Barnes and Company, CPA's P.C.

05/18/2022

https://news.bloombergtax.com/daily-tax-report/millions-of-destroyed-tax-forms-deal-reviled-irs-fresh-black-eye

The revelation that the IRS quietly disposed of around 30 million unprocessed tax documents is the latest blow to the reputation of an agency that has long struggled with its public perception.

11/07/2020

10/31/2020

We would like to wish Everyone a Happy and Safe Halloween. Thank you so much for your continued business!

10/26/2020

The Latest Payroll Tax Deferral: An Offer You Should Refuse?

10/01/2020

We would like to Thank Everyone for the nomination and to Thank all of our wonderful clients who have supported our business! We ask you to please, go vote for us as we continue to provide you with expert services and reliable customer service.

Vote for the Bethpage Best of Long Island today.

04/11/2020

To those of you who do not have to file a Tax Return, the IRS has arranged a way for you to receive money from the Stimulus package that was put in place for the COVID-19 Pandemic. If you visit IRS.gov there is a blue button labeled "Non Filers: Enter Payment Info Here" where you will be directed to enter your banking information. For more information please visit www.irs.gov

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

03/27/2020

We are receiving many questions on this stimulus package. This is what we have seen so far. Please keep in mind they have not ironed out how they are implementing most of this and we will be getting more definitive answers next week.
First off, there is NO FREE money. The government is giving you a rebate of advance refunds of credits against your 2020 taxes. For anyone that filed their taxes in 2018 or 19 with an AGI of $75,000 single or $150,000 joint there will be a rebate of 1200 per tax payer and 500 for each child. Over that amount there is a phase out of $5 for every 100 over the threshold.
10% penalties for early retirement withdrawals have been waived for withdrawals up to $100,000 for virus related expenses.
All RMDs have been waived for 2020.
For Small business, they are offering SBA loans at 3.75% 30 year life and first year is deferred. Apply at sba.gov/disaster. Please only claim economic losses.
There will also be a payroll tax DEFERRAL of up to $10,000 to be paid 12/21 or 12/22. We will have more info on this next week.
Keep in mind this is a very large bill and there will be more information as it is released to us.

The SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters.

02/24/2020

Join us tomorrow night at Red Lobster in Deer Park for the Chamber of Commerce general meeting. $20 gets you a full dinner. Come for the food if nothing else, where else can you get Red Lobster for $20 a head.

09/07/2019

TCJA Creates New Reasons for Accountable Plan Expense Reimbursements

08/30/2019

Wow! Pay Zero Capital Gains Taxes on Sale of Small C Corporation

08/26/2019

Check Your Beneficiary Designations Now, Before Disaster Strikes

08/09/2019

Roth IRA versus Traditional IRA: Which Is Better for You?