MA Accounting Professionals LLC

07/31/2020

MA Accounting Wishing You and Your Loved Ones A Happy and Blessed Eid 🐑

05/23/2020

May this Eid brings you unlimited joys , may all your wishes come true on this holy day. Eid Mubarak blessed by the grace of Allah.

04/23/2020

May this Ramadan grant you countless blessings and joyful moments with your family and friends.
Wishing you a peaceful and blissful holy month with your loved ones✨🌙

04/08/2020

IRS Announced to File an Economic Impact Return (EIP)

The Treasury Department announced that Economic Impact Payments (EIP) will be distributed automatically.

Taxpayers who have not had a filing requirement for the last two years and don't receive Social Security payments should file a "simple" EIP return in order to receive their payment from the IRS.

Only dependents under the age of 17 who have a Social Security Number can be included on an EIP return, if the taxpayer is qualified to claim dependents.

IF THIS APPLIES TO YOU, CALL US NOW!!!

Tel: (973) 925-7780
(973) 955-0410
(973) 925-7760
Cell: (850) 716-8534

04/02/2020

Economic impact payments: What you need to know:

The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.

I am not typically required to file a tax return. Can I still receive my payment?

Yes. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.

I have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?

Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.

Who is eligible for the economic impact payment?

Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.

Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child.

How will the IRS know where to send my payment?

The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

The IRS does not have my direct deposit information. What can I do?

In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.

I need to file a tax return. How long are the economic impact payments available?

For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.

03/18/2020

Payment Deadline Extended to July 15, 2020.

The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the April 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request a six-month extension to file their return.

This payment relief includes:

Individuals: Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due. This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief.

Corporations: For C Corporations, income tax payment deadlines are being automatically extended until July 15, 2020, for up to $10 million of their 2019 tax due.

This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.

Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. If you file your tax return or request an extension of time to file by April 15, 2020, you will automatically avoid interest and penalties on the taxes paid by July 15.

The IRS reminds individual taxpayers the easiest and fastest way to request a filing extension is to electronically file Form 4868 through their tax professional.

03/16/2020

For your safety and convenience our dedicated team now offers to prepare your taxes remotely.
You can send your documents via: Email, Fax, Text, WhatsApp, Massenger or just drop off at any of our offices premisses.
You can REVIEW, SIGN & PAY from anywhere remotely\electronically!

For more information:
Call
973-925-7780

Text or WhatsApp
850-716-8534

Fax
973-925-7720

Facebook\ Massenger
MA Accounting Professionals LLC

Email
[email protected]

Addresses:
‪947 Main Street, Paterson, NJ 07503‬

‪140 Hepburn Road, Clifton, NJ 07012‬

01/22/2020

IRS: Don’t be victim to ‘ghost’ tax return preparers

WASHINGTON – With the start of the 2020 tax filing season near, the Internal Revenue Service is reminding taxpayers to avoid unethical “ghost” tax return preparers.

According to the IRS, a ghost preparer does not sign a tax return they prepare. Unscrupulous ghost preparers will print the return and tell the taxpayer to sign and mail it to the IRS. For e-filed returns, the ghost will prepare but refuse to digitally sign as the paid preparer.

By law, anyone who is paid to prepare or assists in preparing federal tax returns must have a valid Preparer Tax Identification Number, or PTIN. Paid preparers must sign and include their PTIN on the return. Not signing a return is a red flag that the paid preparer may be looking to make a fast buck by promising a big refund or charging fees based on the size of the refund.

Ghost tax return preparers may also:

Require payment in cash only and not provide a receipt.
Invent income to qualify their clients for tax credits.
Claim fake deductions to boost the size of the refund.
Direct refunds into their bank account, not the taxpayer’s account.

01/16/2020

New laws for green card holders to take effect in 2020

The United States Citizenship and Immigration Services (USCIS) has instituted some new rules that will take effect in 2020. Most of these rules are Income tax related !!

If you or someone you know is a green card holder you may want to pay close attention to this article as there are some new laws going into effect that could get permanent residents deported.

A simple mistake is no longer an excuse.

The United States Citizenship and Immigration Services (USCIS) has instituted some new rules that will take effect in 2020.