Updates This Tax Season

 

 

We all know tax season is in full
swing and Certified Public Accounts (CPAs) are putting in long hours to help
clients. No one likes waiting for their tax return but this year is different. And
yes, COVID-19 has impacted the Internal Revenue Service (IRS) and the speed of
returns.

You may have already filed your tax
returns as soon as you could or you wait until closer to the April 15 deadline.
On March 17, the IRS announced it will extend the tax-filing deadline to May
17. According to IRS Commissioner Chuck Rettig said, the IRS is doing
“everything possible to help taxpayers navigate the unusual circumstances
related to the pandemic, while also working on important tax administration
responsibilities.” In the meantime have all your tax documents ready to file.
You may have more time this year, don’t wait until the last minute to file your
taxes.  

Currently, the IRS has a backlog of
nearly 7 million tax returns that have not been processed yet. The IRS is
trying to keep up with the demand of stimulus checks and filing tax returns.
Plus with recent tax code changes from the coronavirus relief packages have put
the IRS behind schedule. Be patient when you file your taxes and expect a
longer delay than usual. What can you do to make sure you do get your tax
return as soon as possible?

1.
No Typos.

Did you misspell your name or put the
wrong address? Be sure all your personal information is correct on your tax
forms. Accuracy is key.

2.
Correct Math

Tax returns are all about numbers, if
your calculations are off, chances are your whole return is wrong. Double-check
your math and make sure it’s right and everything checks out.

3.
Correct Status Filing

You can only file one status when you
file your taxes. Sorry, you cannot be a dependent and head of household. Make
sure you pick the correct status when filing your taxes.

4.
File On Time 

Some people like to jump the gun and
file as early as possible to get their return faster. The IRS won’t file your
taxes until the open date they have selected. Do not wait until the last minute
to file your taxes and rush to get it done. Rushing causes more problems and a
longer delay. 

5.
 Use A Professional 

Are you an accountant by trade?
Accounting has complex laws and regulations that many of us don’t understand.
SWVA Tax & Accounting can help you, they are familiar with current tax laws
and understand the process.

            Be patient
this tax season and give this IRS more time to file your taxes this year. When
you get your tax return use it wisely so you can benefit from it positively. If
you haven’t filed your taxes, you can schedule an appointment with
SWVA Tax & Accounting. Call at 540-250-3198 or schedule online so you can start today. SWVA is here for you and all your tax needs. SWVA
Tax & Accounting is a full-service tax firm that specializes in the needs
of small businesses.  We’ll run the
numbers, while you run the numbers.

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