Christopher Infusino CPA

Christopher Infusino CPA Professional, reliable, accurate and fast accounting and income tax services. Specialize in:
*Tax Pr

Specialize in:
*Tax Preparation
*Estate and Trust Tax Returns
*Small Business Services

01/12/2023

IR-2023-05, January 12, 2023

WASHINGTON — The Internal Revenue Service today announced Monday, January 23, 2023, as the beginning of the nation's 2023 tax season when the agency will begin accepting and processing 2022 tax year returns.

More than 168 million individual tax returns are expected to be filed, with the vast majority of those coming before the April 18 tax deadline. People have three extra days to file this year due to the calendar.

With the three previous tax seasons dramatically impacted by the pandemic, the IRS has taken additional steps for 2023 to improve service for taxpayers. As part of the August passage of the Inflation Reduction Act, the IRS has hired more than 5,000 new telephone assistors and added more in-person staff to help support taxpayers.

"This filing season is the first to benefit the IRS and our nation's tax system from multi-year funding in the Inflation Reduction Act," said Acting IRS Commissioner Doug O'Donnell. "With these new additional resources, taxpayers and tax professionals will see improvements in many areas of the agency this year. We've trained thousands of new employees to answer phones and help people. While much work remains after several difficult years, we expect people to experience improvements this tax season. That's just the start as we work to add new long-term transformation efforts that will make things even smoother in future years. We are very excited to begin to deliver what taxpayers want and our employees know we could do with this funding."

These steps took place as the IRS worked for months to prepare for the 2023 tax season. The January 23 start date for individual tax return filers allows the IRS time to perform annual updates and readiness work that are critical to ensuring IRS systems run smoothly. This is the date IRS systems officially begin accepting tax returns. Many software providers and tax professionals are already accepting tax returns; they will transmit those returns to the IRS when the agency begins accepting tax returns on January 23.

The IRS urges people to have all the information they need before they file a tax return. Filing a complete and accurate tax return can avoid extensive processing and refund delays as well as avoid the possibility of needing to file an amended tax return.

In addition, the IRS encourages people to carefully review their tax situation to make sure they don't overlook important tax credits they may be eligible for, like the Earned Income Tax Credit (EITC). The IRS has set a special day on January 27 to encourage people to make sure they understand the important benefits of the EITC, a credit that can help low- and moderate-income workers and families.

01/12/2022

2022 tax filing season begins Jan. 24; IRS outlines refund timing and what to expect in advance of April 18 tax deadline

WASHINGTON — The Internal Revenue Service announced that the nation's tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.
The IRS encourages everyone to have all the information they need in hand to make sure they file a complete and accurate return. Having an accurate tax return can avoid processing delays, refund delays and later IRS notices. This is especially important for people who received advance Child Tax Credit payments or Economic Impact Payments (American Rescue Plan stimulus payments) in 2021; they will need the amounts of these payments when preparing their tax return. The IRS is mailing special letters to recipients, and they can also check amounts received on IRS.gov.

Like last year, there will be individuals filing tax returns who, even though they are not required to file, need to file a 2021 return to claim a Recovery Rebate Credit to receive the tax credit from the 2021 stimulus payments or reconcile advance payments of the Child Tax Credit. People who don't normally file also could receive other credits.

11/06/2021

Advance Child Tax Credit Notice - IRS Letter 6419. By Jan. 31, 2022, the IRS will send taxpayers Letter 6419 to provide the total amount of advance Child Tax Credit payments that were disbursed to them during 2021. This letter will be sent to the address the IRS has on file.

When you file your 2021 tax return during the 2022 tax filing season, you will need to compare:

The total amount of the advance Child Tax Credit payments that you received during 2021; with
The amount of the Child Tax Credit that you can properly claim on your 2021 tax return.

03/18/2021

IR-2021-59, March 17, 2021

WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.

02/08/2021

Items like hand sanitizer and masks are eligible for the deduction.

01/19/2021

The Internal Revenue Service (IRS) is delaying the start of the tax filing season to Friday, Feb. 12. It usually begins in late January.

01/17/2021

THE NFC CHAMPIONSHIP GAME IS COMING TO LAMBEAU FIELD‼️

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04/06/2020

Economic impact payments: What you need to know

Who is eligible for the economic impact payment?
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible. Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return.

Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child.

How will the IRS know where to send my payment?
The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

The IRS does not have my direct deposit information. What can I do?
In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.

I am not typically required to file a tax return. Can I still receive my payment?
Yes. The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payments to recipients of benefits reflected in the Form SSA-1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2018 or 2019. This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return.

Since the IRS would not have information regarding any dependents for these people, each person would receive $1,200 per person, without the additional amount for any dependents at this time.

03/22/2020

MADISON -- Wisconsin income tax payment and return due dates have been automatically extended to July 15, 2020. The extension matches the deadline adjustment made for federal tax filing by the IRS. Wisconsin law will automatically extend time and waive interest and penalties for taxpayers due to a p...

03/20/2020

U.S. Extends Individual Tax Filing Deadline from April 15 to July 15

The U.S. is extending the April 15 tax-filing deadline to July 15, giving people more time to prepare and pay their taxes during the coronavirus outbreak, Treasury Secretary Steven Mnuchin said today.

03/18/2020

Treasury and IRS to delay tax payment deadline by 90 days

-Treasury Secretary Steven Mnuchin said Tuesday that taxpayers can delay paying their income taxes on as much as $1 million in taxes owed for up to 90 days.

- Ordinarily, individual income taxpayers must submit their 2019 tax returns and pay amounts owed by April 15.

- The postponement on payments applies to federal returns. Double-check your state’s tax deadlines to see if there are any delays.

- During that three-month deferral period, taxpayers won’t be subject to interest and penalties, he said.

- The filing deadline is still April 15th. You can file for an extension which would give you until Oct. 15th.

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