It’s TaxQuips time from TaxMama.com®
Today TaxMama® wants to address some of your concerns.
First of all, let’s start with the news you’ve been waiting to hear.
The IRS e-filing system is officially open today.
So anything you submitted to the tax software companies earlier – or from now on, can get transmitted immediately. No doubt, there will be glitches for a while – but not as many as last year, when Congress changed the rules in the middle of the filing season.
In case you want to look up various filing deadlines, the TaxMama’s 2022-2023 Tax Calendar is up, ready for you to use.
The IRS has expanded some of their do-it-yourself resources this year for both taxpayers and tax professionals. Since the IRS is nearly impossible to reach by phone or in person (fewer offices – all require appointments), being able to do things electronically will reduce problems and save headaches. Here are some key things you should get set up to use ASAP:
Special Tip for folks who are STILL waiting for your 2020 tax return to be processed! (when H freezes over???). The IRS says to enter ZERO (0) on the line asking for your 2020 adjusted gross income (AGI). More details here.
- To use the new online tools, you may be required to set up an me account for security purposes.
- Taxpayer’s IRS Account – It will let you look up payments, refunds, transcripts and perhaps notices. It will also let you approve your tax professional’s power of attorney or information authorization rights, in minutes.
- Look up your advance payments:
- Advance Child Tax Credits – you should have gotten a 6419 Letter with the details
- The 3rd Economic Payment – you should have gotten a 6475 Letter this month.
- The IRS Free File system is now open. Millions of taxpayers can use this system to prepare simple tax returns themselves at no charge – and without being hassled to pay for anything. Many states are also participating in the program. Be SURE to print out or save the returns before transmitting.
- Tax Professionals also have a Tax Pro account. This will make it possible for Enrolled Agents, CPAs, attorneys and certain others with existing Central Authorization File (CAF) numbers to gain access to clients’ accounts – with the client’s immediate permission. (Instead of waiting for many weeks for the CAF unit to activate their authorization.)
- You can get your PTIN (if you don’t already have one (if you have to ask what it is – you don’t have one).
- Get access to all the e-services for tax professionals
- General online tools include:
- Get Transcript
- Where’s my refund?
- Direct pay – and this year, DO only pay electronically – not via paper checks
- Set up an Online Installment Agreement
- Get your employer ID number
- Locate an IRS office
- Look up a charity to see if it’s in good standing with the IRS
- And more
- You can now file tax returns electronically:
- For the current year and the last two years.
- And amended returns for the same time frame
And for those of you wanting to become Enrolled Agents, this year, please stay tuned. I will be opening the Early-Bird Registrations with special rates, during the first week of February. To get details, please sign up for the IRSExams newsletter.
Sheesh! Were there enough links in today’s newsletter? Lots to do and know.
And remember, you can find answers to all kinds of questions about taxes and business issues, and EA Education, free. Where? Where else? At http://iTaxMama.com/AskQuestion