Balanced Results, LLC

06/16/2022

If you’re wondering why the IRS hasn’t answered letters or sent your refund check yet…

Many Americans have been waiting for their tax refund checks for months. They may be buried in a pile of a paper at the IRS.

08/21/2020

The IRS is still backed up with processing mail received during the shutdown.

House Ways and Means Chair Richard Neal wants the IRS to quit sending balance due notices for now.

03/23/2020

Louisiana has officially extended the time to file and pay income taxes. The extension follows the federal postponement until July 15, 2020. This extension applies to individual, partnership, fiduciary, and corporations.

Due to the stay at home order issued by Gov Edwards, I will not be meeting with clients face to face. I offer alternatives for tax preparation that allows for drop off of tax documents or a secure link to upload documents.

I encourage you, if you normally receive a refund, you should file now to receive your money prior to the July date.

Should you have any questions, please contact me.

I pray everyone stay safe and healthy.

03/21/2020

The due date for filing Federal income tax returns and making Federal income tax payments due April 15, 2020, is automatically postponed to July 15, 2020. Affected Taxpayers do not have to file Forms 4868 or 7004.

Louisiana has issued no notices regarding postponing the May 15, 2020 filing and payment due date.

I would still encourage you to file your return now, especially if you normally receive a refund. The IRS will be reducing their staffing in the coming days which may delay return processing and in turn delay your refund.

03/18/2020

With all of the chaos due to Covid-19, there seems to be much rumor about the tax deadlines. Treasury Secretary Steven Mnuchin announced Tuesday that tax payments up to $1 million for individuals can be deferred for 90 days. The $1 million threshold was chosen for those who report pass-through business income on their individual return. Corporations are able to defer up to $10 million in tax payments. Penalties and interest that would otherwise apply during this nearly three-month period will be waived.

Mnuchin is encouraging Americans who can file taxes by the April 15 deadline to do so. He also noted that refund issuance will not be affected for those who file.
You’re still required to file your taxes by April 15 or file an extension.. But if you owe less than $1 million in taxes you will now have until July 15, 2020 to pay.

As of now, Louisiana has not announced an extension on time to pay, Louisiana tax filing and payment due date is May 15, 2020.

For those that have already filed, and scheduled their payments for automatic withdrawal on 4/15/2020, if you’d like to take advantage of the extended payment deadline, you can call the IRS to cancel your electronic payment. Call IRS e-file Payment Services 24/7 at 1-888-353-4537 to inquire about or cancel your payment, but please wait 7 to 10 days after your return was accepted before calling. Cancellation requests must be received no later than 11:59 p.m. ET two business days prior to the scheduled payment date.

Balanced Results, LLC is continuing to file taxes in accordance with the original April 15th deadline. For those that are at high risk or just uncomfortable meeting, I can send a link to securely upload your tax documents, or you can drop off your documents rather than meet in person.

If you have been my client in the past, and would like to file an extension, you will need to contact me by phone or email.

01/28/2020

I apologize to my clients. I will not begin taking tax appointments until the first week of February and my office will be closed until Friday.

01/23/2019

IR-2019-01, January 7, 2019

WASHINGTON — Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled.

“We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to the taxpayers during this period,” said IRS Commissioner Chuck Rettig.

Congress directed the payment of all tax refunds through a permanent, indefinite appropriation (31 U.S.C. 1324), and the IRS has consistently been of the view that it has authority to pay refunds despite a lapse in annual appropriations. Although in 2011 the Office of Management and Budget (OMB) directed the IRS not to pay refunds during a lapse, OMB has reviewed the relevant law at Treasury’s request and concluded that IRS may pay tax refunds during a lapse.

The IRS will be recalling a significant portion of its workforce, currently furloughed as part of the government shutdown, to work. Additional details for the IRS filing season will be included in an updated FY2019 Lapsed Appropriations Contingency Plan to be released publicly in the coming days.

“IRS employees have been hard at work over the past year to implement the biggest tax law changes the nation has seen in more than 30 years,” said Rettig.

As in past years, the IRS will begin accepting and processing individual tax returns once the filing season begins. For taxpayers who usually file early in the year and have all of the needed documentation, there is no need to wait to file. They should file when they are ready to submit a complete and accurate tax return.

The filing deadline to submit 2018 tax returns is Monday, April 15, 2019 for most taxpayers. Because of the Patriots’ Day holiday on April 15 in Maine and Massachusetts and the Emancipation Day holiday on April 16 in the District of Columbia, taxpayers who live in Maine or Massachusetts have until April 17, 2019 to file their returns.

