O&S1 Tax Services, LLC

01/26/2023

01/05/2023

FYI ‼️‼️

01/04/2023

FYI these credits has expired!! Your refund will not be as large as it was the last two years however, we will work to get your maximum amount that’s owed to you.

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01/08/2022

Important information

01/03/2022

WE ARE OFFICIALLY OPEN!! Let’s Goooooo

04/14/2021

FYI for all our Business Clients

03/31/2021

FYI

03/27/2021

FYI TAX UPDATE

Important update on the latest round of stimulus payments.

EIP 3 Payments:
Treasury did successfully process 90 million payments this week using direct deposit for the stimulus (EIP 3) payments representing about $242 billion. In addition, they did send out approximately 150 thousand checks for $442 million for EIP recipients.

This next round of EIP 3 for next week will be about 30 million payments. The IRS expects to continue to send out payments weekly until they cover everyone in which they have information.

Other Elements of the Relief Act that impacts the Tax Preparation community:

There were also a number of tax law changes in that bill that impact taxpayer not only for next year but also this current filing season.

Unemployment Compensation Exemption
The act makes the first $10,200 in unemployment benefits tax-free for 2020 tax returns in this current filing season. This retroactive benefit is intended for each person with incomes less that $150,000.

The IRS will be providing guidance soon on how to handle this feature on not only already filed returns, but also for 2020 returns you are preparing now and in the future. Look out for news from IRS very soon on this topic.

Child Tax Care Credits Increased
The act also increased the amount of the tax credit for 2021 tax returns for next tax season, to $3000 per child, as well as liberalizing some of the rules on the existing credit. One of the features in the act was to instruct the IRS to make prorated payments of this new credit to those qualifying starting later in 2020.

The IRS will provide guidance on this feature later in the year as well as instruction on options and tools to opt out of the prepayment feature.

Stay tuned for more details of the new tax law changes.

03/14/2021

“Get My Payment Tool “ is up and running on the IRS website, you can go now and check the Status of your next Stimulus Payment

Visit

Get My Payment Get Your Refund Status Get Coronavirus Tax Relief File Your Taxes for Free Get Your Tax Record View Your Account Make a Payment Get Answers to Your Tax Questions Forms and Instructions 1040 and Schedules 1-3 Individual Tax Return Other 1040 Schedules Information About the Other Schedu...

03/02/2021

FYI

03/01/2021

WE ARE OPEN