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Simon & Co., 16200 Ventura Boulevard Suite 312, Encino, CA (2026)

09/29/2023

IRS will not be answering calls if government shuts down (09-29-23)
The IRS has released its contingency plan should the government shut down this weekend. For the first five days of the shutdown, the IRS will:

• Close its call centers, meaning no calls will be answered;
• Close its taxpayer assistance centers;
• Stop issuing all non-automated refunds;
• Stop processing transcripts, other than disaster relief transcripts;
• Cease responding to correspondence; and
• Cease audits, unless the statute of limitations may lapse.

However, the IRS will continue to ensure that tax payments are processed during the shutdown.

The IRS will reevaluate these contingencies should the shutdown last longer than five days.

07/17/2023

Summertime activities that might affect people’s tax return next year:

For many people, summertime means change. Whether it's a life change like a marriage or a typical summer event – like sending the kids to camp – things people do in summer could affect their income taxes. Here are a few summertime activities and tips on how taxpayers should consider them during filing season.

Getting married
Wedding season is upon us and newlyweds can make tax filing easier by doing a few simple things. First, report any name change to the Social Security Administration. Next, notify the United States Postal Service, employers, and the IRS of any address change. To officially change their mailing address with the IRS, taxpayers must compete Form 8822, Change of Address, and mail it to the correct address for their area. See page 2 of the form for detailed instructions. Making these changes as soon as they happen will help make filing their tax return easier.

Sending kids to summer camp
If a taxpayer is sending a child to summer camp, the cost may count toward the Child and Dependent Care Credit.

Traveling for business
Kids may have the summer off, but parents generally don’t. Business travel happens year-round. Tax deductions are available for certain people who travel away from their home or main place of work for business reasons. Whether a business traveler is away for a few nights or all summer long, it is important for them to remember the rules related to business travel.

Working part time
While summertime and part-time workers may not earn enough to owe federal income tax, they should file a tax return to get any refund they may be owed. Part-time and seasonal workers can visit IRS.gov to learn more about who should file a tax return. Some taxpayers earn summer income as a gig economy worker. These workers are encouraged to visit the Gig Economy Tax Center at IRS.gov to learn how participating in the gig economy can affect their taxes. If taxpayers are paid through payment apps and receive more than $600, they may receive an IRS Form 1099-K reporting their earnings. For more information, go to www.irs.gov/1099k.

Home improvements
Nothing says summertime quite like a honey-do list of around-the-house projects. The IRS has information to help taxpayers take advantage of potential tax benefits for some home improvements. If taxpayers make qualified energy-efficient improvements to their home after Jan. 1, 2023, they may qualify for a tax credit up to $3,200. They can claim the credit for improvements made through 2032. Taxpayers are encouraged to visit the Energy Efficient Home Improvement Credit page of IRS.gov to learn more.
If taxpayers make energy improvements to their home, tax credits are available for a portion of qualifying expenses. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022. These types of projects include Energy Efficient Home Improvement Credit for things like water heaters, exterior windows and doors, and heating and air conditioning installations. Residential Clean Energy Credits are available for taxpayers who install solar, wind and geothermal power generation; solar water heaters; or fuel cells and battery storage.

07/14/2023

Tax tips for new parents:

