Discount Accounting & Tax Services

  2022 tax filing season begins Jan. 24; IRS outlines refund timing and what to expect in advance of April 18 tax deadline  January 10, 2022 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 January 24 start date for individual tax return filers allows the IRS time to perform programming and testing that is critical to ensuring IRS systems run smoothly. Updated programming helps ensure that eligible people can claim the proper amount of the Child Tax Credit after comparing their 2021 advance credits and claim any remaining stimulus money as a Recovery Rebate Credit when they file their 2021 tax return. "Planning for the nation's filing season process is a massive undertaking, and IRS teams have been working non-stop these past several months to prepare," said IRS Commissioner Chuck Rettig. "The pandemic continues to create c

  The IRS started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive   monthly Child Tax Credit payments   starting in July. The expanded and newly-advanceable Child Tax Credit was authorized by the American Rescue Plan Act. Most families do not need to take any action to get their payment. The IRS urges individuals and families who haven't yet filed their 2020 return – or 2019 return – to do so as soon as possible so they can receive any advance payment they're eligible for. This includes people who don't normally file a tax return, such as families experiencing homelessness, the rural poor, and other underserved groups. The IRS also urges community groups, non-profits, associations, education organizations, and others to share this critical information about the Child Tax Credit with those who have children. Need more information visit our website at  http://bestdiscountaccounting.com/