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2021 Tax Credits: Avoiding Delayed Refunds

2021 TAX CREDITS: AVOIDING DELAYED REFUNDS

Cost Free
Presentation Length 1.0 hour

Recorded DateJanuary 18, 2022
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

IRS Commissioner Charles Rettig stated recently that taxpayers should not file their 2021 return until the Additional Child Tax Credit (ACTC) has been reconciled either with IRS Letter 6419 (estimated mailing date January 21, 2022) sent to taxpayers or using IRS transcript data. During the 2019 tax filing season, over 10 million tax returns were held for manual processing causing an enormous backlog and delayed refunds. The IRS does not want this to happen again.  Taxpayers may also be leaving money on the table if they do not reconcile their EIP payments. This presentation will teach Tax Pros the various resources they can use to reconcile the various payments to avoid delayed refunds.
 
Learning Objectives:


  • Recall the various tax credit payments and how they impact the 2021 tax return

  • Identify the credits on the IRS account transcripts

  • Determine other methods to obtain the tax credit payment information

  • Recommend a strategy to ensure your clients are not missing out on any potential tax credits

  • Plan to prevent delayed refunds from IRS review and reconciliation of credits

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Roger is considered the foremost authority on all things involving e-services and IRS transcripts since pioneering the IRS transcript analysis industry a decade ago launching Tax Help Software. Roger is a national speaker on tax industry best practices and consults with some of the largest tax software companies, accounting firms, tax resolution firms, and the IRS.

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Catharine is a skilled attorney with diverse experiences in managing client relationships and employees. Since 2012, she has successfully helped clients and employees navigate the complex and bureaucratic rules of the Internal Revenue Service.

About Our Presenter

Taxmentor
From the makers of Tax Help Software comes the next GAMECHANGER for the Tax Industry. Created by tax pros for tax pros, Tax Mentor is your go-to resource for practical and principled tax resolution training.

So many tax professionals struggle to make a profit in the tax resolution space that they often give up, possibly losing long-term tax clients in the process. Tax Mentor’s revolutionary custom consultation report allows tax pros of all levels to benefit from the decades of experience at Tax Mentor.