Bottom Line Accounting

12/26/2022

As 2022 ends, here at Bottom Line Accounting, we are gearing up for the start of the next tax season. We look forward to seeing and hearing from our tax clients, both old and new. Yes, that means we ARE accepting new tax clients. So please feel free to recommend us to your friends and family. 📝

01/27/2022

2021 Engagement Letters & Tax Organizers have been mailed. If you need an organizer, please visit our webpage were downloads are available. We look forward to hearing from our clients and YES, we are accepting new clients and love when our clients send us referrals.

06/17/2020

Just a reminder to our current and potential tax clients, the IRS moved the tax filing deadline from April 15, 2020, to July 15,2020, due to the COVID-19 pandemic. Many states followed suit. Please understand that due to the IRS and governmental actions related to the pandemic, accounting and tax offices have been pressed into additional responsibilities to help businesses and individuals. Here at Bottom Line Accounting, we have spent hours answering questions about “stimulus payments”, PPP loans, and many other specific financial questions resulting from the current economic situation our country is in due to the Covid-19 shutdowns and stay-in-place orders. Taking care of our client questions and concerns has certainly been necessary, but it has also slowed us down in our tax preparations. We cannot thank our clients enough for understanding and patiently waiting for tax returns to be completed and returned.

When the bottom line counts, count on Bottom Line Accounting.

04/12/2019

As the April 15, 2019 tax deadline approaches, please know that we here at Bottom Line Accounting are working hard, steady, and all weekend long to insure that our client tax returns are completed before the due date if at all possible. This has been a challenging tax year with the new tax laws, new tax forms, and increased time it is taking to explain to tax clients how and/or why their returns are calculating the way they are. If your return has been received here in the office, know that we will be back in touch with you as soon as possible. We take every tax return to heart and attempt to complete it as if it were our own. And at this time we want to sincerely thank each of our tax clients for their trust and confidence in our tax services.

04/10/2019

IRS Tax Tip 2019-39
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Taxpayers who can’t pay their taxes should still file on time

With the April tax filing due date just a few days away, taxpayers should remember to both file and pay any taxes they owe by the deadine. Taxpayers who do not file and pay timely will see their tax debt grow. In fact, penalties and interest can cause a taxpayer’s debt to grow by more than thirty percent in just a few months.
Here are some tips for taxpayers who owe tax, but who can’t immediately pay their tax bill. Taxpayers should:
• File their tax return or request an extension of time to file by the April deadline.
Taxpayers who owe tax and do not file their return on time or request an extension may face a failure-to-file penalty for not filing on time.
• Pay as much as possible by the April due date.
Whether they are filing a return or requesting an extension, taxpayers must pay their bill in full by the April filing deadline. Taxpayers who do not pay their taxes on time will face a failure-to-pay penalty. Taxpayers should remember that an extension of time to file is not an extension of time to pay.
• Set up a payment plan as soon as possible.
Taxpayers who owe, but cannot pay in full by the deadline don’t have to wait for a tax bill to request a payment plan. Taxpayers can apply for a payment plan on IRS.gov. Taxpayers can also submit a payment plan request in writing using Form 9465, Installment Agreement Request.

03/01/2019

The IRS recommends that everyone check their payroll tax withholding and here at Bottom Line Accounting, we agree. The IRS has a tax calculator that you might find helpful.

https://www.irs.gov/paycheck-checkup

02/28/2019

North Carolinians Warned of Fraudulent Tax Preparers (from the NC Newsfeed-Up and Coming Weekly)

Tax season is here, and you may be considering hiring a tax preparer to help you file your taxes. Before you do, follow these tips to help ensure you’re working with a qualified, legitimate professional – not a scammer.

Verify that your preparer has a Preparer Tax Identification Number (PTIN) – without one, they can’t prepare a tax return for a paying client. You can also call the NCDOJ’s Consumer Protection Division at 1-877-5-NO-SCAM and check with your local Better Business Bureau to see whether the preparer has any previous complaints against them.
Check their credentials. Search through the IRS for preparers who currently have professional credentials recognized by the IRS or who have an Annual Filing Season Program Record of Completion.
Research the tax preparer’s history. Scammers will often open up a business and claim to be a tax preparer just in time for filing season. Make sure the preparer you’re working with has a credible history.
Avoid tax preparers who are getting paid based on a percentage of your refund, who claim they can get you a larger refund than other tax preparers would be able to, or who want you to pay extra for a guarantee in case of an error on your return.
Get estimates and compare costs and services from several tax preparers before you hire one.
Before you submit your return, review it carefully to make sure your preparer hasn’t claimed a credit you’re not actually qualified for.
Do not let your tax preparer direct your refund into their bank account. Your refund should go directly to you.
Never sign a blank tax return. If you’re working with a paid preparer, they need to sign the tax return as well and including their PTIN.

If you have questions about something a tax preparer tells you about your taxes, check it out. You can contact the IRS at 1-800-829-1040 or the NC Department of Revenue at 1-877-252-3052. You can also make a complaint about a tax return preparer online with the IRS, or with the North Carolina Department of Justice at 1-877-5-NO-SCAM or at ncdoj.gov/complaint.

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