Dmosley TAX

05/13/2024

Calling on all small businesses and Non-Profit organizations. If you are in need of Accounting and or Bookkeeping services please contact DMosleytax.

03/12/2024

The deadline for filing your 2023 taxes is 35 days away!
DMosleyTax, LLC is a virtual Accounting, bookkeeping, and tax preparation business. I am committed to providing my clients with quality service relative to:
• Accounts Payable
• Accounts Receivable… See more

02/29/2024

The deadline for filing your 2023 taxes is 46 days away!

DMosleyTax, LLC is a virtual Accounting, bookkeeping, and tax preparation business. I am committed to providing my clients with quality service relative to:
• Accounts Payable
• Accounts Receivable
• Bank Reconciliations
• Financial Statement Preparation and Analysis
• Tax Preparation (Individual and Corporate)
I possess a BBA in Accounting, Masters in Organizational Management, Registered Tax Return Preparer, and I am a member of National Association of Tax Professionals.
The Services listed are in a remote Environment using QuickBooks as the primary Software provider.

12/09/2021

It is almost that time of year again. I am here to assist with the following:

DMosleyTax, LLC is a virtual Accounting, bookkeeping, and tax preparation business. I am committed to providing my clients with quality service relative to:
• Accounts Payable
• Accounts Receivable
• Bank Reconciliations
• Financial Statement Preparation and Analysis
• Tax Preparation (Individual and Corporate)
I possess a BBA in Accounting, Masters in Organizational Management, Registered Tax Return Preparer, and I am a member of National Association of Tax Professionals.
The Services listed are in a remote Environment using QuickBooks as the primary Software provider.

01/30/2021

06/04/2019

Taxpayers have the right to appeal an IRS decision
A taxpayer might at some point see the IRS make a decision about their taxes. If the taxpayer disagrees with this decision, they have the right to appeal it. The right to appeal an IRS decision in an independent forum is one of 10 basic rights known collectively as the Taxpayer Bill of Rights.
Here are some facts taxpayers should know about the right to appeal an IRS decision:
• Taxpayers have the right to a fair administrative appeal of most IRS decisions.
• There is an independent office called the IRS Office of Appeals. This office is separate from the IRS office that first reviewed the case.
• Generally, the Office of Appeals will not discuss a case with the IRS.
• Taxpayers also have the right to receive the Office of Appeals’ decision in writing.
• Taxpayers generally have the right to take their cases to court.
• Your Appeal Rights and How to Prepare a Protest if You Don't Agree is a publication that explains how a taxpayer can appeal a tax case when they disagree with the IRS’s findings.
• If the IRS sends a notice proposing that the taxpayer owes more money, the taxpayer may want to dispute it. If so, the taxpayer may file a petition with the United States Tax Court.
• Some taxpayers may have a claim for a refund. These taxpayers may take their case to their United States District Court or to the United States Court of Federal Claims. Generally, the taxpayer must file this claim two years from the date of the IRS notice denying the taxpayer’s refund.
More information:
What the Taxpayer Bill of Rights Means for You
Forms and Publications About Your Appeal Rights
Taxpayer Advocate Service
Online Videos and Podcasts of the Appeals Process

