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The IRS is warning that there may be delays processing tax returns and sending refunds this year. To receive yours in a timely manner, file early.

Senate Democrats are eyeing ways to beef up the IRS before the April tax-filing deadline or extend the filing season.

"I am deeply concerned about the upcoming filing season, National Taxpayer Advocate Erin M. Collins said in a report.

National Taxpayer Advocate Erin M. Collins, head of the IRS'' in-house watchdog, shared concerns about the upcoming filing season in releasing her office''s recent report detailing the major problems that plagued millions of taxpayers last year.

"The pandemic continues to create challenges," IRS head Chuck Rettig said.

LAS VEGAS, Jan. 11, 2022 (GLOBE NEWSWIRE) -- Trusted LASIK Surgeons is pleased to provide updates for Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs). FSAs and HSAs are both pre-tax accounts that can be used to pay for healthcare-related expenses, including co-pays, medical bills, and vision-related expenses. Paying with an FSA or HAS is a great option for those considering LASIK , cataract surgery , or another vision correction procedure. FSAs operate on a "use-it-or-lose-it" basis. Any funds in an FSA not spent by the end of the year can be lost unless the plan includes a rollover feature. While FSA benefits typically need to be spent by December 31, employees may be able to carry over unused funds from 2021 to 2022 if management has opted into these options. The IRS published adjusted tax limits for FSAs in Revenue Procedure 2021-45 . The limit on annual Full story available on Benzinga.com

Non-fungible tokens are likely considered collectibles, subjecting them to a higher top tax rate on capital gains than bitcoin and other cryptocurrencies.

US Treasury Warns Of Frustrating Tax Season Due To IRS Backlogs And ''Longstanding Operational Problems'' Existing backlongs and ''longstanding operational problems'' at the IRS will likely make for a frustrating tax season this year, a Treasury Department official told Politico on Monday. The agency is still dealing with two years-worth of backlogs in processing returns - and is trying to process approximately 6 million individual returns as of Dec. 23. Typically, the tax collector juggles around 1 million pieces of unopened mail according to the report. More than 150 million individual income tax returns typically roll in over the course of a few months. Tax returns for 2021 are due April 18 for most individual filers , a few days after the normal April 15 deadline due to a holiday in Washington, D.C., though extensions can be requested. This years start and end dates, announced by the IRS on Monday, are more in line with historical norms, which have been upended since 2020 because of the pandemic.

The GAO report recommended that the IRS and FinCEN work together to tighten registration requirements for crypto kiosks, whose widening use it tied to surges in human and drug trafficking.

The Internal Revenue Service cautioned it is still working on “prior-year individual tax returns that have not been fully processed.”

There are steps people can take to ensure their tax return and refund don''t face processing delays, said IRS Commissioner Chuck Rettig.

The IRS is almost done with sending the stimulus checks, and now, it is sending the letters that will help individuals file their tax returns. Some people, however, can still get coronavirus stimulus checks in the form of the Recovery Rebate Credit, using one of the letters that the IRS will send. The IRS letter […]

A new rule by the IRS lowers the threshold for reportable 1099-K income from $20,000 to $600. It also ends the previous 200-transactions threshold.

Today, Citizens Against Government Waste (CAGW) announced the results of its online poll for the 2021 Porker of the Year. There were six worthy candidates who were guilty of plugging pricey policies, promoting earmarks, pushing wasteful spending bills for infrastructure and social programs, and demanding that the IRS spy on Americans'' bank accounts. After the votes were tallied, the dishonor fell to House Speaker Nancy Pelosi (D-Calif.) and Sen. Bernie Sanders (I-Vt.), who were jointly named CAGW''s September 2021 Porkers of the Month for endangering America''s financial stability with their massive spending plan. Second place went to Treasury Secretary Janet Yellen, for demanding that the IRS be allowed to investigate every detail of how Americans spend their money. Speaker Pelosi Full story available on Benzinga.com