Tag Archives: taxadjustments

What to Know About the Amount of a Tax Refund

Certain transactions can affect tax withholdings and influence the taxpayer’s anticipated refund.

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IRS Provides Tax Inflation Adjustments for 2020

The tax law change covered in the revenue procedure was added by the Taxpayer First Act of 2019, which increased the failure to file penalty to $330 for returns due after the end of 2019. The new penalty will be adjusted for inflation beginning with tax year 2021. The tax year 2020 adjustments generally are used on tax returns filed in 2021.

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Franek Tax Services, Tax Return Preparation, Cary, NC