What are the opening hours?

Monday 9am - 5pm Tuesday 9am - 5pm Wednesday 9am - 5pm Thursday 9am - 5pm Friday 9am - 5pm

Mason Enterprises Tax & Financial Services

Home
United States
Huntsville, AL
Mason Enterprises Tax & Financial Services

Offering Tax, Accounting and Financial Services to individuals and businesses.

09/10/2023

I have no idea who all these people are that are recommending my business. I have no employees by the names they recommend and the phone numbers does not belong to me. Beware this could be a way to try and get information about you. Too many scammers out there.

06/08/2021

Did you know that the IRS has made Residential Energy Improvements Credits retroactive? You can amend you 2018, 2019, and 2020 tax return to get the credit. However, you must decide if the cost of amending the return is worth the credit and reduction of tax. The overall credit limit is $500. How much will that reduce your tax?

01/12/2021

Update:

The Internal Revenue Service has eased the cost of participation in the Paycheck Protection Program (PPP) by allowing deductions for the payment of eligible expenses.

The deductions are outlined in guidance issued by the IRS, and are allowed when such payments would result—or be expected to result—in the forgiveness of a covered loan under the Paycheck Protection Program.

The Tax Relief Act of 2020 amended the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to say that no deduction is denied, no tax attribute is reduced, and no basis increase is denied by reason of the exclusion from gross income of the forgiveness of an eligible recipient's covered loan.

The change applies for taxable years ending after March 27, 2020.

11/10/2020

SCAM ALERT!

The Security Summit reported that taxpayers are being targeted by a new series of text-message scams that impersonate state departments of revenue and tax relief organizations. An organization comprised of the Internal Revenue Service, state tax agencies, and private members of the tax industry, the Summit has been raising awareness of identity theft tax refund fraud since 2015.

In an Internal Revenue Service press release, the Security Summit explains that identity thieves are asking taxpayers to provide bank account information finalize transfer of Economic Impact Payment funds. The text messages include a link to a website that is designed to look like the online “Get My Payment” tool, reading: “You have received a direct deposit of $1,200 from COVID-19 TREAS FUND. Further action is required to accept this payment into your account. Continue here to accept this payment.”

What should people do if they receive a phishing message?

The Security Summit says that victims should report tax-related phishing attempts to the IRS, since collecting data and raising awareness can help us all avoid falling victim to impersonation scams. Specific to this text-message scam, the Summit recommends sending a screenshot of the message in an email containing the following information to [email protected]:

Date/Time/Time zone that they received the text message
The number that appeared on their Caller ID
The number that received the text message

“The IRS does not send unsolicited texts or emails,” the Summit reminds taxpayers. “The IRS does not call people with threats of jail or lawsuits, nor does it demand tax payments on gift cards.”

09/24/2020

PPP Loan Forgiveness

Section 1106(i) of the CARES Act specifically states that any amount that would otherwise be included in the gross income of the taxpayer arising from the forgiveness of a loan received under the Paycheck Protection Program, shall be excluded from the gross income of the recipient for U.S. federal income tax purposes.

However, expenses paid with the PPP Loan are not tax deductible.

07/27/2020

Affected by Covid-19? The Cares Act provides some relief for those affected.

Distributions of up to $100,000 from eligible retirement plans (including IRAs) between January 1 and December 30, 2020, will NOT be subject to the 10% additional tax that generally applies to distributions made before an individual reaches age 59-1/2.

In addition, a coronavirus-related distribution can be included in income in equal installments over a 3-year period.

Also, an individual has three years to repay a coronavirus-related distribution to a plan or IRA and undo the tax consequences of the distribution.

RMDs (required minimum distributions)

The 60-day rollover period for any RMDs already taken this year has been extended to August 31, 2020.

In addition to the rollover opportunity, an IRA owner or beneficiary who has already received a distribution from an IRA of an amount that would have been an RMD in 2020 can repay the distribution to the IRA by August 31, 2020.

06/09/2020

On Friday, June 5, President Trump signed the:

Paycheck Protection Program Flexibility Act

The PPP Flexibility Act amends the CARES Act to modify certain provisions related to the forgiveness of loans under the Paycheck Protection Program, allowing businesses more time to spend funds and to use a larger share of the loan forgiveness amount on non-payroll costs. Modifications include:

• The option to extend the covered period for loan forgiveness from eight weeks to 24 weeks
• A change in the percentage of the funds that must be attributable to payroll as opposed to non-payroll costs from 75% to 60% to be eligible for forgiveness
• The option to extend your loan maturity to 5 years, if approved by the originating bank*, and the potential for a longer payment deferment period

04/22/2020

Did you know the CARES Act made changes in how you may use your HSA or MSA? It allows over-the-counter drugs to be paid from your HSA or MSA and counts as qualified medical expenses. This also includes feminine hygiene products.

The CARES Act also provides relief for student loans. Federal loan repayments can be deferred and collection by wage garnishment and tax refund has been suspended.

Employers may exclude up to $5,250 from employee compensation for student loan debt payments if offered to their employees.

04/02/2020

Update: 401K

In addition to making direct payments to American workers, the stimulus bill also relaxes the retirement account withdrawal rules.

The standard 10% penalty for non-qualified early withdrawals has been waived for distributions up to $100,000. However, the amount will still be subject to regular income tax due within three years.

The maximum loan amount that can be taken from workplace retirement plans will increase two-fold, to $100,000.

04/01/2020

Update on Stimulus Plan:

On Monday, March 30, the IRS indicated that those who normally aren’t required to file taxes will need to file a ‘simple tax return’ in order to get a stimulus payment.

In addition, the IRS also indicated that taxpayers will be able to provide direct deposit information if they didn’t provide it on either their 2018 or 2019 tax return. Taxpayers should be on alert for phishing scams that try to take advantage of this situation.

Like us on Facebook for more updates!

Address

4100 Bob Wallace Avenue SW
Huntsville, AL
35805

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Telephone

(256) 715-8345

Website

http://bmasonfinancial.com/

Alerts

Be the first to know and let us send you an email when Mason Enterprises Tax & Financial Services posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Mason Enterprises Tax & Financial Services:

Shortcuts

Address
Telephone
Opening Hours
Alerts
Contact The Business
Claim ownership or report listing

Want your business to be the top-listed Accountant in Huntsville?