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The incorrect letters also underscore the challenges the IRS is dealing with, including severe understaffing and a backlog of roughly 6 million unprocessed 2020 individual tax returns as of December.
It’s hard to imagine that anyone enjoys tax season, but 2021 threw several curveballs that could make this year’s tax returns a chore even by the standards of settling up with the IRS.
The IRS sent millions of “math error” notices during the first half of 2021, most of which involve federal stimulus payments. ... the IRS noted in a Sept. 3 update on its website that it is ...
The IRS undertook the tax probe because the American Rescue Plan, which excluded up to $10,200 in unemployment aid from being taxed in 2020, went into effect after some taxpayers had already filed ...
The agency audited four out of every 1,000 returns filed for tax year 2021. According to Syracuse University, the poorest taxpayers were five times more likely to be audited than everyone else.
Form 1040, officially, the U.S. Individual Income Tax Return, is an IRS tax form used for personal federal income tax returns filed by United States residents. The form calculates the total taxable income of the taxpayer and determines how much is to be paid to or refunded by the government.
Penalty for Failure to Timely Pay Tax: If a taxpayer fails to pay the balance due shown on the tax return by the due date (even if the reason of nonpayment is a bounced check), there is a penalty of 0.5% of the amount of unpaid tax per month (or partial month), up to a maximum of 25%.