Software companies and tax professionals will be accepting and preparing tax returns before Jan. 28 and then will submit the returns when the IRS systems open later this month. The IRS strongly encourages people to file their tax returns electronically to minimize errors and for faster refunds.

01/12/2018

Heads up to all impacted by the 2016 flood. This is good news!

To all my clients, I will begin reviewing the returns next week, and let you know what steps, if any, will need to be taken.

WASHINGTON — Louisianans hit by the floods of 2016 should consider digging up last year's federal tax filings following the GOP-backed tax overhaul passed by Congress on Wednesday.

01/22/2017

Yes, it's that time of year...you know what I'm talking about. You've been trying to silence the thought, but really, it doesn't go away. The dreaded tax season is among us.

The official deadline to file your federal income tax return each year can shift. Yes, it's supposed to be April 15 — unless something interferes with that timing, such as because April 15 falls on a holiday. Under a special rule, whenever a tax deadline falls on a Saturday, a Sunday or a legal holiday, it's moved to the next business day. That's April 18 in 2017.

But there are other important dates to keep in mind for both individuals waiting on tax information and the businesses who need to send the information.

Filing dates:

January 16, 2017

Deadline to pay the fourth quarter estimated tax payment for the year 2016.

January 23, 2017

The Internal Revenue Service will begin processing tax returns, both those that are electronically filed and paper-filed returns.

February 1, 2017

Deadline for employers to mail out Forms W-2 to their employees and for businesses to furnish Forms 1099 statements reporting, among other things, non-employee compensation, bank interest, dividends and distributions from a retirement plan.

February 15, 2017

Deadline for financial institutions to mail out Form 1099-B relating to sales of stock, bonds or mutual funds through a brokerage account, Form 1099-S relating to real estate transactions; and Form 1099-MISC if the sender is reporting payments in boxes 8 or 14.

February 28, 2017
Deadline for businesses to mail Forms 1099 and 1096 to the IRS if filing on paper. If filing these forms electronically, the deadline is March 31. For more details, see the General Instructions for Certain Information Returns.

March 15, 2017

Deadline for corporate tax returns (Forms 1120, 1120A, and 1120S) for the year 2016, or to request automatic 6-month extension of time to file (Form 7004) for corporations who use the calendar year as their tax year.

Final deadline to file an amended corporate tax return (Form 1120X) for tax year 2013 and still claim a tax refund. Refunds expire three years from the original due date of the return.

Deadline to file partnership tax returns (Form 1065) or to request an automatic 5-month extension of time to file (Form 7004).

April 18, 2017

Deadline to file individual tax returns (Form 1040, 1040A, or 1040EZ) for the year 2016 or to request an automatic extension (Form 4868). An extension provides an extra six months to file your return. Payment of the tax is still due by April 18. You can submit payment for tax along with the extension form.

Last day to make a contribution to traditional IRA, Roth IRA, Health Savings Account, SEP-IRA or solo 401(k) for the 2016 tax year. You have until Oct. 17 to fund a SEP-IRA or solo 401(k) if you get an extension.

1st quarter estimated tax payments due for the 2017 tax year.

Final deadline to file an original tax return (Form 1040) for tax year 2013 and still claim a tax refund, as refunds expire three years from the original due date of the tax return.

Final deadline to file amended tax return (Form 1040X) for tax year 2013 and still claim a tax refund. (Be sure to mail the amended return well before April 15th to make sure your tax refund will be processed in a timely manner. And be sure to obtain proof of mailing, such as a certified mail with return receipt).

Deadline to file estate income tax or trust income tax returns (Form 1041) or to request an automatic 5-month extension of time to file (Form 7004).

Final deadline for estates, trusts, or partnerships to file an amended tax return and still claim a tax refund for the year 2013. Refunds expire three years from the original due date of the tax return.

May 31, 2017

Deadline for financial institutions to send out Form 5498 to report balances in an individual retirement account for the year 2016

June 15, 2017

2nd quarter estimated tax payments due for the 2017 tax year.

September 15, 2017

3rd quarter estimated tax payments due for the 2017 tax year.

Final deadline to file corporate tax returns for the year 2016 if an extension was requested. (Forms 1120, 1120A, 1120S)

October 1, 2017

Deadline for self-employed persons or small employers to establish a SIMPLE-IRA for the year 2016.

