Global Intel Hub - Charlotte, NC -- BREAKING 2/6/2021
US Taxpayers file typically either 1099 or w2 (except for the wealthy that have hundreds of various methods). 1099 filers may be self-employed or receive income as independent contractors from small businesses. Those business owners receive K1s, which become part of their personal returns. Most of them use something like TurboTax or the equivalent (TurboTax has emerged as a standard because it's easy and reduces audit risks). See the message from filing a small business:
We have filed taxes for 20 years using TurboTax for as many as 50 filers in a single year (our business partner was in the tax business) - we have never seen this message before. Another point, it's now February 6th and many small businesses file as soon as they can, such as January 1st (after the tax year closes on New Years Eve.) Why are people in a hurry to file taxes? Because when you file, you get your REFUND. Also if you wait until the last minute, and file on tax day with the majority of people, processing and refunds are always delayed. Early filers get many benefits other than peace of mind, they get quickly processed deposits.
And this year is even more worrisome, as millions of stimulus payments went to the wrong accounts. The IRS has said they will attach the stimulus to your tax filing (if you missed it) which is making those who didn't get a stimulus or a refund biting their nails.
Is this all due to stupidity? Are we now seeing the fruits of the labor, from a decades long dumbing down of new generations of workers who can't accomplish basic tasks? Or is this part of a greater plan, a 'great reset' of the tax system, which is going to go live before March 15, 2021 (deadline for corporations and partnerships to file)?
We will shortly see.
To make things even more exciting, there is absolutely nothing filers can do but wait. The IRS is receiving a 'heavy call volume' due to "COVID 19" like all other corporations, thus leaving us no choice but to take it in the orifice requested.