Down from hundreds just a few years ago, on Friday, as mentioned in the break in announcement, there were only THREE Corrected 1099’s in the initial corrected run.
We have touched base with you lucky ones and as a side note the corrections were small.
Green Light for Early Filers
For those early filers that have patiently waited for our Green Light to file…
Green Light! You may go forward and file!
Fraud Causes Possible Delays
Earned Income Tax Credits and Child Credits can frequently result in an extra Refund…
In recent years, fraudsters have taken notice and the IRS has initiated laws to prevent this abuse.
Due to the abundance of fraud and the laws fighting these fraudsters, the IRS has issued a statement that refunds and filings will be delayed.
No need to rush your filing if you have multiple child credits or earned income credits… Early to Mid March is the quickest it will be processed…
Coincidence from Q2 2020 Newsletter
Our editor has a long article that deals with the IRS, and Audits which we previewed here.
The following graph seemed confusing to us, so we left it out … of no coincidence now, given the above notification, the largest number of Audits, and successful audits, have dealt with the Earned Income Tax Credit…
Needless to say if you have Child Tax Credits or EITC’s make darn sure you dot the i’e and cross the t’s … bad folks in front of you have created concern for the IRS!
Have a Great “Green Light” Day!
John A. Kvale CFA, CFP