Valley Accounting Service

10/09/2024

Attention all tax filers in the Hurricane Helene disaster area: the October 15, 2024 filing deadline for taxpayers on extension has been extended to May 1, 2025.

07/08/2023

The scammers have figured out that the IRS only contacts taxpayers by mail, so watch out for their latest tactic.

A new scam involves a mailing coming in a cardboard envelope from a delivery service. The enclosed letter includes the masthead and wording that the notice is “in relation to your unclaimed refund.” Don’t fall for it: https://ow.ly/t7Uv50P2K8k

05/07/2021

FYI re. 2021 tax returns.

The Biden form letter sent to stimulus-check recipients is an official tax notice

03/25/2021

An update from the IRS on filing amended returns due to the passage of the American Rescue Plan Act of 2021:

The IRS announced today that returns accepted before the unemployment compensation exclusion should NOT be amended:
"If you have already filed your 2020 Form 1040 or 1040-SR, there is no need to file an amended return (Form 1040-X) to figure the amount of unemployment compensation to exclude. The IRS will re-figure your taxes using the excluded unemployment compensation amount and adjust your account accordingly. The IRS will send any refund amount directly to you."

03/18/2021

Two important changes have occurred for this tax season. First, regular filing season has been extended for personal returns until May 17, 2021. (Please note that you should check your state's filing deadline, as it may be different.) This has been done in large part because of the tax law changes in the American Rescue Plan Act passed by Congress last week. Second, if you have already filed your return, you may need to have it amended. The IRS will be issuing guidance on when and what to do, so do NOT amend your returns yet. If you would like assistance with filing initial returns or with filing amended returns, please contact me via this site.

01/28/2021

IMPORTANT 2020 TAX RETURN FILING UPDATE: The IRS will not start accepting e-filed tax returns until February 12, 2021. The reason is that they expect to be sending out additional stimulus checks and direct bank deposits when Congress passes the next new bill related to Covid relief. The regular tax deadline is still April 15 as of now. I am taking appointments for tax return work now, and can complete them prior to Feb. 12, to be filed once e-filing is open. Please call or message me for assistance with your tax, payroll or bookkeeping needs.

07/09/2020

Just a reminder that the deadline for individual and some business tax returns for timely filing is *Wednesday, July 15, 2020.* Although the IRS and individual states may extend the deadline again, I have no confirmation of such at this time. Be prepared to file if you have not done so yet. As always, I am here to help should anyone need it. You can contact me through this page or

Valley Accounting, specializing in small business accounting and tax services. Serving North Carolina's Black Mountain, Swannanoa, and the Asheville Metro area since 1976.

06/24/2020

If you are expecting a refund, and have filed your return but have not received the refund yet, this is probably why. Here is the statement from the IRS, released on 6/23/20:

"Due to COVID-19, IRS return processing is down 12% compared to this time last year. As of June 12, the IRS has received 136.5 million individual income tax returns and has processed only 124.6 million of them. The delay in processing mainly affects paper filed returns and electronically filed returns that require additional verification from the taxpayer. Tax returns that require additional verification or a manual IRS review were put on hold while the majority of IRS employees were sent home in March.

Several factors could flag a tax return for taxpayer verification or a manual IRS review such as:

- W-2 or 1099 amounts reported don't match what was reported to the IRS by the payer
- Self-employment income and expenses
- Refundable Credits
- Annual random sampling of returns
If a taxpayer's return has been selected for review or verification, the IRS will mail a letter to the address on the tax return explaining why and/or requesting additional information. Because of the coronavirus pandemic, these letters have been significantly delayed compared to prior years.

The IRS has re-opened the Refund Hotline at 800-829-1954 if you need to get information about your tax return."

You can also check online at www.irs.gov Remember, returns are considered to be "timely filed" if filed by midnight on July 15, 2020, or if an extension has been filed by that same time.

Get My Economic Impact Payment Non-Filers: Enter Payment Info Here Get Coronavirus Tax Relief Get Your Refund Status Do Your Taxes for Free File an Extension View Your Account Make a Payment Forms and Instructions 1040 and Schedules 1-3 Individual Tax Return Other 1040 Schedules Information About th...

04/03/2020

Just an update, folks. I've not had posted office hours this year, and will continue seeing clients by appointment only. Door handles, pens, etc. (things frequently touched or used) get wiped down between client visits, and I have hand sanitizer on deck. Remember that regular tax season has now been extended through July 15, so please spread the word that local accountants like me are ready to take on new business. Just send a message through this site, my website, or call me at 669-2860 to schedule an appointment. Thanks. :)

03/25/2020

Update: The new filing deadline for regular tax season, Federal AND NC returns, is now July 15 rather than April 15. This is in addition to having until July 15 to make payments for those who owe. The IRS has put up a FAQ list on their site; here is the link:

In Notice 2020-18 (PDF), the Treasury Department and the Internal Revenue Service (IRS) announced special Federal income tax return filing and payment relief in response to the ongoing Coronavirus Disease 2019 (COVID-19) emergency. Below are answers to frequently asked questions related to the relie...

03/17/2020

*Tax relief for 2019. This applies to Federal returns.*

Taxpayers are about to get a three-month reprieve to pay income taxes owed, Treasury Secretary Steven Mnuchin said at a news conference Tuesday.

04/15/2019

It's Tax Day! Anyone still need an extension filed? If so, give me a call asap. The deadline is midnight.