Have you ever been a victim of identity theft? For any of my clients that answer yes to this question I encourage them to voluntarily request an IRS Identity Pin. With this pin you are protecting yourself from someone else being able to file a fraudulent tax return with your Social Security number. If the IRS assigns you a pin then your tax return cannot be processed electronically or by mail without the pin attached! Want to talk more about this? Feel free to give me a call at 844-888-1040.
On top of figuring out how Covid relief might affect their return, those complications could result in more taxpayers making mistakes and hearing from the IRS, experts say. And depending on the specifics, it could mean a smaller refund or a larger amount due than anticipated. "Everyone's world has been turned upside down," said Henry Grzes, lead manager for tax practice & ethics for the American Institute of CPAs.
The Internal Revenue Service says taxpayers should expect limited face-to-face operations, heavy call volume and paper-processing delays as it opens today for tax season 2021, accepting tax returns for tax year 2020. And then there’s all the pandemic-related tax law changes to consider. Here’s a guide to some key issues.
The IRS provided a safe harbor under which “eligible educators” can deduct unreimbursed expenses for COVID-19 protective items as educator expenses under Sec. 62(a)(2)(D) (Rev. Proc. 2021-15). COVID-19 protective items include, but are not limited to: