|The Taxpayer Advocate released their report on the state of the IRS, National Taxpayer Advocate 2021 Annual Report to Congress. You may find that this is an interesting read.
Many of the forms required to complete the 2021 Income tax returns for small businesses will not be available until March 31, 2022. And then, a few forms will not be available till June. The due date for these returns March 15, 2022!
We understand that many of our clients do not like to file extensions. However, much to our regret, we may not have a choice this year. If you have any questions or unresolved issues, it would be better if you waited to file your return, rather than filing it on time, then having to amend it later.
The IRS recently issued a Press Release urging extra caution for taxpayers to file accurate tax returns electronically to speed refunds, to avoid delays. The start of this year’s tax season – which takes place earlier than last year’s February 12 opening – signals that IRS is now accepting and processing 2021 tax returns. More than 160 million individual tax returns for the 2021 tax year are expected to be filed, with most before the April 18 tax deadline. Here is the full news release.
The IRS finally declared the Hurricane Ida Federal Disaster area as a “qualified disaster”. Senator John Kennedy has legislation waiting for action, and we will keep you updated.
Here is how that affects you if you had losses related to Hurricane Ida. WITHOUT the “qualified disaster” designation, your Hurricane Ida losses are treated like any other casualty loss. First, you need to be able to itemize, then they are subject to a 10% floor, and a $100 deductible. WITH the “qualified disaster” designation, you are able to add your Hurricane Ida Losses to your standard deduction and are not subject to the 10% floor. This will greatly increase the amount you are able to deduct. We recommend extending your return until this is eventually passed through congress.
I am in contact with the Louisiana Society of CPAs and will keep you posted on any movement with Senator Kennedy’s efforts.
At Estess CPAs, we specialize in serving the needs of small businesses with accounting, bookkeeping, tax planning, and payroll services to help you succeed. Our goal is to help your business save time and money.
We are here to guarantee you protection, accuracy, and cost-effectiveness. Besides providing bookkeeping, payroll, and accounting services, we consider your success our success and want to do everything we can to help you succeed.
Call us today and schedule an appointment at our Belle Chasse or Luling offices:
7822 Highway 23 128 Lakewood Drive
Belle Chasse, LA 70037 Luling, LA 70070
(504) 433-5122 (985) 785-1470