Coen & Associates Tax Returns & Bookkeeping Services

05/22/2024

05/22/2024

05/22/2024

04/08/2024

If you owe taxes and can't pay the balance by the deadline, make sure to file your return on time and pay as much as you can. Filing on time will help you avoid additional penalties from piling up. An reminder: An extension of time to file is not an extension of time to pay.

Get started at www.irs.gov/efile

01/27/2024

Call us today to prepare your 2023 tax return.

01/12/2024

Hobby or business: here's what to know about that side hustle

How taxpayers can decide if it's a hobby or business
These questions can help taxpayers decide whether they have a hobby or business:

Do they carry out the activity in a businesslike manner and keep complete and accurate books and records?

Does the time and effort they put into the activity show they intend to make a profit?

Does the activity make a profit in some years – if so, how much profit does it make?

Can they expect to make a future profit from the appreciation of the assets used in the activity?

Do they depend on income from the activity for their livelihood?

Are any losses due to circumstances beyond their control or are the losses normal for the startup phase of their type of business?

Do they change their methods of operation to improve profitability?

Do the taxpayer and their advisors have the knowledge needed to carry out the activity as a successful business?

04/18/2023

02/01/2023

Call us today to have your taxes prepared. Federal all states and all business returns.

01/25/2023

Call us today to get your taxes prepared. Federal and all state returns.

03/20/2021

IRS to Extend Filing Season
The IRS has announced that it will extend the filing season until Monday, May 17, 2021. This one-month extension is for filing and payment.
Thank you in advance for your patience while we work on the federal and state software updates related to this filing deadline change, such as due dates, payment debit dates, and filing instructions. We will be working closely with the IRS and state tax agencies to conform to their official guidance on this matter.
For more information, view https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline.

IR-2021-59, March 17, 2021 — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.

03/13/2021

Unemployment and Premium Tax Credit - ARP Act
The American Rescue Plan Act of 2021 makes a portion of unemployment compensation non-taxable for certain filers and eliminates repayment of excess funds received through the Advance Premium Tax Credit.
We ask for your patience while we work closely with the IRS and state taxing authorities to implement any necessary changes.
We know many of you are holding 2020 returns that have unemployment benefits or the Advance Premium Tax Credit. We expect the IRS to issue official guidance on these items in the near future.
For returns that have been filed with these items, we advise that you hold off on filing amended returns until the IRS provides official guidance.
TIP: To generate a report showing returns that contain unemployment compensation, follow the instructions in this Drake Knowledge Base article 16991. To generate a report showing those who have repaid some or all of their Advanced Premium Tax Credit, follow the instructions in this Drake Knowledge Base article 13332.