Alexander Guess CPA PA

03/21/2020

Client Notification. The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed.

If you have any questions or concerns regarding this new filing deadline please do not hesitate to give us a call. We can be reached Monday - Friday, 9:00am - 5:00pm Eastern at 1 (919) 380-7450.

To learn more click here: https://www.guess-cpa.com/tax-day-july-15th

07/29/2019

Client Notification. The IRS The has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly.

If you receive a letter in the mail from the IRS in regard to this, have sold or traded virtual currency in 2018 and failed to report this on your tax return, or have any questions in regard to virtual currency holdings you may have and how this impacts your tax returns please give us a call.

We can be reached Monday - Friday, 9:00am - 5:00pm Eastern time. 1+ (919) 380-7450

https://www.guess-cpa.com/virtual-currency-guidance

05/06/2019

Client Notification. Social Security Administration scams are on the rise and now top IRS scams. Please be careful and know that the SSA, as well as the IRS, will never initiate contact via phone or email, and will never ask you to provide sensitive information over the phone.

These agencies will also never demand immediate payment, especially through a gift card, or Bitcoin ATM.

If you feel that you have been targeted or received a suspicious phone call and/or email please give us a call.

We can be reached Monday - Friday, 9:00am - 5:00pm Eastern time. 1+ (919) 380-7450

Have you gotten calls about supposed problems with your Social Security number from callers pretending they’re with the Social Security Administration (SSA)?

10/01/2018

In the wake of Hurricane Florence, the Internal Revenue Service is reminding taxpayers that criminals and scammers try to take advantage of the generosity of taxpayers who want to help victims of major disasters.

Fraudulent schemes normally start with unsolicited contact by telephone, social media, e-mail or in-person using a variety of tactics.

Schemes incude:
Impersonation of charities to get money or private information from well-intentioned taxpayers.

Bogus websites use names similar to legitimate charities to trick people to send money or provide personal financial information.

Claiming to be working for or on behalf of the IRS to help victims file casualty loss claims and get tax refunds.

Others operate bogus charities and solicit money or financial information by telephone or email.

Comprehensive information on disaster-related tax issues, including provisions for tax relief, can be found on the disaster relief page on IRS.gov. In the case of a federally declared disaster, affected taxpayers may also call the IRS Special Services Help Line, 866-562-5227, with disaster-related tax questions.

To help taxpayers donate to legitimate charities, the IRS website, IRS.gov, has a search feature, Tax Exempt Organization Search, that helps users find or verify qualified charities. Donations to these charities may be tax-deductible.

Please note that in order to protect yourself never give or send cash. Always pay via a check or credit card.

Lastly never give out personal financial information — such as Social Security numbers or credit card and bank account numbers and passwords — to anyone who solicits a contribution.

If you have any questions or concerns in regard to chartible contributions or the IRS please do not hestaite to contact us. We are open Monday - Friday and are happy to answer any questions you may have. https://www.guess-cpa.com/contact/

Alexander Guess CPA, PA. Certified Public Accountants & Consultants. Located in Cary, NC.

09/20/2018

Tax tips: Facts to help individuals understand IRA's.

Individual Retirement Accounts, also known as IRA's, are accounts that money can be deposited into, providing financial security during retirement. IRA's can be tax deductible, matched by employers, and can provide tax/penalty free withdraws granted you meet the minimum age requirements. IRA's can be set up by a bank or other financial institution, life insurance company, mutual fund, or stock broker.

For more information in regard to IRA's, as well as planning for your financial future, please do not hesitate to contact us.

08/01/2018

The IRS has offered guidance on recent 529 education savings plan changes and their intent to issue regulations on three recent tax law changes affecting popular 529 education savings plans.

