Waters Tax Services llc

01/12/2023

From the New York Times January 9

House Republicans Vote to Rescind I.R.S. Funding
The measure, one of the new majority’s first legislative moves, would cut billions in funding that Democrats passed to help crack down on tax cheats. It does not have enough votes to pass the Senate.

03/18/2021

April 15 filing deadline extended to May 17 — but not for everyone (03-17-21)

The IRS announced today that it is moving the April 15, 2021, filing deadline to May 17, 2021, for individual taxpayers (including Schedule C filers) only. However, the extension does not apply to estimated tax payments for the first quarter of 2021. These payments are still due April 15, 2021.

Taxpayers do not have to request an extension for the one-month delay, but if returns are not filed by May 17, they must file for an extension by that date.

The March 15 filing deadline for calendar-year partnerships and S corporations was not extended, nor was the April 15 filing deadline for C corporations or trusts.

We have asked the FTB if California will conform, but the FTB has said they cannot answer yet. However, as the California return is based on the federal return, we believe California will conform.

We will keep you posted as more details are made available.

The IRS announcement is available at:

09/28/2020

https://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html

The Times obtained Donald Trump’s tax information extending over more than two decades, revealing struggling properties, vast write-offs, an audit battle and hundreds of millions in debt coming due.

03/20/2020

https://www.nytimes.com/2020/03/20/world/coronavirus-news.html?referringSource=articleShare

Hospitals on both sides of the Atlantic are struggling as infections climb, and more than 10,000 people have died worldwide. The economic impact is deepening as job losses mount.

03/20/2020

https://slate.com/business/2020/03/the-republican-plan-to-mail-checks-to-everyone-still-found-a-way-to-screw-the-poor.html

Remember a day ago when it looked like the GOP was doing UBI?

03/20/2020

For our existing clients with appointments please ~ email ~ fax~ mail in ~ or drop off
The paper work and we will conduct phone ~ FaceTime ~ zoom

03/19/2020

U.S. Treasury Department and Internal Revenue Service (IRS) today issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest. The guidance also allows corporate taxpayers a similar deferment of up to $10 million of federal income tax payments that would be due on April 15, 2020, until July 15, 2020, without penalties or interest. This guidance does not change the April 15 filing deadline.

“Americans should file their tax returns by April 15 because many will receive a refund. Those filing will be able to take advantage of their refunds sooner,” said Treasury Secretary Steven T. Mnuchin. “This deferment allows those who owe a payment to the IRS to defer the payment until July 15 without interest or penalties. Treasury and IRS are ensuring that hardworking Americans and businesses have additional liquidity for the next several months.”

03/17/2020

April 15 is not yet affected by the state of emergency or the IRS

03/12/2020

https://www.rawstory.com/2020/03/trump-is-using-the-coronavirus-crisis-to-to-launch-a-stealth-attack-on-social-security/

Donald Trump’s proposal to cut the payroll contribution rate is a stealth attack on Social Security. Even if the proposal were to replace Social Security’s dedicated revenue with deficit-funded general revenue, the proposal would undermine this vital program. The proposal is a Trojan horse. It a...

03/11/2020

If the administration suspends payroll taxes, it’s a Segway to attack social security and we will pay dearly for it later

A proposal to eliminate payroll taxes through the end of the year, estimated to cost $700 billion, faces bipartisan opposition, but some version of it could be the basis for a broad agreement to provide aid.

03/09/2020

https://www.nytimes.com/2020/03/05/business/tax-accountant.html?referringSource=articleShare

Software can’t stop you from committing human errors. And life gets complicated for everyone, from Airbnb hosts to widows.

12/17/2019

How the new tax laws benefit the wealthy

The child tax credit, begun in 1997 as a tax cut, has become an anti-poverty program. But more than a third of children don’t receive it because their parents earn too little.