Keeping Up With the Speed of Change: What this Year Might Bring

        It can be easily said that the Tax Season last year was the most difficult in recent memory. It can also be said that this year will probably not be any easier. As we have stated in previous posts, the Internal Revenue Service (IRS) still must provide written guidance for all the changes brought about by the Tax Cuts and Jobs Act (TCJA) of 2017. There were also many tax breaks extended by Congress in December of 2019. So, this filing season is shaping up to be very busy and challenging.

          For Taxpayers who are involved in Partnerships or Hedge Funds, many are opting for extensions. In this way, they might have all available guidance provided for them by the September deadline. This type of strategy might also work for those who are looking to see if the recently extended tax breaks will apply to them. Talk to a Qualified Tax Professional to determine the best choice for you.

          Tax refunds can take a little extra time. This is true for those who claim the Earned Income Tax Credit (EITC). There is also a fraud filter that the IRS has been using to try and catch criminals attempting to steal refund checks. However, some of them have turned out to be false positives. The refund itself might be disappointing unless the withholding was adjusted. Get in contact with your Qualified Tax Professional as soon as you can to find out where you stand. Don’t wait until April!

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