An Important Update from the IRS Regarding your Filing Status:
“Some tax returns are taking longer to process than others, including when a return:
- Needs a correction to the Recovery Rebate Credit amount
- Needs a correction to the Child Tax Credit amount
- Is incomplete
- Is affected by identity theft or fraud
- Includes a claim filed for an Earned Income Tax Credit or an Additional Child Tax Credit using 2019 income.
- Includes a Form 8379, Injured Spouse Allocation PDF, which could take up to 14 weeks to process
- Needs further review in general
“It’s taking more than 21 days (and up to 90 to 120 days) to issue refunds for tax returns with the Recovery Rebate Credit, Earned Income Tax Credit and Additional Child Tax Credit.
Don’t file a second tax return. If you’re due a refund from your tax return, you should wait to get it before filing Form 1040-X to amend your original tax return.”
What Should I Ask My Accountant?
Wondering what next steps to take? Preparing for your appointment? Follow this guideline of questions to bring to the table during your next appointment…
Start Building Your Small Business
Starting a new business is exhilarating! It can at times be intimidating and scary. Bookkeeping N Beyond is here to help guide you along the way. Click the link below for one of our favorite resources:
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Budgeting
Incorporation & Business Creation
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Tax Preparation
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