Kids are expensive. Whether someone just brought a bundle of joy home from the hospital, adopted a teen from foster care, or is raising their grandchild. There are several tax breaks that can help.
Here are some tax tips for new parents
• Get the child a Social Security or Individual Tax Identification number
To claim parental tax breaks, the taxpayer must have their child or dependent’s Social Security number, Adoption Tax Identification Number or Individual Tax Identification number. Confirming a child’s birth is the only way the IRS can verify that the parent is eligible for the credits and deductions they claim on their tax return.
• Check withholding
A new family member might make taxpayers eligible for new credits and deductions, which can greatly change their tax liability. They can use the IRS Withholding Estimator to check their withholding. Taxpayers should provide their employer with an updated Form W-4, Employee's Withholding Certificate, if they want to change how much tax is withheld from their paycheck.
Check eligibility for these tax credits and deductions
• Child Tax Credit
Taxpayers who claim at least one child as their dependent on their tax return may be eligible for the Child Tax Credit. For help figuring out if a child qualifies for this credit, taxpayers can check Does My Child/Dependent Qualify for the Child Tax Credit or the Credit for Other Dependents?
• Child and Dependent Care Credit
If taxpayers paid someone to take care of their children or another member of their household while they work, they may qualify for the Child and Dependent Care Credit regardless of their income. Taxpayers who pay for daycare expenses may be eligible to claim up to 35% of their daycare expenses with certain limits.
• Adoption Tax Credit
This credit lets families who are in the adoption process during the tax-year claim eligible adoption expenses for each eligible child. Taxpayers can apply the credit to international, domestic, private and public foster care adoptions.
• Earned Income Tax Credit
The Earned Income Tax Credit helps low- to moderate-income families get a tax break. If they qualify, taxpayers can use the credit to reduce the taxes they owe – and maybe increase their tax refund.
• Credit for Other Dependents
Taxpayers with dependents who don't qualify for the Child Tax Credit may be able to claim the Credit for Other Dependents. Taxpayers can use the Does My Child/Dependent Qualify for the Child Tax Credit or the Credit for Other Dependents tool on IRS.gov to help determine if they are eligible to claim the credit. They can claim this credit in addition to the Child and Dependent Care Credit and the Earned Income Credit.

03/30/2023

Dirty Dozen: Watch out for Offer in Compromise ‘mills’ where promoters claim their services are needed to settle IRS debts.

WASHINGTON – As part of the annual Dirty Dozen tax scams series, the Internal Revenue Service today renewed a warning about so-called Offer in Compromise “mills” that often mislead taxpayers into believing they can settle a tax debt for pennies on the dollar.

The IRS continues to see instances of heavily advertised promises offering to settle taxpayer debt at steep discounts. The IRS sees many situations where taxpayers don’t meet the technical requirements for an offer, but they had to face excessive fees from promoters for information they can easily obtain themselves.
Offer in Compromise mills highlight day nine of the Dirty Dozen series. Offers in Compromise are an important program to help people who can’t pay to settle their federal tax debts. But “mills” can aggressively promote Offers in Compromise in misleading ways to people who clearly don’t meet the qualifications, frequently costing taxpayers thousands of dollars.

Watch to watch out for: Offer in Compromise mills
An Offer in Compromise (OIC) is when the taxpayer works with the IRS to settle a tax debt for less than the full amount owed. It is an option for those unable to pay the full tax liability or if doing so creates a financial hardship. The IRS takes in consideration each unique set of facts and circumstances. This agreement can happen directly between the taxpayer and the IRS without a third party.
An Offer in Compromise "mill" will usually make outlandish claims, frequently in radio and TV ads, about how they can settle a person’s tax debt for cheap. In reality, the promoter fees are often excessive, and taxpayers pay the OIC mill to get the same deal they could have received on their own by working directly with the IRS. This takes unnecessary money out of the taxpayer’s wallet.
In addition, not every taxpayer will qualify for an OIC. Some promoters knowingly advise indebted taxpayers to file an OIC application even though the promoters know the person will not qualify, costing honest taxpayers money and time.

03/27/2023

Attempting this W-2 scam can lead to penalties for taxpayers

A new scam circulating on social media urges people to use wage information on a tax return to claim false credits in hopes of getting a big refund.

How the W-2 scam works
The scheme encourages people to use tax software to manually fill out Form W-2, Wage and Tax Statement, and include false income information. Scam artists suggest people make up large income, withholding figures and employer. Scam artists then instruct people to file the bogus tax return electronically in hopes of getting a substantial refund – sometimes as much as five figures – due to the large amount of withholding.

