According to recent reports, the IRS has a backlog of more than 6 million unprocessed individual returns; however, it has opened most of its mail and processed the payments accompanying these returns. As a result, many taxpayers received a CP-80 notice, which states the IRS has a credit on the taxpayer’s account but has not yet received a 2020 tax return. In most cases, though, the IRS has received the tax return, but just hasn’t processed it.

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Taxpayer Filed 2020 Tax Return; Receives IRS Notice that Return Not Filed
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Stay In Touch With Speedy Tax Preparation & Bookkeeping Service!
My email newsletter is a one-stop resource for relevant news and content about my business, Speedy Tax Preparation & Bookkeeping Service. I also share information about my services as a tax preparer and bookkeeper in Elizabethtown, North Carolina.
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Tips to help taxpayers reduce tax-time stress
Each tax season comes with unique challenges and 2022 is no exception. The IRS wants taxpayers to get the information they need as quickly as possible. Taxpayers should keep these tips in mind when they get ready to file. Following them will help get this year's taxes done accurately and refunds issued timely.
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Is Medical Alert Tax Deductible?
Original Article Source Credits: https://www.caring.com/
Link to Original Article: https://www.caring.com/best-medical-alert-systems/is-a-medical-alert-system-tax-deductible/
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New Form 1099 Reporting Coming in 2022
Reporting rules are changing for certain businesses beginning in 2022. Debbie Pflieger of EY’s Financial Services Organization highlights what you need to know about Form 1099-K, Payment Card, and Third-Party Network Transactions.
Beginning in the tax year 2022, individuals, partnerships, LLCs, and corporations that earn more than $600 through various online venues will start receiving Form 1099-K, Payment Card, and Third-Party Network Transactions, on which that income will be reported to themselves and the IRS. This change will substantially increase the number of Forms 1099-K required to be filed with the IRS and furnished to recipients in early 2023.
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Why You Should Choose Speedy Tax Preparation & Bookkeeping Service!
Whether you’re a budding entrepreneur or an established business owner, properly managing your finances can stabilize your company making it less likely to fail. However, it can be an overwhelming job when you have to handle all of those complex accountancy tasks. In such situations, a professional financial expert can serve as a valuable asset in your business. With their expertise and knowledge, they can assist you in managing your finances and help propel your business’s operation forward.
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Are Medicare Advantage Premiums Tax Deductible?
Original Article Source Credits: https://www.payingforseniorcare.com/
Article Written By: MARK GREGORSKI
Original Article Posted on: AUGUST 24, 2020
Link to Original Article: https://www.payingforseniorcare.com/medicare-advantage/tax-deductions-for-premium-cost
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3 Steps For Managing Your Small Business’s Taxes
Original Article Source Credits: Forbes , https://www.forbes.com/
Article Written By: Rhett Buttle
Original Article Posted on: Jun 11, 2021
Link to Original Article: https://www.forbes.com/sites/rhettbuttle/2021/06/11/3-steps-for-managing-your-small-businesss-taxes/?sh=20b5d1aa7f28
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Understanding S Corporations
Original Article Source Credits: Investopedia , https://www.investopedia.com/
Article Written By: PRABLEEN BAJPAI
Original Article Posted on: Jun 10, 2021
Link to Original Article: https://www.investopedia.com/articles/investing/091614/understanding-s-corporations.asp
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Here’s what taxpayers need to know about paying taxes on their hobby activities
Original Article Source Credits: IRS , https://www.irs.gov/
Article Written By: NA
Original Article Posted on: June 30, 2021
Link to Original Article: https://www.irs.gov/newsroom/heres-what-taxpayers-need-to-know-about-paying-taxes-on-their-hobby-activities
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Benefits of Using a Bookkeeping Service
Original Article Source Credits: The Balance Small Business , https://www.thebalancesmb.com/
Article Written By: Marco Carbajo
Original Article Posted on: March 10, 2019
Link to Original Article: https://www.thebalancesmb.com/advantages-of-a-bookkeeping-service-for-your-business-4086484
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A Glossary Of Tax-Related Terms
For the purpose of quick and smooth communication, every industry has its own language and terms. These words and phrases can be confusing to anyone who is not part of the daily operations of a specific industry, and the tax business is no exception.
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Identity theft protection for taxpayers in six steps
Original Article Source Credits: IRS , https://www.irs.gov/
Article Written By: NA
Original Article Posted on: June 1, 2021
Link to Original Article: https://www.irs.gov/newsroom/identity-theft-protection-for-taxpayers-in-six-steps
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What is More Important, Cash Flow or Profits?
Original Article Source Credits: Investopedia, https://www.investopedia.com/
Article Written By: Brian Beers
Original Article Posted on: May 16, 2021
Link to Original Article: https://www.investopedia.com/ask/answers/111714/whats-more-important-cash-flow-or-profits.asp
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Busted! Don’t Believe These Tax Myths!
Whether you’re employed or self-employed, everyone with a taxable income owes taxes to the government. Paying your taxes is a civic responsibility and a requirement of the law, and if you fail to do so, you could face penalties, fines, or worse, get imprisoned. Therefore it’s essential that you get yourself prepared before the tax season starts. Consult with a reliable financial advisor if you don’t understand how tax systems work. These professionals will make the process as simple as possible and help you save time and money.
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Bookkeeping Entries for Inventory Transactions
Original Article Source Credits: The Balance Small Business , https://www.thebalancesmb.com/
Article Written By: ROSEMARY CARLSON
Original Article Posted on: January 04, 2021
Link to Original Article: https://www.thebalancesmb.com/example-of-a-bookkeeping-entry-for-inventory-transactions-392923
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IRS reminds taxpayers living and working abroad of June 15 deadline
Original Article Source Credits: IRS , https://www.irs.gov/
Article Written By: NA
Original Article Posted on: June 2, 2021
Link to Original Article: https://www.irs.gov/newsroom/irs-reminds-taxpayers-living-and-working-abroad-of-june-15-deadline
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IRS Free File can help people who aren’t required to file find tax credits and get a refund
Original Article Source Credits: IRS , https://www.irs.gov/
Article Written By: NA
Original Article Posted on: April 27, 2021
Link to Original Article: https://www.irs.gov/newsroom/irs-free-file-can-help-people-who-arent-required-to-file-find-tax-credits-and-get-a-refund
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Standard Tax Deduction: How Much It Is in 2020-2021 and When to Take It
Original Article Source Credits: NerdWallet , https://www.nerdwallet.com/
Article Written By: NerdWallet
Original Article Posted on: Apr 13, 2021
Link to Original Article: https://www.nerdwallet.com/article/taxes/standard-deduction
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Do’s and Don’ts for taxpayers who get a letter or notice from the IRS
Original Article Source Credits: IRS , https://www.irs.gov/
Article Written By: NA
Original Article Posted on: April 19, 2021
Link to Original Article: https://www.irs.gov/newsroom/dos-and-donts-for-taxpayers-who-get-a-letter-or-notice-from-the-irs
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