October 16, 2017

Final deadline to file individual tax returns for the year 2016. (Forms 1040, 1040A, 1040EZ)

Last day the IRS will accept an electronically filed tax return for the year 2016. If filing after October 15, you'll have to mail in your tax return for processing.
Final deadline to fund a SEP-IRA or solo 401(k) for tax year 2016 if you requested an automatic extension of time to file

09/01/2016

Casualty loss claims are not limited to individuals! If you have a business that flooded, you also have the option of amending your 2015 return and claiming a casualty loss. Or you may claim the loss on your 2016 return. While any reimbursements from insurance are subtracted from the loss, there is no AGI limitation on the claim.

09/01/2016

I know there are a lot of people that want to get started on amending tax returns and filing for sales tax refunds, but please remember, the first step is the hardest part. You have to begin with the list of items lost. It's not easy, nor is it fun to begin listing those things that were lost. But it is crucial information and the starting spot for tax loss claims.

Please contact me if you need help, or just information on how to start. I also have an excel spreadsheet to help list items and include the information needed to calculate the loss. I can email this if you pm me with your email address.

Praying for our communities.

Penny

08/29/2016

A little more information about the Sales Tax Refund – Personal Property Destroyed in Floods
Louisiana taxpayers can claim refunds for state sales taxes paid on personal property destroyed by a natural disaster in a parish declared a federal disaster area.

Refunds are available for property lost during storms and flooding that affected the state in March and August of 2016.

Eligible losses must meet the following criteria:

• The loss was suffered by a Louisiana taxpayer on tangible personal property used in or about the individual’s home, apartment, or homestead which is located in Louisiana; property owned by corporations, partnerships, or any type of business does not qualify for a sales tax refund
• The destroyed property must have been movable at the time of its purchase and at the time of its destruction; examples are clothing, furniture, televisions, etc.; motor vehicles are not eligible
• The taxpayer must have paid Louisiana state sales tax on the purchase of the destroyed property

Refunds are equal to the state sales tax paid on the original purchase of the destroyed property and not on the purchase of replacement property. Refunds are issued for unreimbursed losses only. Losses reimbursed by insurance, disaster relief funds or any other source are not eligible.

Items Not Eligible
• Property owned by corporations, partnerships, or any type of business does not qualify for a state sales tax refund. Business losses suffered by an individual are not eligible either.
• If an item of tangible personal property was purchased out of state and no Louisiana state sales taxes was paid on that purchase, then it is not eligible for the state sales tax refund.
• An item of tangible personal property received as a gift is not eligible for the state sales tax refund.
• Food
• Immovable property destroyed in a natural disaster is not eligible for the state sales tax refund. A house or building and its central heating or cooling systems, lighting fixtures, lavatories, hot tubs and spas, and wall-to-wall carpeting connected to the house or building are immovable property.
• Automobiles, trucks, motorcycles, boats, boat trailers, factory built homes, all-terrain vehicles (ATV), and other vehicles are not considered tangible personal property used in or about a person’s home, apartment or homestead. Water or snow skis, golfing or tennis equipment or other recreational equipment for use away from the home are not eligible. State sales tax paid on these items is not eligible to be refunded

To file a claim, all three of the following forms listed must be completed and submitted along with supporting documentation (see the “Proof of Property Loss Documentation” section) to the Louisiana Department of Revenue.
• R-1362, Natural Disaster Claim for Refund of State Sales Taxes Paid
This form is the general claim information, and will need to be notarized
www.revenue.louisiana.gov/TaxForms/1362(9_08)F.pdf
• R-1362D, Natural Disaster Claim for Refund – Schedule of Tangible Personal Property Destroyed by a Natural Disaster
www.revenue.louisiana.gov/TaxForms/1362D(9_08)F.pdf (Link is not working as of the time of this post)
Schedules of destroyed property used by insurance companies are acceptable, but the original cost of the item, not the replacement cost, and the date of purchase must be indicated on the schedule.
• R-1362S, Natural Disaster Claim for Refund – Calculation of State Sales Tax Refund Due
www.revenue.louisiana.gov/TaxForms/1362S(9_08)F.pdf (Link is not working as of the time of this post)

Proof of Property Loss Documentation

Persons claiming a refund must present some evidence to show that they actually suffered the loss and report all expected and actual reimbursements from insurance or otherwise. This documentation should be attached to the claim form R-1362D:
• The declaration page of your homeowner’s or renter’s insurance policy and a copy of the insurance adjuster’s report that documents the damage and claim reimbursement amounts.
• For those that did not have any insurance coverage, all available purchase receipts for the destroyed items and any documentation of reimbursement from FEMA or other disaster relief sources. If the claimant is unable to provide documentation to document the property loss, the Secretary will make a reasonable estimate of the sales tax paid on the purchase of the tangible personal property that was destroyed based on income previously reported to the Louisiana Department of Revenue and other available information.