Rossie Leon Tax & Accounting Services

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The 2023 Tax Season is Here! There are numerous changes from the IRS to offset inflation in the economy. Read on to see ...
01/24/2023

The 2023 Tax Season is Here! There are numerous changes from the IRS to offset inflation in the economy. Read on to see what's changed!

Standard deduction amounts have increased and so have the income brackets for tax rates. Income tax rates remain unchanged.

The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700 up $1,800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $13,850 for 2023, up $900, and for heads of households, the standard deduction will be $20,800 for tax year 2023, up $1,400 from the amount for tax year 2022.

New (increased) contribution limits for retirement accounts, including 401(k) and IRAs in 2023.

Increase to the Earned Income Tax Credit for filers with qualifying children. For eligible taxpayers with no children, the EITC will provide a maximum credit of $600 in 2023; up to $3,995 for one-child households; $6,604 for two children; and $7,430 for three or more children – up from $6,935 in the 2022 tax year.

The IRS has an app to let you see whether you qualify for EITC and how much credit you are entitled to.

Tax break available for low income taxpayers who contribute to retirement accounts (Savers Credit).

For tax year 2023, the foreign earned income exclusion is $120,000 up from $112,000 for tax year 2022.

For a full summary, please visit our newly published newsletter here: https://mailchi.mp/aebdd72e3b72/changes-for-tax-season-2023

05/06/2021

Filing season reminder: An extension to file is not an extension to pay taxes

For most individual taxpayers the tax filing and payment deadline was postponed to May 17. Those who need more time to file beyond the postponed date, can request an extension to file.



Taxpayers must request an extension to file by May 17, or they may face a failure to file penalty. This extension gives them until October 15 to file their tax return. An extension to file is not an extension to pay. Taxes must be paid by May 17 to avoid penalties and interest on the amount owed after that date

03/17/2021

Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline

WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021

03/16/2021

IRS begins delivering third round of Economic Impact Payments to Americans

WASHINGTON – The Internal Revenue Service announced today that the third round of Economic Impact Payments will begin reaching Americans over the next week.

Following approval of the American Rescue Plan Act, the first batch of payments will be sent by direct deposit, which some recipients will start receiving as early as this weekend, and with more receiving this coming week.

03/12/2021

Change to Child Tax Credit for Tax Year 2021 under the American Rescue Plan Act of 2021
Due to recent changes in the American Rescue Plan Act of 2021, families may receive an increase in their Child Tax Credit ($3,000 or $3,600 per child) and have 50% of it paid in advance by the IRS.

Currently, the Child Tax Credit is worth $2,000 per individual under the age of 17 whom you claim as a dependent and has a Social Security number. To qualify, the child must be related to you and generally live with you for at least six months during the year. The credit begins to phase out if your adjusted gross income (AGI) is above $400,000 on a joint return, or over $200,000 on a single or head-of-household return. Up to $1,400 of the child credit is refundable for some lower-income individuals with children, but they must also have earned income of at least $2,500 for the refundable portion to apply.
Change to Child Tax Credit for Tax Year 2021 under the American Rescue Plan Act of 2021
Due to recent changes in the American Rescue Plan Act of 2021, families may receive an increase in their Child Tax Credit ($3,000 or $3,600 per child) and have 50% of it paid in advance by the IRS.

With new legislation here are the changes to the Child Tax Credit for 2021:

Children under the age of 18 will now qualify
Credit will increase to $3,000 per child ($3,600 per child under age 6) for many families
Removal of the $2,500 earnings floor for the Additional Child Tax Credit
Credit will be fully refundable
Allow half of the credit to be paid in advance by having the IRS send periodic payments to families from July 2021 to December 2021

02/12/2021

IRS Guidance on Identity Theft of Unemployment Benefits
The IRS is providing the following guidance for taxpayers that received a Form 1099-G for unemployment benefits they did not actually get because they were victims of identity theft (someone filed an unemployment claim using stolen personal information for an individual who did not file a claim).

Do not report the incorrect amount on their 2020 federal return. Taxpayer should only report the actual income they received.
Contact their appropriate State agency and request a corrected Form 1099-G.
Not reporting the amount on the incorrect 1099-G will not delay the processing of their federal return or delay any refund due to the individual. However, if the taxpayer does not request a corrected 1099-G from their State they will receive a notice from the IRS later in the year regarding the unemployment income reported on the 1099-G.

