Stephen Merritt, CPA, PC  |  Certified Public Accountants  |  (757) 420-5778
233 Business Park Drive, Suite 104, Virginia Beach, VA 23462

Your monthly news & updates

Louis is summer ready!
Check out his new hat!

What’s Inside

• Where’s My IRS Refund
• IRS Increases Mileage Rate for Remainder of 2022
• July Days
• Office Hours
• COVID-19

Where’s My IRS Refund

Did you know the IRS provides a tool on their website that allows taxpayers to check their refund status? The good news is you don’t have to rely on your tax professional to access this information; you can access it directly yourself.

Here’s the direct link:  IRS Refund Status

How do I get started?

The “Where’s My Refund” tool can provide refund information for the three most current tax years. You’ll need the following information in order to complete the query:

• Social Security (or ITIN) number
• Filing Status (ex: married filing jointly)
• Exact refund amount listed on your tax return

After entering in the requested information correctly, a progress bar will appear showing three stages:

• Return received
• Refund approved
• Refund sent

The IRS processes most returns within 21 days, but occasionally a tax return may require additional review. Some of the most common delays in refund processing include:

• If the return has errors or is incomplete
• If the filer is the victim of identity theft or fraud
• If credits aren’t properly accounted for

What happens if the refund is sent, but not received?

The “Where’s My Refund” tool will tell you what date your refund was sent to your bank account for direct deposit. If the refund hasn’t been received timely, take the following steps:

1. Check with your financial institution
2. Verify that the routing and bank account numbers on your return are correct
3. If it’s determined that an error was made when providing routing or account information, the direct deposit will be returned to the IRS and they will issue a paper check through the mail instead.

What if I don’t have online access?

Taxpayers can call the IRS Refund Hotline at 800-829-1954. Be sure to have the same information on hand (SSN, filing status, refund amount) when using their automated system to inquire about refund status.

How do I check the status of my state tax refund?

If your state collects income tax, it is possible to check the status of your return online or by automated phone service. While each state uses a slightly different system to check the refund status, having your SSN and refund amount will be needed. Some states may also require your date of birth, filing status, or zip code. Use an internet search engine to determine the correct state website lookup tool.

Want more information?

The IRS has a page describing the Where’s My Refund tool. You can access it using this link: IRS Refunds

Throwback to a Puppy Louis!

IRS Increases Mileage Rate for Remainder of 2022

The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes.

For the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year. The new rate for deductible medical or moving expenses (available for active-duty members of the military) will be 22 cents for the remainder of 2022, up 4 cents from the rate effective at the start of 2022. These new rates become effective July 1, 2022. The IRS provided legal guidance on the new rates in Announcement 2022-13 PDF: Announcement 2022-13

In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2022. The IRS normally updates the mileage rates once a year in the fall for the next calendar year. For travel from January 1 through June 30, 2022, taxpayers should use the rates set forth in Notice 2022-03 PDF: Notice 2022-03

“The IRS is adjusting the standard mileage rates to better reflect the recent increase in fuel prices,” said IRS Commissioner Chuck Rettig. “We are aware a number of unusual factors have come into play involving fuel costs, and we are taking this special step to help taxpayers, businesses and others who use this rate.”

While fuel costs are a significant factor in the mileage figure, other items enter into the calculation of mileage rates, such as depreciation and insurance and other fixed and variable costs.

The optional business standard mileage rate is used to compute the deductible costs of operating an automobile for business use in lieu of tracking actual costs. This rate is also used as a benchmark by the federal government and many businesses to reimburse their employees for mileage.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

The 14 cents per mile rate for charitable organizations remains unchanged as it is set by statute.

Midyear increases in the optional mileage rates are rare, the last time the IRS made such an increase was in 2011.

Mileage Rate Changes:

July Days

Here are some Days to Celebrate in July!

July 4th – Independence Day
Celebrate the Fourth of July with family and friends! Throw some hotdogs on the grill and enjoy the firework shows!

July 12th – National Pecan Pie Day
Grab a slice of Pecan Pie and celebrate National Pecan Pie Day! The earliest dated recipes come from 1897, but claims the pie being made in the early 1800s in Louisiana exist!

July 13th – “Super Buck Moon”
The full moon in July is also called the Buck Moon! Why? The antlers on male deer reach their peak growth this time of the year. The July Buck Moon also happens to be the biggest full moon of the year, making it a Supermoon!

July 27th – National Crème Brûlée Day
This delicious dessert is also known as – Burnt Cream, Crema Catalana and Trinity Crème! The earliest known reference to it appears in Francois Massialot’s 1691 cookbook.

Louis Advice:
Treat yourself to a comfy bed and a nice long nap!

Office Hours

Office Hours: May 2, 2022 – December 2, 2022

Monday – Thursday
8 AM to 5 PM

Coronavirus Disease (COVID-19)

Stephen Merritt, CPA, P.C. understands the challenge the impact COVID-19 has on our community.

Fully-Vaccinated individuals are not required to wear a mask while in our office.

Unvaccinated or not Fully-Vaccinated individuals must wear masks and follow COVID-19 protocol, such as social distancing, while in our office to stop the spread of COVID-19.

Tax documents may be mailed, FAXed, emailed, uploaded to client portal, or dropped off.

Final Returns can be picked up or mailed out.

As always, please call, we are happy to assist.

Stay safe and healthy!