Notice 2018-58, addresses a change included in the 2015 Protecting Americans From Tax Hikes (PATH) Act, and two changes included in the 2017 Tax Cuts and Jobs Act (TCJA). Taxpayers, beneficiaries, and administrators of 529 and Achieving a Better Life Experience (ABLE) programs can rely on the rules described in this notice until the Treasury Department and IRS issue regulations clarifying these three changes.

Tuition refund:
The PATH Act change added a special rule for a beneficiary of a 529 plan, usually a student, who receives a refund of tuition or other qualified education expenses. This can occur when a student drops a class mid-semester. If the beneficiary recontributes the refund to any of his or her 529 plans within 60 days, the refund is tax-free.
The Treasury Department and the IRS intend to issue future regulations simplifying the tax treatment of these transactions. Re-contributions would not count against the plan’s contribution limit.

K-12 education:
One of the TCJA changes allows distributions from 529 plans to be used to pay up to a total of $10,000 of tuition per beneficiary (regardless of the number of contributing plans) each year at an elementary or secondary (k-12) public, private or religious school of the beneficiary’s choosing.

Rollovers to an ABLE account:
The second TCJA change allows funds to be rolled over from a designated beneficiary’s 529 plan to an ABLE account for the same beneficiary or a family member. ABLE accounts are tax-favored accounts for certain people who become disabled before age 26, designed to enable these people and their families to save and pay for disability-related expenses.

The regulations would provide that rollovers from 529 plans, together with any contributions made to the designated beneficiary’s ABLE account (other than certain permitted contributions of the designated beneficiary’s compensation) cannot exceed the annual ABLE contribution limit -- $15,000 for 2018.

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To learn more, or for any questions in regard to these changes and the impact it may have please contact us:

Alexander Guess CPA, PA. Certified Public Accountants & Consultants. Located in Cary, NC.

03/26/2018

The IRS has issued a notice providing answers to frequently asked questions (FAQs) on virtual currency, such as Bitcoin. These FAQs provide basic information on the U.S. federal tax implications of transactions in, or transactions that use, virtual currency.

To learn more, or for any questions in regard to virtual currency and the impact it may have on your tax return please contact us.

https://www.guess-cpa.com/virtual-currency-guidance

Alexander Guess CPA, PA. Certified Public Accountants & Consultants. Located in Cary, NC.

03/12/2018

Beware. There are a lot of tax scams going around. Please be careful and know that the IRS will never initiate contact via email in regard to a refund or bill, they will never ask for sensitive information over the phone nor will they demand immediate payment.

If you feel that you have been targeted or received a suspicious phone call and/or email please give us a call as we can contact the IRS directly on your behalf.

We can be reached Monday - Friday, 9:00am - 5:00pm Eastern time. 1+ (919) 380-7450

https://www.guess-cpa.com/irs-scams/

IR-2017-37, Feb. 17, 2017 — The Internal Revenue Service today announced the conclusion of its annual "Dirty Dozen" list of tax scams.

01/24/2018

Congress has enacted the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family, your business, and your estate calculate your federal income and inheritance taxes.

We have provided a comprehensive overview of these changes and how it may effect you, your business, and your estate planning needs for the foreseeable future.

If you would like more details about any aspect of how the new law may affect you, please do not hesitate to call our office at 919-380-7450

Alexander Guess CPA, PA. Certified Public Accountants & Consultants. Located in Cary, NC.

09/12/2017

Help for Victims of Hurricane Irma.

The IRS has granted tax relief to victims of Hurricane Irma; like Harvey, Extension filers have until January 31 to file; additional relief is planned.

Hurricane victims in parts of Florida and elsewhere have until January 31, 2018 to file individual and business returns and make certain tax payments.

The IRS is offering this relief to any area designated by FEMA, as qualifying for individual assistance. Visit:

WWW.IRS.GOV for more info, or call our office at 919-380-7450.

To all our friends and clients who are impacted by these storms, our thoughts and prayers are with you.

The Internal Revenue Service is the nation's tax collection agency and administers the Internal Revenue Code enacted by Congress.