Challenging year
"The most challenging year taxpayers and tax professionals have ever experienced." That is how the National Taxpayer Advocate, characterized the 2021 tax filing year.
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This is how the National Taxpayer Advocate, Erin Collins, characterized the 2021 tax filing year in the Annual Report released January 12th, 2022. Here are a few more troubling details:
The report was not all bad news. The IRS has been doing more with less, as its workforce has shrunk by 17% since fiscal 2010, while the number of individual return filings has grown by 19%. In addition to tax return processing, the IRS issued 478 million stimulus payments totaling $812 billion and sent Advance Child Tax Credit payments to 36 million families worth about $93 billion.
If you have been ignored by the IRS, now would be a good time to start paying attention to it. Give us a call by dialing 920-563-6616 ext. 3070, or email wealth@bankwithpremier.com to let us know how we can assist you with your estate planning needs.