02/16/2019

Avoid the rush: Be prepared to validate identity if contacting the IRS
WASHINGTON — The Internal Revenue Service today reminded taxpayers and tax professionals that they will be asked to verify their identities if they call the IRS.
The days before and after Presidents Day mark the peak period for taxpayer phone calls to the IRS. To avoid the rush, callers should use IRS.gov to access resources like the IRS Service Guide, to answer their questions or be prepared to verify their identities if they need to call the agency.
Being prepared before a call or visit can save taxpayers multiple calls.
Confirming taxpayers’ identities during calls
IRS call center professionals take great care to make certain that they only discuss personal information with the taxpayer or someone the taxpayer authorizes to speak on their behalf. To ensure that taxpayers do not have to call back, the IRS reminds taxpayers to have the following information ready:
• Social Security numbers (SSN) and birth dates for those who were named on the tax return
• An Individual Taxpayer Identification Number (ITIN) letter if the taxpayer has one in lieu of a SSN
• Filing status – single, head of household, married filing joint or married filing separate
• The prior-year tax return. Telephone assistors may need to verify taxpayer identity with information from the return before answering certain questions
• A copy of the tax return in question
• Any IRS letters or notices received by the taxpayer
Confirming third-party authorizations during calls
By law, IRS telephone assistors will only speak with the taxpayer or to the taxpayer’s legally designated representative.
If taxpayers or tax professionals are calling about a third party’s account, they should be prepared to verify their identities and provide information about the third party they are representing. Before calling about a third-party, be sure to have the following information available:
• Verbal or written authorization from the third-party to discuss the account
• The ability to verify the taxpayer’s name, SSN/ITIN, tax period, and tax form(s) filed
• Preparer Tax Identification Number (PTIN) or PIN if a third-party designee
• A current, completed and signed Form 8821, Tax Information Authorization or
• A completed and signed Form 2848, Power of Attorney and Declaration of Representative
Questions regarding a deceased taxpayer require different steps. Be prepared to fax:
• The deceased taxpayer’s death certificate, and
• Either copies of Letters Testamentary approved by the court, or IRS Form 56, Notice Concerning Fiduciary Relationship (for estate executors)
Alternatives for faster answers
The IRS offers a variety of online tools to help taxpayers answer common tax questions. For example, taxpayers can search the Interactive Tax Assistant, Tax Topics, Frequently Asked Questions, Tax Trails and the IRS Tax Map to get faster answers. Taxpayers wanting more information about the Tax Cuts and Jobs Act should review: Publication 5307, Tax Reform: Basics for Individuals and Families, or Publication 5318, Tax Reform What’s New for Your Business.
Some taxpayers also make in-person monthly or quarterly tax payments. Those payments can be made online by using IRS Direct Pay or through the Electronic Federal Tax Payment System. Taxpayers seeking free tax preparation assistance should explore the Volunteer Income Tax Assistance (VITA) Program for in-person help or IRS Free File if they want to prepare their return themselves. The IRS Services Guide links to many IRS online services.
The quickest way to check the status of a tax refund is to go to 'Where’s My Refund?" or call 800-829-1954 for automated phone service.

12/13/2018

Taxpayers can now instantly get tax info on Instagram

Taxpayers can now get tax tips and helpful news from the IRS on Instagram. The agency just debuted it’s official Instagram account, IRSNews, which users can access at www.instagram.com/irsnews or on their smartphone using the Instagram app.
Last year’s tax reform law brought many tax law changes that will affect virtually every taxpayer. The IRS Instagram account will share taxpayer-friendly information to help people better understand these changes.
The IRS will use its new Instagram account it to:
• Provide the latest tax scam information to help taxpayers keep their personal data secure.
• Better serve young adults, the majority of whom use Instagram.
• Share information in Spanish and other languages.
• Reinforce messages the IRS promotes on its other social accounts.
The IRS will use Instagram along with several other social media tools to communicate with taxpayers:
• YouTube: The IRS offers video tax tips in English, Spanish and American Sign Language.
• Twitter: Taxpayers can follow for tax-related announcements and tips. tweets news and guidance for tax professionals. Tweets from have and the latest tax information in Spanish. tweets tax scam alerts.
• Facebook. News and information for taxpayers and tax return preparers.
• LinkedIn. The IRS shares agency updates and job opportunities.
The IRS also has their own app, IRS2Go. Taxpayers can use this free mobile app to check their refund status, pay taxes, find free tax help, watch IRS YouTube videos and get IRS Tax Tips by email. Like Instagram, the IRS2Go app is available from the Google Play Store for Android devices, or from the Apple App Store for Apple devices. IRS2Go is available in both English and Spanish.