Ready for Tax Season? Returns and refunds will be processed soon!Call us today to schedule an in-person or video confere...
02/09/2021

Ready for Tax Season?

Returns and refunds will be processed soon!

Call us today to schedule an in-person or video conference appointment.

02/05/2021

Tax Year 2020 State Health Insurance Mandates
Even though there is no longer a federal penalty for not having health insurance, four states and Washington DC do impose a penalty for residents not having health insurance for all or part of 2020.

As an additional reminder, California has instituted its own version of health insurance reform which includes a separate state subsidy that is similar to the Affordable Care Act.

Below are details of the penalty provisions for each of the affected States:

California
Beginning in calendar year 2020 all California residents must have health insurance. A lot of the rules are similar to the Affordable Care Act and California does have a penalty if an individual does not have health insurance.

The Penalty for not having health insurance is the higher of:

$750 per adult and $375 per dependent child under 18
Or
2.5% of their gross household income that exceeds the filing threshold for their filing status on their California individual income tax return
There are exemptions that are similar to what was available under the Affordable Care Act before the federal penalty went away. See California Form FTB 3853 instructions for a complete list of exemptions and how to apply for each one.

California taxpayers who obtain their insurance through Covered California will be receiving a California Insurance Marketplace Statement (Form FTB 3895) that is similar to the Federal Form 1095-A and will need to complete FTB Form 3849 to reconcile the subsidy with the calculated Premium Assistance Subsidy credit.

For more details on the penalty, exemptions, subsidies and the reconciliation for California, Rhode Island, District of Columbia, New Jersey, Massachusetts, and Vermont,

01/23/2021

Economic Impact Payments and Recovery Rebate Credit [IRC §6428
and §6428A]
The CARES Act added IRC section 6428 to the code which provided direct payments to
taxpayers based upon the taxpayer’s filing status and adjusted gross income. Eligible taxpayers qualified for up to $1,200 per individual or $2,400 for married couples. Parents also
received an additional $500 for each qualifying child who is claimed as a dependent and
is under the age of 17 at the end of the tax year. The direct payments were called economic
impact payments and were paid to taxpayers during 2020. Economic impact payments
are treated as an advance of the Recovery Rebate Credit. If the economic impact payment
received during 2020 was less than the allowable Recovery Rebate Credit, the difference
is treated as a refundable credit on the 2020 Form 1040. If the economic impact payment
was greater than the allowable Recovery Rebate Credit, the difference does not have to
be paid back to the government.
The new law increases the Recovery Rebate Credit for the first tax year beginning in 2020
by an amount equal to the sum of:
• $600 ($1,200 MFJ), plus
• $600 multiplied by the number of qualifying children within the meaning of IRC section 24(c) of the taxpayer.
IRC section 24(c) is the rule for the Child Tax Credit, which generally means dependent
children under the age of 17.
This additional recovery rebate credit phases out when modified adjusted gross income
exceeds:
• $150,000 for MFJ and QW,
• $112,500 for HOH, and
• $75,000 for Single and MFS

01/23/2021

IRS Identity Protection PIN is Now Open to All Taxpayers
Beginning this year the IRS is expanding the Identity Protection PIN Opt-In Program to all taxpayers who can verify their identities.

The Identity Protection PIN (IP PIN) is a six-digit code known only to the taxpayer and to the IRS. It helps prevent identity thieves from filing fraudulent tax returns using a taxpayers' personally identifiable information. It helps the IRS verify that the federal return that is being filed is truly the taxpayer’s.

Here are a few key things to know about the IP PIN Opt-In program:

It is voluntary
Each individual must pass a rigorous identity verification process
An IP PIN is valid for a calendar year
Once an individual receives an IP PIN it must be entered on their federal return to avoid rejections and delays in the processing of the return
Spouses and dependents are eligible for an IP PIN

01/23/2021

Processing Delays for Certain Federal Returns this Filing Season
During this filing season there will be a delay in processing returns in the following circumstances:

The taxpayer uses their 2019 earned income to calculate their 2020 EITC and/or additional child tax credit. The reason for the delay is that the IRS must verify that the amount of 2019 earned income that is reported on the 2020 return matches what was reported on their 2019 return.
Claim the Recovery Rebate Credit on their 2020 federal return.
The reason for the delay in processing is that the IRS must look at their records to see that the amount of the economic impact payments that were sent to the taxpayer match the amount of credit reported on the 2020 return.

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33028

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