Shirley's Tax Service Greenwood

07/16/2026

We have had MANY clients this year who needed an IP PIN for either themselves, spouse, or dependents and it took some of them just a few minutes to get their numbers, and others it took WEEKS for them to get theirs, due to various reasons. If you know you need one again this next year, be sure to bring the paper with you to your tax appointment. If you are not sure if you need one, but get one in the mail either in Dec or Jan, bring it with you b/c that means you DO need one. If you would like to get one to help prevent your info from being used on someone else's return, go ahead and apply to get one and bring it with you. Here is some info from IRS.......

Identity Protection PINs help taxpayers guard against tax-related identity theft. One of the best ways taxpayers can protect themselves from identity theft is by requesting an Identity Protection Personal Identification Number.

What taxpayers should know about an IP PIN

Anyone with a Social Security number or an Individual Taxpayer Identification Number can request a free IP PIN, including taxpayers living abroad. It’s a unique six-digit number known only to the taxpayer and the IRS. It helps verify a taxpayer's identity when they file a federal tax return. It also protects the taxpayer's account, even if they aren't required to file a return.

Taxpayers must verify their identity before receiving an IP PIN.
Tax professionals cannot request an IP PIN for a client but may use the number provided by the taxpayer when preparing and filing a return. A new IP PIN is issued each year for added security.
Taxpayers who request an IP PIN online will need to retrieve their new one annually, starting mid to late January.

Taxpayers who receive an IP PIN must include it on all federal tax returns they file during the year, including prior-year and amended returns. The IRS will never call, email, text, or message a taxpayer through social media channels to request their IP PIN.

The fastest way to get an IP PIN... The quickest and easiest way to request an IP PIN is through an IRS Individual Account. After signing in, taxpayers can select the IP PIN option under their profile. Those who do not already have an account will need to complete the identity verification process before requesting an IP PIN.

Options for taxpayers who can't verify their identity online
Taxpayers who are unable to verify their identity online may still be able to get an IP PIN. Eligible taxpayers with an adjusted gross income below $84,000 for individuals or $168,000 for married filing joint may apply by submitting Form 15227, Application for an Identity Protection Personal Identification Number.

Taxpayers who cannot verify their identity online or by phone, are not eligible to use Form 15227, or experience technical issues can make an appointment at a Taxpayer Assistance Center to complete the process in person.

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06/02/2026

Issue Number: Tax Tip 2026-45
Is that activity just a hobby or a business?

Many people have hobbies - things they enjoy doing in their spare time - and some even make a little extra money from them. However, there’s a difference between a hobby and a business, especially how each is treated when it comes to filing taxes.
Businesses operate to make a profit while hobbies are for pleasure or recreation. Here are some common questions people should ask themselves when deciding if what they’re doing is a hobby or business. No single thing is the deciding factor.

Questions to help taxpayers decide if they have a hobby or business

Is there an intent to make a profit?
If the activity makes a profit, how much is it?
Can they expect to make a future profit from the appreciation of the assets used in the activity?
Do they depend on income from the activity for their livelihood?
Are any losses due to circumstances beyond their control or are the losses normal for the startup phase of their type of business?
Are operations adjusted to improve profitability?
Is the activity carried out like a business with complete and accurate books and records kept?
Do the taxpayers and their advisors have the knowledge needed to carry out the activity as a successful business?
Taxpayers should review all the factors to make the best decision. Regardless of the decision, if they’re paid through payment apps for goods and services during the year, they may receive an IRS Form 1099-K for those transactions. These payments are taxable income and must be reported on federal tax returns.
Additionally, if they received payment in the form of digital assets, they may also get a Form 1099-DA. Whether taxpayers have a hobby or run a business, good recordkeeping throughout the year will help when they file taxes.

If you are a BUSINESS, you would be able to claim your income and deductions and only pay taxes on the profits, if you are a HOBBY, there are limitations to the deductions you can claim!

05/28/2026

Here is information on the TRUMP ACCOUNTS for kids.....

IR-2026-68: Taxpayers can now view and submit Trump Account elections in their IRS Individual Account Internal Revenue Service (IRS) sent this bulletin at 05/28/2026 02:35 PM EDT IRS Newswire May 28, 2026 Issue Number: IR-2026-68 Inside This Issue IR-2026-68, May 28, 2026 WASHINGTON — The Internal...

05/18/2026

04/29/2026

Franchise Tax is due May 1 for Arkansas companies.... if you are one of my clients and have NOT filed yours, do it NOW!! lol I can do it for you if you let me know right away. It requires a credit card for payment so I would need your numbers. Call or text me!

04/15/2026

WE ARE CLOSING AT 5PM TODAY! If you are not able to come in and finish up, please call us to file an extension for you!

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04/03/2026

Please come help celebrate the life and passing of our co-worker and friend, Brenda Speer !

SCF & the 2025 Sebastian County Fair Queens are hosting a Birthday Benefit dinner for Brenda Speer. Brenda’s daughter, Genni Higginbotham, is our 2025 Elite Ms Fair Queen. We would love to see you on 4/21 to help celebrate Brenda’s life and raise funds to cover expenses related to her unexpected and untimely passing. There is no per person charge, and your donations are greatly appreciated.