Phenix Tax Solutions

05/05/2024

If you are a private individual with LESS THAN $10 million dollars USD of assets or a corporation with LESS THAN $250 million dollars USD or an LLC private business LESS THAN $10 million USD you do not need to concern yourself with a random audit
.." At the same time, the IRS is increasing its audit efforts, with Werfel noting on Thursday that the agency will focus on wealthy individuals and large corporations:

However, the IRS plans to triple the audit rates on large corporations with assets of more than $250 million. Audit rates for these companies will rise to 22.6% in tax year 2026 from 8.8% in 2019.
Large partnerships with assets of more than $10 million will see their audit rates increase 10-fold, rising to 1% in tax year 2026 from 0.1% in 2019.
Wealthy individuals with total positive income of more than $10 million will see their audit rates rise 50% to 16.5% from 11% in 2019.
"There is no new wave of audits coming from middle- and low-income [individuals], coming from mom and pops. That's not in our plans," Werfel said. ... "

03/06/2024

The service is free

DYK that once you’ve filed your tax return, the “Where's My Refund?” tool allows you to quickly check your refund status online?

Get started at: www.irs.gov/refunds

09/12/2023

Yeah

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04/24/2023

The deadline for filing taxes was April 18th , However we can still file your taxes in our office. Our hours are 9AM till 5 PM Monday — Friday
We are closed Saturday & Sunday

03/26/2023

We are open and always ready to serve your tax filing needs. Filing time ends as usual around April 15th. Come on in to see us for filing or if you need an extension now for this filing year.

02/07/2023

If you already filed and go to the IRS Website
you may get this message

12/27/2022

Phenix Tax Solutions will be open Monday January 2nd 2023 to file your 2022 tax returns

12/10/2022

The Internal Revenue Service is issuing a warning for 2023: You likely won’t receive as large a tax refund as you have in the past.

The lack of stimulus payments in 2022 will play a key role.

“Refunds may be smaller in 2023,” the IRS said in a statement. “Taxpayers will not receive an additional stimulus payment with a 2023 tax refund because there were no Economic Impact Payments for 2022.”

In the last two years, many taxpayers received additional refunds due to Economic Impact Payments –the official name for stimulus payments – issued during the COVID-19 pandemic. The last stimulus payment was issued in March 2021 and, with none coming in 2022, taxpayers won’t get the additional money in their refunds.

There are several factors that could mean a smaller tax refunds in 2023, the IRS said.

12/10/2022

A change in tax reporting could catch some people by surprise when filing in 2023, the Internal Revenue Service warns.

There’s a change in reporting rules for Form 1099-K, the IRS document used to report payments and transactions from online platforms, apps or payment card processors such as Venmo, PayPal, Facebook Marketplace, Etsy or Uber.

Previously, 1099-Ks were issued when the total number of transactions exceeded 200 for the year and the aggregate amount of those transactions were more than $20,000.

11/08/2022

Very Important NEWS

Some of the expanded benefits of the American Rescue Plan are going away for filing year 2022.

10/16/2022

The 2021 tax filing deadline is Monday for filing taxes for customers who filed an extension