When compared to last year’s filing season as well as other of the past, this year has been relatively stress-free for both filers and tax professionals. In addition, the IRS is said to be catching up on the backlog that has been plaguing the agency for years. This is due to the current filing season featuring fewer special credits, and there also hasn’t been any additional taxes issued so far. This has ultimately allowed the IRS to have more time to address the problems that have been prominent for quite some time.
Overview
When asked to name something unusual about this tax season, the National Association of Tax Professionals stated the fact everything is “business as usual” is an unusual trend that has not been seen ever since the pandemic.
When covid struck in 2020, taxpayers and professionals were being bombarded by last-minute tax changes, unhelpful IRS guidance, and other pandemic-related stresses. This is why many taxpayers and practitioners are seeing this smooth-sailing tax season as a huge relief.
Quiet is a Good Thing
In fact, this year’s filing season has been operating so smoothly, that it is actually making some people anxious. Tom O’Saben is the director of tax content and regulations for the National Association of Tax Professionals. When asked about his feelings regarding this year’s filing season, he said, “It’s been really quiet. It’s probably heightened because, compared to the last few years, there have been minimal tax law changes. It’s almost as if we’re back to pre-COVID activity.”
“While the 2022 Inflation Reduction Act added credits for taxpayers who purchase an electric vehicle and make energy-efficient home improvements, there are few other changes to the tax laws that need to be implemented, reported and reconciled on most taxpayers’ 2022 returns, he indicated. “But, as we’ve seen in the past. Things can change at the drop of a hat.”
Wrap Up
The trending shift towards a more quiet and stress-free filing season is certainly welcoming for everyone. With that being said, taxpayers and professionals still have to proceed with caution. Keeping an open line of communication between you and a tax professional can ultimately ensure that the trend of a stress free filing season also applies to you.