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IRS NOTICE REGARDING SECTION 2302 OF CARES ACT - EXPLANATION FOR SELF-EMPLOYED INDIVIDUALS
If you receive a notice from the IRS regarding Section 2302 of the Cares Act, do not worry!
The notice is for informational purposes only. No payments are currently due. No action is required.
The Cares Act legislation allows you to pay half of your 2020 social security obligation when you file your 2021 tax return and the other half when you file your 2022 tax return. We adjusted your 2021 estimated payments in anticipation of this deferrment.
REFUND DELAY EXPLANATION AND RESOURCES
We have been receiving many calls from clients this year about the delay in getting refunds. The IRS is seriously behind in processing refunds this year and has cited lack of staff and broken equipment among other reasons for the delay.
If you paper-filed your return, the IRS is offering no timeline for the processing of your refund.
For those of you who e-filed, and that's the majority of our clients, the news is better. The IRS is estimating a timeline for any refund of 21 days from the date your return was e-filed. The IRS will not respond to any inquiry if 21 days have not passed since your return was e-filed.
What can you do?