IRS Expands Online Tools and Resources to Assist Taxpayers

BY JR HOLGUIN

The Internal Revenue Service (IRS) has announced that it is having a successful tax season so far, with almost 19 million tax returns received and 16.8 million processed in the first two weeks of the filing season. The agency collected over $4.1 trillion in gross taxes in the fiscal year 2021 and issued over $1.1 trillion in tax refunds, including economic impact payments and advanced Child Tax payments.

IRS Commissioner Chuck Rettig said that the agency is "very encouraged by how well things are going" and expects to receive over 168 million individual tax returns, most of which are filed before the April 18 deadline. Rettig also noted that the average refund amount is about 10% lower than last year due to the absence of economic impact payments and changes in some credit amounts.

Sue Simon, an IRS representative, explained that taxpayers who do not itemize and take the standard deduction would no longer be able to deduct their charitable contributions as they were in 2021. However, some taxpayers may still qualify for the temporarily expanded eli- gibility for the premium tax credit, and they must file Form 8962 to compute and take the PTC on their tax return.

Overall, the IRS anticipates a significantly better tax season this year. Rettig encourages taxpayers to take advantage of the many resources available to simplify their filing experience.

IRS Commissioner Charles Rettig spoke on the current state of tax collection in the US, highlighting the agency's success in collecting about 96% of the country's gross revenue during the fiscal year 2021. Rettig stated that the IRS collected over $4.1 trillion in gross taxes during this period, with over 260 million tax returns and forms processed and more than $1.1 trillion in tax refunds, including $585 billion in economic impact payments.

To assist taxpayers, the IRS has hired over 5,000 new telephone assisters, expanded in-person assistance across the country, and encouraged taxpayers to take advantage of the online tools and resources available on irs.gov. Rettig also reminded taxpayers to gather their tax documents, review their information, and choose direct deposit to speed up their refund.

Regarding what to consider when filing a 2022 tax return, Rettig mentioned that refunds would be slightly smaller due to the absence of economic impact payments. Taxpayers who don't itemize and take the standard deduction won't be able to deduct their charitable contributions as they were in the previous year. However, taxpayers may still qualify for the premium tax credit if they enroll in a Qualified Health Plan.

Rettig's colleague, Sue Simon, explained that the decrease in refunds is due to the lack of economic impact payments. Taxpayers who have not received these payments in prior years may receive credits on their tax return, but there are no notable credits this year.

Overall, the IRS is optimistic about the current filing season, and Rettig encouraged taxpayers to file their returns on time and take advantage of the many resources available to them.l

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continued from page 14 blocks north at 158 Lafayette.

Agency officials “stand ready to take additional action in the interest of public safety, if our orders are not followed and the condition of the structure continues to deteriorate,” he said in response to questions from THE CITY.

The lawsuit filed by Smith warns that “unsafe conditions” at 158 Lafayette could affect four adjacent properties on Grand Street. The receiver asserted that they must install protection of those properties before they can shore up the precarious wall at 158 Lafayette.

On February 24, an engineering firm hired by the receiver, O&S Engineers & Architects, inspected the property and found a dangerously unstable wall adjacent to the 13 Crosby St. building next door.

Resolution of this condition remains on hold, however, because one of the adjacent building owners has not responded to repeated requests for access to his property, the suit alleges. The receiver has asked a judge to order that owner to grant access immediately.

Jaimee Katz Sussner, an attorney representing the receiver, did not respond to THE CITY’s calls seeking comment.l

This story was published on March 8, 2023 by THE CITY.