Category Archives: Proffers

Proffers

Let’s talk about turnover!

The word turnover in the trucking industry does NOT mean a flakey pastry filled with fruit. Unfortunately, it describes a reality pertaining to the revolving door for our professional drivers. Current estimates place the turnover rate at large carriers at 89 percent. That means a trucking company with five thousand drivers needs to HIRE almost 4,500 drivers EVERY YEAR to maintain their current fleet.

The American Trucking Associations explains turnover as a number that, “accurately measures drivers moving within carriers.” They stress that these drivers aren’t leaving the industry, but just finding a different company.

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People can protect themselves from tax-related identity theft with an Identity Protection PIN

Identity Protection PINs stop identity thieves from filing fraudulent tax returns. When a taxpayer chooses to participate in this program, the IRS assigns them a six-digit number which the taxpayer uses to prove their identity when they file their tax return. This extra layer of protection provides peace of mind, especially for people who have already been a victim of identity theft.

How to get an IP PIN

The Get An IP PIN tool lets people with an SSN or ITIN request an IP PIN online after they verify their identity. Taxpayers should review the Secure Access requirements before they try to use the Get An IP PIN tool.

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Understanding taxpayer rights: The right to appeal an IRS decision in an independent forum

Taxpayers have the right to appeal an IRS decision in an independent forum. This is one of ten basic rights — known collectively as the Taxpayer Bill of Rights — that all taxpayers have when working with the IRS.

The IRS’s Independent Office of Appeals that handles a taxpayer’s case must be separate from the IRS office that initially reviewed that case. Generally, Appeals will not discuss a case with the IRS to the extent that those communications appear to compromise the independence of Appeals.

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IRS updates feature on ‘Where’s My Refund?’ Taxpayers can now track refunds for past two years

Very excited to share the recent IRS announcement under IR-2022-109, on May 25, 2022 about the new feature updated on “Where is My Refund?” online tool. As an IRS authorized electronic tax filing service provider, we always come across many questions about the taxpayers refunds and this article adds more light to the subject.

The Internal Revenue Service made an important enhancement to the “Where’s My Refund?” online tool this week, introducing a new feature that allows taxpayers to check the status of their current tax year and two previous years’ refunds. Taxpayers can select any of the three most recent tax years to check their refund status. They’ll need their Social Security number or ITIN, filing status and expected refund amount from the original filed tax return for the tax year they’re checking.

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IRS Free File can make tax season easier on people filing for the first time

Many people will be filing federal tax returns for the first time this year. This includes people who don’t normally file and now need to file a 2021 return to claim a recovery rebate credit or reconcile advance payments of the child tax credit. For these taxpayers, IRS Free File may be the perfect solution.

For eligible individuals who want to prepare their own taxes, IRS Free File features electronic tax preparation software providers. This program provides free tax preparation, free electronic filing and free direct deposit, which is the fastest way to get a refund. People can also directly access IRS Free File from their mobile device using the IRS2Go app.

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IRS issues FAQs for Tax Year 2021 Earned Income Tax Credit

The Internal Revenue Service issued frequently asked questions (FAQs) for the 2021 Earned Income Tax Credit to educate eligible taxpayers on how to properly claim the credit when they prepare and file their 2021 tax return.

The Earned Income Tax Credit (EITC) helps low- to moderate-income workers and families in the form of a credit to either reduce the taxes owed or an added payment to increase a tax refund. The amount of the credit may change if the taxpayer has children, dependents, are disabled or meet other criteria.

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IRS begins 2022 tax season; urges extra caution for taxpayers to file accurate tax returns electronically to speed refunds, avoid delays

The Internal Revenue Service kicked off the 2022 tax filing season on Jan. 24, 2022 with an urgent reminder to taxpayers to take extra precautions this year to file an accurate tax return electronically to help speed refunds.

The start of this year’s tax season – which takes place earlier than last year’s February 12 opening – signals the IRS is now accepting and processing 2021 tax returns.

More than 160 million individual tax returns for the 2021 tax year are expected to be filed, with most before the April 18 tax deadline.

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Common tax return mistakes that can cost taxpayers

Tax laws are complicated but the most common tax return errors are surprising simple. Many mistakes can be avoided by filing electronically. Tax software does the math, flags common errors and prompts taxpayers for missing information. It can also help taxpayers claim valuable credits and deductions.

Using a reputable tax preparer – including certified public accountants, enrolled agents or other knowledgeable tax professionals – can also help avoid errors.

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For Illinois and Tennessee tornado victims, IRS extends 2021 tax-filing deadline, other deadlines to May 16

Victims of December 10 tornadoes in parts of Illinois and Tennessee will have until May 16, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. This is the same relief already provided to storm victims in Kentucky.

Following last week’s emergency declarations issued by the Federal Emergency Management Agency (FEMA), the IRS is providing this relief to taxpayers affected by storms, tornadoes and flooding that took place starting on Dec. 10 in parts of Illinois and Tennessee. Currently, relief is available to affected taxpayers who live or have a business in Bond, Cass, Coles, Effingham, Fayette, Jersey, Macoupin, Madison, Montgomery, Morgan, Moultrie, Pike and Shelby counties in Illinois and Cheatham, Decatur, Dickson, Dyer, Gibson, Lake, Obion, Stewart and Weakley counties in Tennessee. But the IRS will provide the same relief to any other localities designated by FEMA in these or neighboring states. The current list of eligible localities is always available on the disaster relief page on IRS.gov, including numerous counties in Kentucky announced last week.

The tax relief postpones various tax filing and payment deadlines that occurred starting on Dec. 10. As a result, affected individuals and businesses will have until May 16 to file returns and pay any taxes that were originally due during this period. This includes 2021 individual income tax returns due on April 18, as well as various 2021 business returns normally due on March 15 and April 18. Among other things, this means that affected taxpayers will have until May 16 to make 2021 IRA contributions.

In addition, farmers who choose to forgo making estimated tax payments and normally file their returns by March 1 will now have until May 16, 2022 to file their 2021 return and pay any tax due.

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