Tax Updates

CHECK WHERE'S MY REFUND FOR UPDATE 72 HOURS AFTER E-FILE

DUE TO IRS LAWS, THESE CREDITS HAVE A DELAY FOR DISBURSEMENT.

THE EARNED INCOME TAX CREDIT, A REFUNDABLE TAX CREDIT FOR LOW- AND MODERATE-INCOME WORKERS, WILL ALSO SEE AN INCREASE IN 2023. THE TOTAL CREDIT AMOUNT DEPENDS ON INCOME AND THE NUMBER OF CHILDREN- PEOPLE WITHOUT CHILDREN CAN STILL QUALIFY. FOR THE TAX YEAR 2022, THE EARNED INCOME CREDIT RANGES FROM $560-$6,935. IN 2023, THE CREDIT WILL INCREASE TO A MAXIMUM OF $7.430 FOR QUALIFYING TAXPAYERS WITH THREE OR MORE CHILDREN.

The IRS Refund Schedule provides information on when you can expect to receive your tax refund after you have filed your tax return. To read the schedule, follow these steps:

1. Visit the IRS website: Go to the IRS website and look for the section on "Where's My Refund?"
2. Check your refund status: You can check the status of your refund by entering your Social Security Number, filing status, and the exact amount of your refund.
3. Review the refund schedule: If your refund has been approved, you will be able to see the expected refund date. The schedule is based on the processing time for your tax return, which can vary depending on factors such as the complexity of your return and the volume of returns being processed.
4. Keep in mind: The IRS Refund Schedule is just an estimate, and the actual timing of your refund may be different. If there are any issues with your tax return, such as errors or missing information, the processing time may be longer.

It's also important to note that if you choose to receive your refund through direct deposit, you may receive your refund faster than if you receive a paper check in the mail.

ON DECEMBER 23, 2022, THE IRS ANNOUNCED THAT THE CALENDAR YEAR 2022 WILL BE TREATED AS A TRANSITION YEAR FOR THE REDUCED REPORTING THRESHOLD OF $600. FOR THE CALENDAR YEAR 2022. THIRD-PARTY SETTLEMENT ORGANIZATIONS THAT ISSUE

FORMS 1099-K ARE ONLY REQUIRED TO REPORT TRANSACTIONS WHERE GROSS PAYMENTS EXCEED $20,000. AND THERE ARE MORE THAN 200 TRANSACTIONS.

IRS DELAYS

 1099-K reporting until next tax season. This will be a transition year!

Dear Taxpayers,

We would like to inform you that for individuals who owe the Internal Revenue Service (IRS), there is an option available to request for economic hardship relief. This year, you may file form 8944 to apply for this relief in order to receive your taxes.

Please note that the form must be submitted before February 15th and approval of your application may take up to 4-6 weeks.

 Dear Valued Clients,

We are writing to inform you about a valuable resource that is available to you for all of your tax-related needs: the IRS Directory. This directory is an excellent tool for getting any additional information you need or having your questions answered in a timely and efficient manner.

The IRS Directory is a comprehensive database of information on tax laws, procedures, and guidelines. It is designed to help taxpayers like you understand the tax system and navigate the often-complex world of tax regulations. With the directory, you can find answers to common questions, learn about tax credits and deductions, and get help with preparing your tax return.

In addition to the information available on the directory, you can also contact the IRS directly with any questions or concerns. 

The directory provides a list of phone numbers and addresses for various IRS offices, so you can get in touch with the right people to help you with your tax needs.

We encourage you to take advantage of this valuable resource. The IRS Directory is an excellent way to stay informed and get the answers you need to make the most of your tax situation.

If you have any questions or concerns, please do not hesitate to contact us. We are here to help and are always happy to assist you in any way we can.

Warmest regards,

 Royal Tax Services