Castleberry & Associates, PC

06/12/2022

02/08/2022

We are excited to announce that we have been nominated for Best Investment Firm, Robert Castleberry has been nominated for Best CPA and Best Financial Planner, in the 2022 The Norman Transcript Readers’ Choice Awards.

Go and vote early, and vote often! 😉
➡️

Check it out now!

01/10/2022

Filing season opens January 24 and Treasury officials are urging taxpayers to get their tax returns in as early as possible.

10/09/2021

Doesn’t matter the sport

04/23/2021

IRS ADDRESSES DELAY IN PROCESSING PAYMENTS SUBMITTED VIA MODERNIZED E-FILE

QuickAlert for Tax Professionals: Delay in Processing Form(s) 1040, 1040-X, and 1040-ES Payments Submitted via Modernized e-File (04/22/2021)
An IRS QuickAlert for Tax Professionals issued on April 22, 2021, has addressed delays in processing Form(s) 1040, 1040-X and 1040-ES payments submitted via Modernized e-File.
Background. Modernized e-File (MeF) is a web-based system that allows taxpayers to electronically file tax returns with the IRS. MeF allows taxpayers to e-file a balance due return and, at the same time, authorize an electronic funds withdrawal for the balance due from the taxpayer's bank account. The taxpayer can request that the electronic funds withdrawal (i.e., payment) be taken on a certain date ("payment request").
Payment processing delays. The IRS had experienced delays in processing payments related to e-filed Form(s) 1040, 1040-X, Amended U.S. Individual Income Tax Return, and 1040-ES, Estimated Tax for Individuals. According to the Alert, the IRS has resolved the delay issue, and pending payments are now being processed.
The QuickAlert states that taxpayers' accounts will be credited using the original payment request dates the taxpayers used when they filed their returns. Delayed payments should not be re-submitted.
If a taxpayer has already re-submitted a payment request due to the processing delay, the taxpayer may cancel the re-submitted payment request by calling 1-888-353-4537. However, the cancellation of payment requests must be received no later than 11:59 p.m. ET, at least two business days prior to the scheduled payment request date.

04/14/2021

Just a reminder to everybody, taxes are NOT due tomorrow. If you live in Oklahoma, Texas or Louisiana the deadline to file and pay has been extended to June 15th. Rest of the country May 15th. Federal 1st quarter estimates are still due tomorrow but not state.

02/26/2021

https://www.irs.gov/newsroom/irs-announces-tax-relief-for-oklahoma-severe-winter-storm-victims

OK-2021-01, February 25, 2021 — Victims of winter storms that began February 8, 2021 now have until June 15, 2021, to file various individual and business tax returns and make tax payments, the IRS announced today.

02/24/2021

IRS MISTAKENLY SENT NON-FILING NOTICES; HASN’T PROCESSED ALL 2019 RETURNS
IRS Statement about CP59 notices (02/18/2021)
The IRS has posted a statement on its website acknowledging that it mistakenly sent non-filer notices to thousands of taxpayers regarding their 2019 returns (“CP59 notices”). The IRS shouldn't have sent the CP59 notices because it hasn’t finished processing all the 2019 returns that were filed.
Background. The IRS sends CP59 notices to taxpayers who failed to file the federal tax return that was due during the prior filing season (e.g., tax year 2019 returns that were due to be filed in 2020). (Understanding your CP59 Notice)
At the beginning of the COVID-19 pandemic, the IRS scaled back its operations to focus on mission-critical activities, including accepting returns and sending refunds. The IRS shut down all its Taxpayer Assistance Centers (TACs) and reduced its mail processing operations. See IRS mission-critical operations continue but no face-to-face assistance available (03/25/2020).
The reduction in mail processing caused a significant backlog, which the IRS is still dealing with. (IRS Operations During COVID-19: Mission-critical functions continue)
Mistaken CP59 notices. In early February 2021, the IRS issued CP59 notices to approximately 260,000 taxpayers. These notices claimed the notified taxpayers didn’t file their 2019 federal tax returns.
However, due to pandemic-related shutdowns, the IRS hasn’t finished processing all the 2019 returns that have been filed.
According to its statement, the IRS shouldn’t have sent the CP59 notices because some of the notice recipients may have filed a 2019 return that still hasn’t been completely processed.
The IRS says that taxpayers who filed their 2019 tax return, but still received a CP59 notice, can disregard the notice and do not need to take any action. There is no need to call or respond to the CP59 notice.
“The IRS regrets any confusion caused by this mailing.”

01/03/2021

January 1 tradition ( couple days late🤷‍♂️) start the year off with a clean office and hit the ground running with no clutter. It will last about 30 days😁.

It will be another challenging tax season will all the COVID and CARES act changes but my staff and I are ready to serve our wonderful clients.