Sharp Tax & Accounting Services Inc.

Sharp Tax & Accounting Services Inc. We help you with Tax Returns and other Accounting Services related.

01/21/2026

It's tax season again!!
Come to us and we'll help you file your taxes in the most favorable and correct way for you.

Es temporada de impuestos otra vez !!
Ven con nosotros y te ayudaremos a realizarlos lo mas favorable y correcto para ti.

🚨 Urgent 🚨The deadline for filing Form 1099-NEC for the 2025 tax year is January 31, 2026, for both furnishing to recipi...
01/21/2026

🚨 Urgent 🚨

The deadline for filing Form 1099-NEC for the 2025 tax year is January 31, 2026, for both furnishing to recipients and filing with the IRS (whether by paper or electronically), with the date shifting to the next business day if it falls on a weekend or holiday. There is no automatic extension for 1099-NEC, so meeting this January 31st deadline is crucial to avoid late filing penalties, which can range from $60 to over $600 per form, depending on the delay.

🚨 Urgente 🚨

La fecha límite para presentar el Formulario 1099-NEC correspondiente al año fiscal 2025 es el 31 de enero de 2026, tanto para entregarlo a los destinatarios como para presentarlo ante el IRS (ya sea en papel o electrónicamente). Si esta fecha cae en fin de semana o día festivo, se traslada al siguiente día hábil. No existe prórroga automática para el formulario 1099-NEC, por lo que cumplir con esta fecha límite del 31 de enero es fundamental para evitar multas por presentación tardía, que pueden oscilar entre $60 y más de $600 por formulario, dependiendo del retraso.

It’s that time of the year again !!…… Open file and season for 2026 text Tax returns, we are open!Monday to Friday 9:00 ...
01/21/2026

It’s that time of the year again !!…… Open file and season for 2026 text Tax returns, we are open!
Monday to Friday 9:00 am-8:00 pm
Saturday 9:00 am-6:00 pm
Sunday only appointments .

¡Ya llegó de nuevo esa época del año! ... Se abre el plazo para presentar las declaraciones de impuestos de 2026, ya abrimos !
Lunes a viernes 9:00 am-8:00 pm
Sabado 9:00 am-6:00 pm
Domingo solo citas.

Common Tax Filing Errors – Did You Know? (1/2)Every year, many taxpayers may make mistakes on their returns that cause I...
02/14/2024

Common Tax Filing Errors – Did You Know? (1/2)

Every year, many taxpayers may make mistakes on their returns that cause IRS processing delays. Some common errors may also result in paying too much or too little tax. A miscalculation in either direction can be costly, since the IRS may assess penalties for underpayment.

The following mistakes may not change your tax, but they can cause processing problems. The IRS may even withhold your refund until the errors are corrected. Be sure to check for the following:

Missing or Inaccurate Social Security Number (SSN):
Even when filing electronically, many people mistype their SSNs and do not catch the error. If the SSN on your return does not match the number on your Social Security card, the IRS may not be able to process your return.

Misspelled Name:
Take your time when filling in every blank on your return, even your name. A misspelling or illegible writing can prevent proper processing.

Incorrect Bank Account or Routing Number:
Getting your return filed electronically and requesting direct deposit is the fastest way to get your refund, IF you provide accurate information. An error in your banking info can cause big headaches.

Missing Signature:
Remember that in most cases, couples filing jointly must both sign their return.

To avoid costly mistakes, a tax professional can help prepare or check your return and file it electronically. A tax pro might also help you claim deductions and credits that you would otherwise miss.

Discounted Repayment Program for Invalid ERC ClaimsBetween now and March 22, 2024, businesses that received employee ret...
02/12/2024

Discounted Repayment Program for Invalid ERC Claims

Between now and March 22, 2024, businesses that received employee retention credit (ERC) funds but did not qualify for the credit may apply to repay the credit at a discounted rate. While the ERC program gave vital assistance to many employers during the pandemic, it also became a target of scammers, who lured ineligible business owners into falsely claiming the credit.

Under this new voluntary disclosure program, taxpayers whose applications are approved by the IRS will only have to pay back 80% of the credit amount. The remaining 20% will be forgiven without penalty, since many businesses lost a percentage of their credit to ERC promoters. Note that if a business uses a third-party payroll management service, that third party must submit the application to participate in the discounted repayment program.

The IRS also reminds businesses to act quickly to withdraw pending questionable ERC claims. Taxpayers whose ERC applications have not yet been processed, or who received an ERC refund check but not cashed it, may be able to withdraw their applications (and return the check) without penalty. A business tax professional can help determine whether an ERC claim was valid, and if not, what steps can be taken to try to resolve the issue.

Increased Additional Child Tax Credit Available for 2023 – Did You Know?The maximum Child Tax Credit (CTC) amount remain...
02/09/2024

Increased Additional Child Tax Credit Available for 2023 – Did You Know?

The maximum Child Tax Credit (CTC) amount remained at $2,000 per qualifying child for tax year 2023 and generally isn't a refundable credit. However, many taxpayers who qualify for the CTC are also eligible for the Additional Child Tax Credit (ACTC), which may make the CTC partially refundable. In other words, if your CTC amount exceeds the tax you owe, claiming the ACTC may enable you to receive part of the excess credit as an IRS refund.

Unlike the basic CTC, the ACTC gets adjusted annually for inflation. For 2023, the maximum ACTC amount rose to $1,600 per qualifying child. Therefore, those who qualify for the ACTC may receive up to $1,600 per qualifying child as a tax refund. However, you must file a tax return to claim your refund, even if you do not owe any tax.

