Brian J Shirley CPA, PC

10/17/2022

One-Time Bonus Rebates On Property Taxes/Rent To Be Distributed Starting This Week

Today, Governor Tom Wolf announced that thousands of the older and disabled Pennsylvanians who have already received a rebate on property taxes or rent paid in 2021 will also receive a one-time bonus rebate starting this week. The one-time bonus rebates are being delivered to claimants of the Property Tax/Rent Rebate Program thanks to a proposal that Governor Tom Wolf introduced earlier this year and recently signed into law.

Under the new law, Pennsylvanians who are approved for a rebate on property taxes or rent paid in 2021 will receive an additional one-time bonus rebate equal to 70 percent of their original rebate amount. This means the total amount a claimant will receive could be as much as $1,657.50 (up from a previous maximum of $975).

What Do You Need to Do to Receive a Bonus Rebate?
If you are an eligible claimant of the Property/Tax Rent Rebate Program who has already filed an application (PA-1000) for a rebate on property taxes or rent paid in 2021, you do not need to take any further action. The Department of Revenue will take care of everything on the back end to ensure that you receive your original rebate and bonus rebate for the 2021 claim year.
Process for Combined Rebate Payments (Original + One-Time Bonus)
There are some Pennsylvanians whose rebate applications for the 2021 claim year are still being processed, meaning they are waiting to be approved for their original rebates (and one-time bonus rebates). If you are a claimant in this situation and your application is approved, you will receive a combined rebate (original + one-time bonus) in a one-time payment. You will receive your combined rebate through the method you elected on your application form (check or direct deposit).
Those who have not yet submitted an application for a rebate on property taxes or rent paid in 2021 will also receive one combined payment if they are approved for a rebate. The Department of Revenue encourages eligible applicants to submit their applications as soon as possible.
The processing of rebates — and bonus rebates — will continue through the end of the year, as additional applications are received. The department will work as quickly as possible to ensure that applications are processed for payment in a timely manner. The deadline to apply for a rebate on property taxes or rent paid in 2021 is Dec. 31, 2022.

08/25/2022

2021 Bonus Property Tax Rent/Rebate Information:
Applicants who are approved for a 2021 rebate are to receive an additional one-time bonus rebate equal to 70% of their original rebate amount. You can find more information on the one-time bonus rebates by visiting www.revenue.pa.gov/ptrr.

The rebate program benefits eligible Pennsylvanians age 65 and older; widows and widowers age 50 and older; and people with disabilities age 18 and older. The income limit is $35,000 a year for homeowners and $15,000 annually for renters, and half of Social Security income is excluded. Spouses, per...

01/28/2022

Taxpayers beware: Tax season is prime time for phone scams

With the new tax season starting this week, the IRS reminds taxpayers to be aware that criminals continue to make aggressive calls posing as IRS agents in hopes of stealing taxpayer money or personal information.
Here are some telltale signs of a tax scam along with actions taxpayers can take if they receive a scam call.

The IRS will never:
• Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail a bill to any taxpayer who owes taxes.
• Threaten to immediately bring in local police or other law enforcement groups to have the taxpayer arrested for not paying.
• Demand that taxes be paid without giving taxpayers the opportunity to question or appeal the amount owed.
• Call unexpectedly about a tax refund.

Taxpayers who receive these phone calls should:
• Record the number and then hang up the phone immediately.
• Report the call to TIGTA using their IRS Impersonation Scam Reporting form or by calling 800-366-4484.
• Report the number to [email protected] and be sure to put “IRS Phone Scam” in the subject line.