There are two other variations of this scheme going around. Both involve misusing Form W-2 wage information in hopes of generating a larger refund:
• One variation involves people using Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals, to claim a credit based on income earned as an employee and not as a self-employed individual. These credits were available for self-employed individuals for 2020 and 2021 during the pandemic; they are not available for 2022 tax returns.
• A similar variation involves people making up fictional employees employed in their household and using Schedule H (Form 1040), Household Employment Taxes, to try claiming a refund based on false sick and family medical leave wages they never paid. Taxpayers use the form to report household employment taxes if they hired someone to do household work and those wages were subject to Social Security, Medicare or federal unemployment (FUTA) taxes, or if the employer withheld federal income tax from those wages.

The IRS verifies W-2s and is watching for these scams
The IRS, together with Security Summit partners in the tax industry and the states, is actively watching for this scheme and others. In addition, the IRS works with payroll companies and large employers as well as the Social Security Administration to verify W-2 information.

People who try this scam face a wide range of penalties, including a frivolous return penalty of $5,000. They also run the risk of criminal prosecution for filing a false tax return.

For anyone who has taken part in one of these schemes, there are several options that the IRS recommends. People can amend a previous tax return or consult with a trusted tax professional.

01/31/2023

Key points to keep in mind when filing 2022 tax returns:

From gathering paperwork to filing a tax return, these easy steps will make tax preparation smoother in 2023:

1. Gather tax paperwork and records for accuracy to avoid missing a deduction or credit. Taxpayers should have all their important and necessary documents before preparing their return. This helps people file a complete and accurate tax return. Errors and omissions slow down tax processing, including refund times.

Some information taxpayers need before they begin includes:

-Social Security numbers for everyone listed on the tax return,
-Bank account and routing numbers,
-Various tax forms such as W-2s, 1099s, 1098s and other income documents or records of digital asset transactions,
-Form 1095-A, Health Insurance Marketplace statement,
-Any IRS letters citing an amount received for a certain tax deduction or credit.

2. Remember to report all types of income on the tax return. This is important to avoid receiving a notice or a bill from the IRS. Don’t forget to include income from:

-Goods created and sold on online platforms,
-Investment income,
-Part-time or seasonal work,
-Self-employment or other business activities,
-Services provided through mobile apps.

3. File electronically with direct deposit to avoid delays in receiving a refund. Avoid paper returns. Tax software helps individuals avoid mistakes by doing the math. It guides people through each section of their tax return using a question-and-answer format.

For those waiting on their 2021 tax return to be processed, here's a special tip to ensure their 2022 tax return is accepted by the IRS for processing. Make sure to enter $0 (zero dollars) for last year's adjusted gross income (AGI) on the 2022 tax return. Everyone else should enter their prior year's AGI from last year's return.

4. Choose a tax professional carefully. Most tax return preparers are professional, honest and provide excellent service to their clients. However, dishonest tax return preparers who file false income tax returns do exist. The IRS has a Directory of Federal Tax Return Preparers with Credentials and Select Qualifications and more on choosing a tax pro on IRS.gov.

01/12/2023

IRS sets Jan. 23 as official start to 2023 tax filing season; more help available for taxpayers this year.

Jan. 17: Due date for tax year 2022 fourth quarter estimated tax payment.

Jan. 27: Earned Income Tax Credit Awareness Day to raise awareness of valuable tax credits available to many people – including the option to use prior-year income to qualify.

April 18: National due date to file a 2022 tax return or request an extension and pay tax owed due to the Emancipation Day holiday in Washington, D.C.

Oct. 16: Due date to file for those requesting an extension on their 2022 tax returns.

Most refunds issued in less than 21 days; EITC refunds for many available starting Feb. 28

The IRS anticipates most taxpayers will receive their refund within 21 days of when they file electronically, if they choose direct deposit and there are no issues with their tax return. Taxpayers should check Where’s My Refund? on IRS.gov for their personalized refund status.

While the IRS will begin accepting returns Jan. 23, the IRS cannot issue a refund that includes the Earned Income Tax Credit or Additional Child Tax Credit (ACTC) before mid-February. This is due to the 2015 PATH Act law passed by Congress, which provides this additional time to help the IRS stop fraudulent refunds from being issued.