A tax professional can help you determine whether you qualify for the 2023 CTC and ACTC, and if so, help you file a return electronically to get your refund as quickly as possible.

Protecting Yourself from Tax Related Identity Theft - Did You Know?Tax related ID theft is when someone uses your inform...
02/05/2024

Protecting Yourself from Tax Related Identity Theft - Did You Know?

Tax related ID theft is when someone uses your information (name, SSN, etc.) to file a false tax return and claim a fraudulent refund.

The number one thing you can do to prevent this type of ID theft is to file early and file electronically. The IRS is “first-come, first-served”, meaning whoever files first, electronically, will be the only electronic return accepted. All others for that SSN will be blocked and must file manually. This can lead to big delays for your refund. Filing season began January 29 this year.

Potentially Taxable Events – Did You Know?In addition to traditional income sources like employee wages and business pro...
02/01/2024

Potentially Taxable Events – Did You Know?

In addition to traditional income sources like employee wages and business profits, there are a number of other activities and transactions that the IRS classifies as potentially taxable. It is important to consider all of these “taxable events” for your tax return.

The most commonly overlooked taxable events include:

- Investment income, including receiving stock dividends or cashing in bonds
- Converting a traditional IRA to a Roth IRA
- Forgiveness (discharge) of a loan or other debt, including student loans
- Sale of assets such as vehicles, musical instruments, or a home at a gain (that is, for more than you paid to purchase the assets)
- Sale or exchange of cryptocurrency (like Bitcoin), or making purchases with cryptocurrency
- Withdrawing funds from a retirement plan (or from the cash value of a life insurance policy if you withdraw more than you have paid in premiums)
- Gifts and inheritances

A tax professional can advise you about which events in your life may have tax implications, and how to properly report those events. For example, in some cases, you may only need to declare the event to the IRS if the amount of money involved exceeds a minimum threshold, known as an “exclusion.”

Tax Filing Season BeginsThe 2024 Tax Filing Season opens today, January 29th, 2024, for your 2023 returns. Here are some...
01/29/2024

Tax Filing Season Begins

The 2024 Tax Filing Season opens today, January 29th, 2024, for your 2023 returns. Here are some tips to make your tax filing season easier.

Gather Documents Showing Wage, Business And Other Income:

If you work as an employee, you should receive a W-2 from your employer(s) by early February, showing your earnings for the year and the total tax withheld from your paychecks. If you are self-employed (including gig economy work) or own a business, you may also receive 1099 forms from your clients showing fees paid to you.

Interest and dividend income, along with royalties from past work, are also reported on 1099 forms. Recipients of unemployment benefits and/or taxable Social Security benefits should receive a year-end statement detailing these payments as well. Store all of these documents with your tax records.

Organize Records Of Other Potentially Taxable Transactions:

The sale of major assets like stock, a house or any other “big ticket” item may yield a taxable capital gain. Many cryptocurrency transactions (such as buying and selling Bitcoin) also have tax implications, since the IRS classifies cryptocurrencies as property. Make sure you have complete records of all your significant financial and property transactions during 2023.

Start Early:

Assemble your records and file your taxes early. If issues come up, you'll have much more time to resolve them. A tax professional can help you with identifying and organizing your documents as well as filing your tax return.

Filing Deadline for W-2 and 1099 FormsTaxpayers who paid employees or independent contractors in 2023 are reminded to fi...
01/22/2024

Filing Deadline for W-2 and 1099 Forms

Taxpayers who paid employees or independent contractors in 2023 are reminded to file all required payment reporting forms by January 31, 2024.

If you operate a business and pay employees, you generally must file a Form W-2 for each employee with the Social Security Administration (SSA) by January 31. You must also send each employee a copy of their W-2

January 31 is also the deadline for 1099 forms if you are required to file 1099-MISC and 1099-NEC forms.

If you are an employee, you should expect to receive your W-2 from your employer soon, if you have not received it already.

Open Filing Season for 2023 Tax Returns (2/2)When this year's tax season officially opens on January 29, it will feature...
01/18/2024

Open Filing Season for 2023 Tax Returns (2/2)

When this year's tax season officially opens on January 29, it will feature several improvements to IRS services. Two key upgrades relate to digital form submission and options for taxpayers to access their IRS account information online.

Enhancements to IRS paperless processing systems include the addition of 20 more tax forms to e-filing platforms, and new ways to respond to IRS letters online. Taxpayers with online IRS accounts will also discover new account features, including options to schedule and cancel future payments, and to securely save bank information for greater convenience.

A tax professional can help you file your tax return and any other required forms electronically, to save resources and ensure the fastest possible refund delivery.

Open Filing Season for 2023 Tax Returns (1/2)The IRS will begin accepting and processing 2023 tax returns on January 29,...
01/10/2024

Open Filing Season for 2023 Tax Returns (1/2)

The IRS will begin accepting and processing 2023 tax returns on January 29, 2024, marking the official opening of tax filing season.

After January 29, taxpayers who have filed their returns may use the IRS "Where's My Refund?" tool (link below) to check the status of their tax refunds. The newly updated tool now works seamlessly on mobile devices, and will provide clearer and more detailed information than past versions. For example, it will notify taxpayers if the IRS needs more information from them in order to process their returns.

Although the IRS will not confirm receipt of tax returns until January 29, you may file at any time. A tax professional can help you complete and submit your return electronically, so you get your refund as quickly as possible.

IRS Where's My Refund Tool: https://www.irs.gov/refunds

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2300 N Pershing Drive #201
Arlington, VA
22201

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