3,955 Followers, 0 Following, 13 Posts - See Instagram photos and videos from Internal Revenue Service ()

12/12/2018

Tax reform brings changes to qualified moving expenses
For businesses that have employees, there are changes to fringe benefits that can affect a business’s bottom line and their employee’s tax liabilities. One of these changes is to qualified moving expenses.
Under previous law, payment or reimbursement of an employee’s qualified moving expenses were not subject to income or employment taxes.
Under last year’s tax reform legislation, employers must include all moving expenses, in employees’ wages, subject to income and employment taxes.
Exception
Generally, members of the U.S. Armed Forces can still exclude qualified moving expense reimbursements from their income if:
• They are on active duty
• They move pursuant to a military order and incident to a permanent change of station
• The moving expenses would qualify as a deduction if the employee didn’t get a reimbursement
Transition rule
There is a transition rule under the new law. Under this rule, certain payments or reimbursements aren’t subject to federal income or employment taxes. This includes amounts that:
• An employer pays a third party in 2018 for qualified moving services provided to an employee prior to 2018.
• An employer reimburses an employee in 2018 for qualified moving expenses incurred prior to 2018.
To qualify for the transition rule, the payments or reimbursements must be for qualified expenses which would have been deductible by the employee if the employee had directly paid them before Jan. 1, 2018. The employee must not have deducted them in 2017.
Corrections
Employers who have included amounts covered by the exception or the transition rule in individuals’ wages or compensation can take steps to correct taxable wages and employment taxes.
More information:
• Circular E: Employer’s Tax Guide
• Instructions for Form 941-X, Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund

12/11/2018

IRS reminder: Deadline Dec. 31 for most retirees who must make required retirement plan distributions
WASHINGTON — The Internal Revenue Service today reminded retirees born before July 1, 1948, that they usually must take distributions from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31.
The payments, called required minimum distributions (RMDs), are normally made by the end of the year. Those who reached age 70½ during 2018 are covered by a special rule that allows them to wait until April 1, 2019, to take their first RMDs.
This means that those born after June 30, 1947, and before July 1, 1948, are eligible for this special rule for 2018. If they wait until early 2019 to take that first RMD (up until April 1, 2019), it can be counted toward their 2018 RMD, but is still taxable in 2019.
The special April 1 deadline only applies to the RMD for the first year. For all subsequent years, the RMD must be made by Dec. 31. So, for example, a taxpayer who turned 70½ in 2017 (born after June 30, 1946, and before July 1, 1947) and received the first RMD (for 2017) on April 1, 2018, must still receive a second RMD (for 2018) by Dec. 31, 2018.
Types of retirement plans requiring RMDs
The required distribution rules apply to owners of traditional, Simplified Employee Pension (SEP) and Savings Incentive Match Plans for Employees (SIMPLE) IRAs. Roth IRAs don’t require distributions while the original owner is alive. RMDs also apply to participants in various workplace retirement plans, including 401(k), 403(b) and 457(b) plans.
An IRA trustee must either report the amount of the RMD to the IRA owner or offer to calculate it for the owner. Often, the trustee shows the RMD amount on Form 5498 in Box 12b. For a 2018 RMD, this amount is on the 2017 Form 5498 normally issued to the owner during January 2018.
An IRA owner must calculate the RMD separately for each IRA they own, but can withdraw the total amount from one or more of the IRAs. However, RMDs required from workplace retirement plans (like 401(k), 403(b), and 457(b) plans) have to be taken separately from each of those plan accounts.

IRS online forms and publications can help
The RMD for 2018 is based on the taxpayer’s life expectancy on Dec. 31, 2018, and their account balance on Dec. 31, 2017. The trustee reports the year-end account value to the IRA owner on Form 5498 in Box 5. Use the online worksheets on IRS.gov or find worksheets and life expectancy tables to make this computation in the Appendices to Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs).
For most taxpayers, the RMD is based on Table III (Uniform Lifetime Table) in IRS Publication 590-B. So, for a taxpayer who turned 72 in 2018, the required distribution would be based on a life expectancy of 25.6 years. A separate table, Table II, applies to a taxpayer whose spouse is more than 10 years younger and is the taxpayer’s only beneficiary.
Though the RMD rules are mandatory for all owners of traditional, SEP and SIMPLE IRAs and participants in workplace retirement plans, some people in workplace plans can wait longer to receive their RMDs. Usually, employees who are still working can, if their plan allows, wait until April 1 of the year after they retire to start receiving these distributions. See Tax on Excess Accumulations in Publication 575. Employees of public schools and certain tax-exempt organizations with 403(b) plan accruals before 1987 should check with their employer, plan administrator or provider to see how to treat these accruals.