TAX SEASON

Four Problems with ‘Quick’ Tax Questions

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They’re not always so simple.

By Ed Mendlowitz
Tax Season Opportunity Guide

I keep a few of the one-volume tax guides in my office so I could look up a quick answer when I need to. Recently a golf buddy emailed me a question that I thought I could answer quickly. He wanted to know that if he was in the “zero” percent capital gains tax bracket, did that apply to an unlimited amount of capital gains? Sounds like a simple question.

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Well I looked it up online and then in three one-volume tax guides. Only one source had thorough coverage of the issue. I ended up spending an hour on this “simple” question including my emailed response. Nothing is simple anymore.

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Tax Returns Nearly Match 2024 Rates

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data table

Refunds still are the only positives.

By Beth Bellor

Tax season grinds on and the number of returns is about the same as last year, according to the Internal Revenue Service.

MORE: Tax Pros Edge DIYers in E-Filings | Tax Refund Totals Up 7% | Tax Pros Handle 46% of E-Filings | Tax Refund Totals Up 10% | Tax Refunds Plummet, but No Worries | Tax Refunds Up 18% Early On | First Tax Filing Reports Are In
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The agency had received 79.6 million individual income tax returns as of March 21 – the latest data available – down 1.1 percent from the same period in 2024. It had processed 78.7 million returns, down 0.7 percent.
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Tax Pros Edge DIYers in E-Filings

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table of IRS filing data

Refunds average around 5 percent over last year.

By Beth Bellor

Can you say paperless? Only 2.7 percent of individual income tax returns come into the Internal Revenue Service by paper anymore, and only 3 percent of refund recipients request paper checks.

MORE: Tax Refund Totals Up 7% | Tax Pros Handle 46% of E-Filings | Tax Refund Totals Up 10% | Tax Refunds Plummet, but No Worries | Tax Refunds Up 18% Early On | First Tax Filing Reports Are In
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The agency received 70.4 million individual income tax returns as of March 14 – the latest data available – down 1.7 percent from the same period in 2024. It processed 69.6 million returns, down 1.4 percent.
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Two Types of Tax Review and How to Use Them

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woman reading document at desk

Let color-coded tick marks be your friends.

By Frank Stitely
The Relentless CPA

One of your roles as CEO is reviewer. There are two types of review: primary and secondary.

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Depending on the size of your firm, you may only have primary reviews. If your firm consists of you and a preparer, you won’t have a second level of review. I don’t consider the self-review as a review step. I consider it part of preparation.
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