01/05/2022

Important IRS Letters in Your Mailbox Needed for Tax Preparation

The IRS started issuing information letters to advance child tax credit recipients in December. Recipients of the third round of the Economic Impact Payments will begin receiving information letters at the end of January. Using the information in these letters when preparing a tax return can reduce errors and delays in processing.
People receiving these letters should keep them. Do not throw them away. These letters can help taxpayers, or their tax professional prepare their 2021 federal tax return.
Advance child tax credit payments letter can help people get remainder of 2021 credit
To help taxpayers reconcile and receive all the 2021 child tax credits to which they are entitled, the IRS started sending Letter 6419, 2021 advance CTC, in late December 2021 and will continue into January. This letter includes the total amount of advance child tax credit payments taxpayers received in 2021 and the number of qualifying children used to calculate the advance payments. People should keep this and any other IRS letters about advance child tax credit payments with their tax records.
Families who received advance payments need to file a 2021 tax return and compare the advance payments they received in 2021 with the amount of the child tax credit they can properly claim on their 2021 tax return.
The letter contains important information that can make preparing their tax returns easier. People who received the advance payments can also check the amount of their payments by using the CTC Update Portal available on IRS.gov.
Eligible families who did not receive any advance child tax credit payments can claim the full amount of the child tax credit on their 2021 federal tax return. This includes families who don't normally need to file a tax return.
Economic Impact Payment letter can help people claim the 2021 recovery rebate credit
The IRS will begin issuing Letter 6475, Your Third Economic Impact Payment, to EIP recipients in late January. This letter will help Economic Impact Payment recipients determine if they are entitled to and should claim the recovery rebate credit on their 2021 tax returns when they file in 2022.
Letter 6475 only applies to the third round of Economic Impact Payments, which were issued in March through December of 2021. The third round of Economic Impact Payments, including "plus-up" payments, were advance payments of the 2021 recovery rebate credit that would be claimed on a 2021 tax return. Plus-up payments were additional payments the IRS sent to people who received a third Economic Impact Payment based on a 2019 tax return or information received from the Social Security Administration, Railroad Retirement Board or Veterans Affairs. Plus-up payments were also sent to people who were eligible for a larger amount based on their 2020 tax return.

The Economic Impact Payment letters include important information that will help people quickly and accurately file their tax return.

12/31/2021

Charitable deductions for 2021
Taxpayers eyeing a year-end charitable donation may take advantage of a special write-off for cash gifts in 2021, even if they don’t itemize deductions on their federal tax return.
For 2021, single filers may claim a tax break for cash donations up to $300 and married couples may deduct up to $600.

12/31/2021

Stimulus Payment (Economic Impact Payment (EIP) #3 The third round of EIP or stimulus payments began mid-March 2021. Individuals could have received up to $1,400 ($2,800 for married couples filing a joint return). Qualifying dependents may have also received $1,400. Unlike the first two payments, EIP3 was not limited to children under 17. Families may have received the payment based on all of the qualifying dependents claimed on the tax return. Most families received $1,400 per person, meaning, a single person with no dependents may have received $1,400 while a family of four may have received $5,600. Notice 1444-C was sent following the payments and Letter 6475 will be issued in January 2022 with a combined total. If you no longer have Notice 1444-C, or have not received Letter 6475, log in to your IRS Online Account to get the accurate amount of EIP3 received.
1. Go to irs.gov.
2. Select "View Your Account Information."
3. Select "Log in to your Online Account" and follow the prompts provided.
This is important information that will help us quickly and accurately file your tax return.

12/31/2021

IMPORTANT: Child Tax Credit letters
If you received any advance Child Tax Credit payments in 2021, keep your eye out for a letter from the IRS in January 2022. This notice, “Letter 6419 Child Tax Credit,” will provide the total amount of advance Child Tax Credit payments that were disbursed to you during 2021.
This letter is needed for your 2021 taxes. Be sure to submit this letter to us with your year-end income tax documents.

06/25/2021

IRS-Unenroll From Advance Child Tax Credit Payments

Important changes to the Child Tax Credit will help many families get advance payments of the Child Tax Credit starting in the summer of 2021.

Half the total credit amount will be paid in advance monthly payments and you will claim the other half when you file your 2021 income tax return. The IRS plans to issue the first advance payments on July 15, 2021.

The IRS portal is now open to unenroll from the advance CTC. The amount of the CTC will vary depending on the age of your child. For more information about these payments, please visit IRS.gov

By choosing to unenroll, you're telling the IRS that you don't want to receive advance Child Tax Credit payments. You would be credited for the entire eligible amount at year end when we prepare your annual income tax return.

Please note:
If your most recently filed tax return was a joint tax return, your spouse will also need to unenroll, if appropriate. Unenrolling is an individual action. If your spouse does not unenroll, they will receive payments for their portion of the advance Child Tax Credit.

06/21/2021

IRS Advance Child Tax Credit - 2021
The IRS has created a special Advance Child Tax Credit 2021 page at IRS.gov/childtaxcredit2021, designed to provide the most up-to-date information about the credit and the advance payments.

