Anthony Sykes & Company

               Monday April 18 is approaching with certainty. The time left to file is reduced. If you are waiting until the very last minute, here are some things you should keep in mind.           File online. Those who file online tend to have fewer errors. Common errors will be picked up and needed information will be asked for. Additionally, any paper mail will take months to be processed. That will lead to penalties and interest. Filing online is the most practical option.           Consider an extension. This allows extra time to file a tax return, not to pay any taxes due. Any estimated tax liability must be paid by April 18 to be considered on time.           Extra information. When dealing with something like the Advance Child Tax Credit payment or trying to claim the Recovery Rebate Credit related to not getting the last Economic Impact Payment, extra information will be required. The total amounts of what was received must be provided. Letters that were sent may ne

               Criminals are especially active during this time of year. Their goal is to steal personal information, such as Social Security numbers, and file fraudulent tax returns. The Internal Revenue Service ( IRS ) scans tax returns for fraud, and when they find something, it is set aside for further review. The next steps are critical.           If the IRS determines there is fraud, they will send a letter to the taxpayer. Nothing will be processed until there is a response. The letter will notify them of potential identity theft and give specific instructions that must be followed. They might be online, over the phone, or even need to take place in person. Do not ignore these letters. Your Qualified Tax Professional can help guide you through the process.

            Every year there are millions of taxpayers who do not file a tax return. This leaves billions in unclaimed tax refunds. In 2018, there was an estimate of $1.5 billion in unclaimed money. A taxpayer usually has three years to claim their refund. This is assuming that they do not owe or have another issue with the Internal Revenue Service ( IRS ). If that is the situation, the IRS may apply some of the refund to any outstanding federal or state debts.           The deadline to claim any part of the waiting refunds from 2018 is April 18, 2022. That tax return must be mailed in. Given the current state at IRS mail sorting centers, it should be mailed as soon as possible. Other late tax returns can be e-filed. The refund amount might be delayed if there are other tax returns outstanding. Any money that goes unclaimed will become property of the US Treasury. A Qualified Tax Professional can help you file the correct forms.