CHARLOTTE – Hey Tax Payer. How long can you hold your breath?
So, Let’s Get To It…
Tax season officially started on Monday, January 24, 2022, for most states in America. North Carolina’s tax season does not start until just last week without any real explanations. That’s ok. Here we are as tax accountants making sense out of your paperwork.
Now that I/we have fully explained to you your tax situation and the steps to take next year, we are ready to file. With a push of a button, It Is finished! It is accepted! And now you are holding your breath waiting for your refund to hit your bank account. Then you discover, *“The IRS backlog hits nearly 24 million returns further imperiling the 2022 tax filing season”.
The great IRS backlog started back in 2020 when the government shut down due to COVID-19. America as a whole has not really recovered from this shutdown. As a result, the IRS is considering “suspending tax collections and excusing some penalty enforcements”. Still, the IRS is 10 months or more behind in clearing up this backlog of taxes. Exhale! Go live! Your tax return will get to you sometime in the future, but with interest!
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*Source: The Washington Post, Lisa Rein, Feb 1, 2022