- ORIGINAL NEWS
This IRS issue is ‘the biggest, most consistent problem’ for taxpayers, expert says
- SUMMARY
To avoid any delays in receiving your tax refund, file a complete and accurate tax return.
Ensure that the information you provide matches the tax forms received by the IRS.
Gather your tax forms, such as W-2s and 1099s, which are typically sent to you by the end of January.
If you haven’t received your tax forms, don’t assume you don’t need to report the income – check with your employer or financial institution.
Double-check for all applicable tax breaks and deductions, and ensure you have the relevant forms, such as 1098s for mortgage interest and 1098-Ts for tuition.
Review your previous year’s tax return to gather an idea of the tax forms you may need.
Consider any life changes, such as new employment, that may affect your return.
File an accurate return the first time to avoid the need for amended returns, which can take months to process.
For more detailed guidance and insights, refer to the references provided.
- NEWS SENTIMENT CHECK
- Overall sentiment:
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“Mistakes will require you to send an amended return and that’s going to slow down the system even further.”
“Even if you can submit the amended return electronically, it’s typically processed manually, which can take months.”
“Information returns come in later and later every year.”
“For earnings, common forms may include a W-2 for wages, 1099-NEC for contract or gig economy work, 1099-G for unemployment income and 1099-R for retirement plan distributions.”