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National taxpayer advocate details 2021 as ‘most challenging year’ ever

National Taxpayer Advocate Erin M. Collins released her Annual Report to Congress on Wednesday, calling 2021 “the most challenging year taxpayers and tax professionals have ever experienced.” Lengthy delays by the IRS in processing tax returns and taxpayer correspondence, overwhelmed telephone assistance, shortcomings in the Service’s relatively new online taxpayer tools, and difficulties even for […]

FAQ guidance on income change reporting for advance child tax credit

The IRS on Tuesday issued Fact Sheet 2021-13 updating its frequently asked questions (FAQs) concerning the child tax credit (CTC) and advance payments, telling taxpayers how to estimate and update their projected 2021 MAGI on the online Child Tax Credit Update Portal and explaining how modified adjusted gross income (MAGI) affects eligibility for, and the […]