last year’s Feb. 12 opening — but there are a number of complicating factors, according to Mark Luscombe, principal federal tax analyst at Wolters Kluwer Tax & Accounting.

The IRS starts the tax season with a much larger than usual overhang from the 2021 filing season, Luscombe observed. “There’s a backlog on processing 2020 returns and there will likely be a backlog on 2021 returns,” he said. “The message from the IRS is basically, ‘Don’t expect to get your refunds on time, and don’t try to call us.’”

01/26/2022

IRS Child Tax Credit letters may have wrong information
By Michael Cohn
January 25, 2022, 3:19 p.m. EST
7 Min Read
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The letters that the Internal Revenue Service has been sending to taxpayers about the amounts they received on advance payments of the Child Tax Credit may have outdated information.

The IRS began sending information letters to taxpayers last month about the expanded Child Tax Credit payments and asked taxpayers to save the letters to use when they fill out their 2021 tax return (see story). However, in conjunction with the start of tax season on Monday, the IRS has relaunched a revamped website for the Child Tax Credit with up-to-date information on the amounts to put on their tax returns (see story). Taxpayers and practitioners are being asked to use the information they find on the site. Letter 6419 may contain outdated information, especially for taxpayers who have moved or if their checks or direct deposit payments were undeliverable.

“If taxpayers have questions or concerns about the information in their letter, they can also go to IRS.gov and look on their online account and look for the information on IRS.gov,” said Ken Corbin, chief taxpayer experience officer at the IRS and commissioner of the IRS’s Wage and Investment Division, during a news conference Monday. “We are still looking into some of the information we’ve heard about the notices not being correct. We do not believe this is a widespread problem, and as soon as we get through looking at that, we’ll put some more information out that will be helpful to the taxpayers and to you to share back with them.”

Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

01/18/2022

https://www.irs.gov/newsroom/irs-sending-information-letters-to-recipients-of-advance-child-tax-credit-payments-and-third-economic-impact-payments

COVID Tax Tip 2022-03, January 5, 2022 — The IRS started issuing information letters to advance child tax credit recipients in December. Recipients of the third round of the Economic Impact Payments will begin receiving information letters at the end of January.

01/14/2022

I apologize if you have tried to contact the office lately and been unable to reach us. The new industrial park has somehow damaged the line. They are working now to fix the phone lines.

01/13/2022

Taxpayer Advocate warns of tax refund delays this season
By Michael Cohn
January 12, 2022, 12:06 p.m. EST
6 Min Read
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National Taxpayer Advocate Erin Collins expressed deep concerns Wednesday about the upcoming tax filing season in her annual report to Congress on the 2021 filing season.

The report found that tens of millions of taxpayers saw delays in the processing of their returns last year, and with 77% of individual taxpayers receiving tax refunds, “processing delays translated directly into refund delays.” Similar delays or worse are likely to occur this year.

The IRS itself and the Treasury Department are warning of tax refund delays this year due to staffing shortages stemming from budget cuts and the COVID-19 pandemic (see story). The IRS has also been coping with the complexities of administering this past year’s tax relief measures, including advance Child Tax Credit payments and Economic Impact Payments. The IRS is still dealing with millions of unprocessed tax returns, especially ones that arrived on paper.