Awaiting processing of previous tax returns? People can still file 2022 returns.

01/09/2023

Taxpayers should hang up if tax season scammers come calling:-

The tax filing season is a popular time for scammers to call and try to dupe unsuspecting taxpayers. These thieves often make threatening or alarming calls posing as the IRS to try to steal taxpayer money or personal information.

However, it’s easy for people to recognize this scam by knowing how the IRS contacts taxpayers.

The IRS will never:

- Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail a bill to any taxpayer who owes taxes. Threaten to immediately bring in local police or other law enforcement groups to have the taxpayer arrested for not paying.

- Demand that taxes be paid without giving taxpayers the opportunity to question or appeal the amount owed.

- Call unexpectedly about a tax refund.
Taxpayers who receive these phone calls should:

- Record the number and then hang up the phone immediately.

- Report the call by visiting the Hotline page of Treasury Inspector General for Tax Administration and using an IRS Impersonation Scam Reporting form or by calling 800-366-4484.
Forms to report fraud are available on the Hotline page of Treasury Inspector General for Tax Administration website. Taxpayers just click the appropriate option under “IRS Scams and Fraud” and follow the instructions.

- Report the number to [email protected] and put "IRS Phone Scam" in the subject line.

12/12/2022

IRS reminds those over age 72 to start withdrawals from IRAs and retirement plans to avoid penalties

WASHINGTON — The Internal Revenue Service today reminded those who were born in 1950 or earlier that funds in their retirement plans and individual retirement arrangements face important upcoming deadlines for required minimum distributions to avoid penalties.

Required minimum distributions, or RMDs, are minimum amounts that many retirement plan and IRA account owners must generally withdraw annually after they reach age 72. Account owners can delay taking their first RMD until April 1 following the later of the calendar year they reach age 72 or, in a workplace retirement plan, retire. RMDs are taxable income and may be subject to penalties if not timely taken.

IRAs: The RMD rules require traditional IRA, and SEP, SARSEP, and SIMPLE IRA account holders to begin taking distributions at age 72, even if they're still working. Account holders reaching age 72 in 2022 must take their first RMD by April 1, 2023, and the second RMD by December 31, 2023, and each year thereafter.

Retirement Plans: In 401(k), 403(b) and 457(b) plans; profit-sharing and other defined contribution plans; and defined benefit plans, the first RMD is due by April 1 of the later of the year they reach age 72, or the participant is no longer employed (if allowed by the plan). A 5% owner of the employer must begin taking RMDs at age 72.

RMDs may not be rolled over to another IRA or retirement plan. See the RMD Comparison Chart that highlights some of the basic RMD rules that apply to IRAs and defined contribution plans. Roth IRAs do not require distributions while the original owner is alive.

RMD Calculations and 50% tax on missed distributions
An IRA trustee, or plan administrator, must either report the amount of the RMD to the IRA owner or offer to calculate it. An IRA owner, or trustee, must calculate the RMD separately for each IRA owned. They may be able to withdraw the total amount from one or more of the IRAs. However, RMDs from workplace retirement plans must be taken separately from each plan.

Not taking a required distribution, or not withdrawing enough, could mean a 50% excise tax on the amount not distributed. The IRS has worksheets to calculate the RMD and payout periods.

Inherited IRAs
An RMD may be required for an IRA, retirement plan account or Roth IRA inherited from the original owner. Retirement Topics - Beneficiary has information on taking RMDs from an inherited IRA or retirement account and reporting taxable distributions as part of gross income. Publication 559, Survivors, Executors and Administrators, can help those in charge of the estate complete and file federal income tax returns, and explains their responsibility to pay any taxes due on behalf of the decedent or person who has died.

2020 coronavirus-related distribution
Since 2020 RMDs were waived, an account owner or beneficiary who received an RMD in 2020 had the option of returning it to their IRA or other qualified plan to avoid paying taxes on that distribution. A 2020 RMD that qualified as a coronavirus-related distribution may be repaid over a 3-year period or have the taxes due on the distribution spread over three years.

