Tax Corner | Blog

The irs sign is in front of a building.
Tax Corner I Blog

IRS Reassigns Workers

Due to shortage of resources and processing delays, the IRS is reassigning workers to handle a backlog of unprocessed papers and returns. There are approximately 23.5 million tax returns and other documents that still need to be process from the 2020 tax return season. Some of the delays are due to the IRS checking stimulus

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A group of business people talking at a meeting.
Tax Corner I Blog

Most Common IRS Audits

No one likes to have an audit by the IRS but the examination that people worry about the most happen less than another type of audit referred to as adjustment audit letter. Adjustment letters simply let taxpayers know they owe additional money or that there is a change in their refund amount. This may happen

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Two people sitting on a couch looking at a tablet with a stock chart on it.
Tax Corner I Blog

IRS Refunds Crypto Untraded Token

The IRS has recently offered a refund to a Nashville couple which had taxes paid for unsold Tezos tokens. The couple did not accept the refund but the decision by the IRS could mean that there may be changes to how proof-of-stake miners and stakers are taxed.

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A child tax credit is sitting on top of a pile of money.
Tax Corner I Blog

IRS Letter 6419 Child Tax Credit May Be Incorrect

IRS has sent millions of taxpayers Letter 6419 which details amounts for the advanced child tax credit payment. The IRS has indicated, however, that some of these letters may have the incorrect amounts. The IRS is informing taxpayers to keep the Letter 6419 and to check the IRS site to determine if a different amount

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A woman is taking a selfie with her phone in the car.
Tax Corner I Blog

IRS Selfie Requirement

IRS will soon require a selfie to be taken when using the IRS.gov account. Previously, personal biometrics were not required. IRS has been using ID.me to confirm a taxpayer’s identity which requires government ID, a selfie and copies of their bill in order to register for an account and to obtain taxpayer documents with the

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The word tax is spelled out on a black background.
Tax Corner I Blog

2022 Tax Season Begin Date

The IRS has announced that it will begin the 2022 tax season for 2021 tax returns on January 24, 2022. This will mean that returns that are able to be e-filed will start to be accepted. While individual tax returns are due on April 18 this year as no extensions have been announced, tax returns

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A man is using his phone to make an online payment.
Tax Corner I Blog

PayPal, Venmo, Zelle IRS Reporting

As of January 1, 2022, platforms like PayPal, Venmo, and Zelle will be required to report transactions to the IRS and issue 1099-K to the taxpayer when there are commercial transactions of $600 or more. Small business owners, which are the predominant taxpayer groups that are impacted, are already required to report the income they

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The word stimulus payment in wood type on a green background.
Tax Corner I Blog

Plus-up Stimulus Payments

Plus-up stimulus payments will be sent with a deadline of December 31, 2021. Those taxpayers that have already filed their 2019 and 2020 returns and are eligible will receive these. The plus-up stimulus payments are for those taxpayers who received a stimulus payment but in a lower amount than they were eligible for. No further

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Child tax credit on a table with pens and a calculator.
Tax Corner I Blog

Child Tax Credit Repayment?

Some taxpayers may be in for a surprise when filing their taxes with repayment of the child tax credit. The advanced child tax credit was not free money but acted more of an advance to be paid to eligible families earlier than when filing tax return. So why will some taxpayers need to pay it

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A woman and her son are working on a laptop at the kitchen table.
Tax Corner I Blog

Last of Advanced Child Tax Credit Payments Sent

December 15 marked the last of the advanced child tax credit payments. Those taxpayers that were eligible to receive the advanced child tax credit payments were receiving checks from the IRS on the 15th of every month starting in July. There is a plan to extend these through the Build Back Better legislation before the

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