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News Round Up – January 2022

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2022 Tax Filing Season Begins Jan. 24; IRS Outlines Refund Timing and What to Expect in Advance of April 18 Deadline | Internal Revenue Service
The Internal Revenue Service released that it will begin processing and accepting 2021 tax returns on Monday, Jan. 24, and the filing deadline will be Monday, April 18.

Treasury Warns of ‘Enormous Challenges’ this Tax Filing Season That Could Delay Refunds | The Washington Post
Treasury officials predicted a “frustrating season” for taxpayers and tax preparers as a result of delays caused by the pandemic, years of budget cuts to the IRS and the federal stimulus measures that have added to the tax agency’s workload.

IRS updates FAQs for 2021 Child Tax Credit and Advance Child Tax Credit Payments | Internal Revenue Service
The Internal Revenue Service updated frequently asked questions (FAQs) for the 2021 Child Tax Credit and Advance Child Tax Credit to help eligible families properly claim the credit when they prepare and file their 2021 tax return.

Pandemic Child Tax Credits and a Backlogged IRS Make this Tax Filing Season ‘Dumpster Fire 2.0’ | Accounting Today
Millions of mass affluent Americans face yet another turbulent tax season this year, as special payments sent out during the COVID pandemic scramble their federal returns — and potentially their refunds.

December prices rise 7%, compared to a year earlier, as 2021 inflation reaches highest in 40 years |
Indeed, 2021 went down as the worst year for inflation since 1981, as broken supply chains collided with high consumer demand. Higher prices seeped into just about everything households and businesses buy, raising alarms for policymakers at the Federal Reserve and White House that inflation has spread throughout the economy. Prices were also up 0.5 percent in December compared to the month before.

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