A 2020 withdrawal from an inherited IRA could not be repaid to the inherited IRA but may be spread over three years for income inclusion. For more information see the Coronavirus Relief for Retirement Plans and IRAs page.

09/13/2022

People who still haven’t filed a 2021 tax return should file electronically to avoid these common mistakes:

Summer is winding down and the filing deadline for people who requested an extension is quickly approaching. Everyone who still needs to file a 2021 tax return should do so as soon as possible.

Don’t wait until the deadline to electronically file a complete - and accurate - return.

Extension filers have until Oct. 17 to file but filing electronically helps reduce processing time and correct errors. Mistakes on a tax return can also lead to longer processing time or cause the return to be rejected.

Filing electronically can help taxpayers avoid many mistakes. Tax software does the math, flags common errors and prompts taxpayers for missing information. It can also help eligible taxpayers claim overlooked credits and deductions.
Another way taxpayers can avoid mistakes is by using a reputable tax preparer, including certified public accountants, enrolled agents or other knowledgeable tax professionals.

Here are some of the most common errors taxpayers should avoid:

- Missing or inaccurate Social Security numbers Each SSN on a tax return should appear exactly as printed on the Social Security card.

- Misspelled names Likewise, a name listed on a tax return should match the name on that person's Social Security card.

- Entering information inaccurately Taxpayers should carefully enter wages, dividends, bank interest, and other income received and reported on an information return. This includes any information needed to calculated credits and deductions. Using tax software should help prevent math errors, but individuals should always review their tax return for accuracy.

- Incorrect filing status Some taxpayers choose the wrong filing status. The Interactive Tax Assistant on IRS.gov can help taxpayers choose the correct status, especially if more than one filing status applies. Tax software also helps prevent mistakes with filing status.

- Math mistakes Math errors are some of the most common mistakes. They range from simple addition and subtraction errors to more complex calculation mistakes. Taxpayers should always double check their math.

- Figuring credits or deductions Taxpayers can make mistakes figuring things like their earned income tax credit, child and dependent care credit, child tax credit, and recovery rebate credit. The Interactive Tax Assistant can help determine if a taxpayer is eligible for tax credits or deductions. Tax software will calculate these credits and deductions and include any required forms and schedules. Taxpayers should double check where items appear on the final return before clicking the submit button.

- Incorrect bank account numbers Taxpayers who are due a refund should choose direct deposit. This is the fastest way for a taxpayer to get their money. However, taxpayers need to make sure they use the correct routing and account numbers on their tax return.

- Unsigned forms An unsigned tax return isn't valid. In most cases, both spouses must sign a joint return. Exceptions may apply for members of the armed forces or other taxpayers who have a valid power of attorney. Taxpayers can avoid this error by filing their return electronically and digitally signing it before sending it to the IRS.

Simon & Co. - call us at (818) 450-7783 for any questions.

08/10/2022

What business owners need to do when closing their doors for good.

There are a few things business owners need to do before they close their business. Of course, they need to fulfill their federal tax responsibilities. It’s also important to notify the IRS of their plans.

Business owners must take these steps when closing a business:

File a final tax return and related forms. The type of return to file and related forms depends on the type of business.

Take care of employees. Business owners with one or more employees must pay any final wages or compensation, make final federal tax deposits and report employment taxes.

Pay taxes owed. Even if the business closes now, tax payments may be due next filing season.

Report payments to contract workers. Businesses that pay contractors at least $600 for services including parts and materials during the calendar year in which they go out of business, must report those payments.

Cancel EIN and close IRS business account. Business owners should notify the IRS so they can close the IRS business account.

Keep business records. How long a business needs to keep records depends on what's recorded in each document.
IRS.gov has information to help guide business owners through the process of shutting down. Small businesses and self-employed taxpayers can find information including:

What forms to file
How to report revenue received in the final year of business
How to report expenses incurred before closure

Business owners can also get helpful information on declaring bankruptcy, selling their business and terminating retirement plans

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