The page already features a link to the Non-filer Sign-up tool. In the next few weeks, it will also feature other useful new tools, including:

An interactive Child Tax Credit eligibility assistant to help families determine whether they qualify for the Advance Child Tax Credit payments.
Another tool, the Child Tax Credit Update Portal, will initially enable anyone who has been determined to be eligible for advance payments to see that they are eligible and unenroll/opt out of the advance payment program. Later, it will allow people to check on the status of their payments, make updates to their information and be available in Spanish.

02/10/2021

PPP Loans not taxable to PA Businesses

Taxability of Paycheck Protection Plan Loans

Act 1 of 2021 (SB 109) that was signed into law by the Governor on February 5, 2021 states that Paycheck Protection Plan (PPP) loans used to pay business expenses during the COVID-19 pandemic that are subsequently forgiven by the lender are not taxable income for Pennsylvania personal income tax purposes. The bill also states that for PA personal income tax purposes no deduction may be disallowed for an expense that is otherwise deductible if the payment of the expense results in forgiveness of a covered loan.

For corporate net income tax, Pennsylvania taxable income is based upon federal taxable income. Pennsylvania law does not include an add back to or deduction from federal taxable income for forgiveness of a Paycheck Protection Plan loan.

02/08/2021

Accounting position
We are seeking qualified candidates for a full-time accounting position. The position has the responsibility of preparing individual and business income tax returns, payroll processing and payroll tax returns as well as preparing financial information. General accounting and bookkeeping responsibilities will also be assigned based on experience.
Successful candidates must have a strong work ethic, positive attitude and have excellent verbal and written communication skills. Certified Public Accountant is preferred. Experience with Intuit ProSeries Tax Software and Sage software is also beneficial.
Interested candidates should submit a resume to:
[email protected]

Qualifications (Minimum):
• Three years of experience preparing individual and business income tax returns, and/or preparing financial statements.
• Experience with QuickBooks
• Proficient in Microsoft Excel and Word
Duties and responsibilities:
• Prepare and administers all aspects of payroll
• Processes A/P checks
• Handles inquiries from clients
• Prepares income tax return and related tax information
• Reconciles balance sheet accounts and reviews income statement accounts
• Performs accounting responsibilities for clients and travels to clients when needed
• Manage clients in meeting tax payment deadlines.
• Review and prepare individual, corporate and partnership federal and state tax returns of varying complexities.
• Prepare monthly, quarterly, and annual Sales and Use Tax Returns.
• Process payroll monthly payroll deposits, quarterly and annual payroll tax returns for business clients.
• Review and process monthly, quarterly, and annual financial statement compilations.
• Attend ongoing training for personal development
Compensation and Benefits:
• Salary commensurate with experience
• Paid Time Off
• Medical insurance options
• Simple IRA

Accounting skills and tax preparation experience is a MUST. Must have organizational skills and the ability to multi-task. We are looking for someone who functions well in a busy tax office and who has been responsible for the tax return process for both business and individuals from start to finish.

01/20/2021

Office availability status update:
With the ongoing local impact of the corona virus, we are continuing to make every attempt possible to keep our clients and our office personnel as safe as possible. For this reason, we will be limiting the number of tax meetings this year. If a tax meeting is deemed to be necessary by both of us, we will follow the CDC guidelines which requires all individuals entering our office to wear a mask and we will incorporate a 15 minute limitation to our meeting. The 15 minute limitation to meetings has been instituted because the virus is said to have a higher chance of contraction during longer periods of exposure in confined areas. We will continue to conduct as many meetings as possible via telephone. This modification is deemed very important to us as we are making the best attempt possible so that we may keep our clients healthy and stay healthy ourselves so that we can avoid any type of temporary shut down due to this virus. A temporary office closure could reduce/and or eliminate our ability to complete your income tax return and others by the tax deadline. Please keep in mind that with 35+ year’s income tax preparation experience, we have seen almost every type of W2 and investment tax form that has been printed which reduces the necessity for most meetings. I assure you that we will call if any type of clarification is needed.

Currently, we will continue to permit walk-in traffic to drop off and pick up your income tax documents. In the coming weeks, we will be installing a larger secure drop box at the Saltsburg office for anyone that may continue to prefer to hand deliver their confidential documents without entering the building. The secure gold “mail slot” is still available for current drop offs. In the Vandergrift office, we will be creating a larger mail slot in the front door to accommodate the larger envelopes.

We encourage you to communicate via our fax (724-639-4088), our regular email addresses or our general email address [email protected].

We thank you and respectfully request your patience during this ongoing pandemic.

Please stay safe and keep others safe!