NW Tax & Accounting LLC

03/14/2023

IRS is still waring business about third party promotion of the Employee Retention Credits.

11/15/2022

2022 is coming to an end, here is a little update letter.

08/29/2022

Have you heard about the student loan forgiveness proposal? Here is a quick run down of the facts. Check back for more updates as we learn more.

I am sure by now a lot of you have seen the news on Student Loan forgiveness and I am sure you have a lot of questions. We will continue to update as we learn more.

07/25/2022

Have you heard about the new Paid Leave Oregon?

Did you know starting January 1, 2023 there is a new payroll deduction? It is called Paid Leave Oregon. This program is designed to help with Family, Medical and Safe leave. Here is a quick overview of the new program. Paid Leave Oregon Overview

12/14/2021

FYI: RMDs are required for the 2021 tax year.
Please visit the website to read the latest update from the IRS.

11/09/2021

Reminder for those who receive the Advance Child Tax Credit. Your tax prepares will need a copy of the Letter 6419 that IRS will mail out in January 2022.

In January 2022, the IRS will send you Letter 6419 to provide the total amount of advance Child Tax Credit payments that were disbursed to you during 2021. Please keep this letter regarding your advance Child Tax Credit payments with your tax records. We will need to refer to this letter when we fil...

04/02/2021

University students and staff should be aware of IRS impersonation email scam!!

**Reminder IRS and the State will not send you an email or call unless you have already authorized this with them**

People should be aware of an ongoing IRS-impersonation scam that appears to target educational institutions, including students and staff who have .edu email addresses. The suspect emails display the IRS logo and use various subject lines, such as Tax Refund Payment or Recalculation of your tax refu...

03/17/2021

Just Released:
The Treasury and IRS extend filing and payment deadline to May 17
WASHINGTON — The U.S. Department of the Treasury and the 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.
The IRS will be providing formal guidance in the coming days.
Additional details on the taxpayer relief announced today are available on https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline

Oregon has not announced it they will follow extend the deadline at this time.

http://www.nwtaxaccountingllc.com/2021/03/17/1331/

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.

12/15/2020

Did you know that you might qualify for a $300 charitable donation deduction even if you can't itemized on schedule A?

http://www.nwtaxaccountingllc.com/2020/11/30/2020-charitable-donations-update/

04/10/2020

For those who are not required to file Federal taxes (non-filers): IRS has a new place to enter your information that will allow you to be eligible to get the Economic Income Payment.

https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here?fbclid=IwAR0H6Uo1FRfG8axYowPWY0DkjQ5LoxRxQZc5jbh8YZmtwJ_0EbFu0XaERas

Steps to receive the Economic Impact Payment if you haven't filed a tax return for 2018 or 2019, and aren't receiving Social Security, SS Disability Income or Railroad Retirement benefits. This payment is also referred to as "stimulus checks" or "coronavirus relief."

04/08/2020

Got question about the Economic Impact Payment (aka the stimulus check)?
We tried to answer the ones that we already have been asked.

The EIP was created by Congress as part of the CARES Act 2020. In doing this they added Section 6428 which allows for a new $1,200 refundable tax credit ($2,400 on a joint return) plus an additional $500 for each qualified child (under age 17) for the 2020 tax year. What the EIP does is give you an....

04/02/2020

April 1, 2020
WASHINGTON – The U.S. Department of the Treasury and the Internal Revenue Service today announced that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Payment. Instead, payments will be automatically deposited into their bank accounts.

“Social Security recipients who are not typically required to file a tax return do not to need take an action, and will receive their payment directly to their bank account,” said Secretary Steven T. Mnuchin.

The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate $1,200 Economic Impact Payments to Social Security recipients who did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits.

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