Flint CPA

04/07/2018

Front door.

03/09/2018

Partnership & S Corporate Information to Prepare for the March 15th Calendar Year Filing Deadline

https://accountants-community.intuit.com/articles/1606177&SRCPACEF030918

02/27/2018

Congress has passed the Bipartisan Budget Act of 2018 which has become a law. Included in this is the extension of expired tax extenders for 2017, the extension of energy efficient tax credits, and special tax relief for certain disaster victims.

The tax provisions range from tax breaks for individuals and families to energy saving tax benefits.

Extended tax relief for individuals and families:
-Mortgage Debt Exclusion
-Mortgage Insurance Premiums
-Tuition and Fees Deduction
-Credit for Nonbusiness Energy Property
-Extension and modification of credit for residential energy property
-Credit for New Qualified Fuel Cell Motor Vehicles

Tax relief and changes for victims of disaster:
-California Wildfire Tax Benefits
-Tax Benefits for Victims of Hurricanes Harvey, Irma, and Maria

Following the passage of the Bipartisan Budget Act of 2018, which includes special tax relief for certain disaster victims, the extension of expired tax extenders retroactive for 2017, and the extension of energy efficient tax credits, the IRS began assessing the tax provisions in the law and has now enabled e-file and updated their systems for the first three provisions for families and individuals this week. The first updated provisions are the mortgage debt relief, mortgage insurance premiums, and the Tuition and Fees Deduction.

For those impacted by a recent law change, we are here for you whether you need to amend your tax return, if you have already filed, or if you have questions while preparing your return.

The above is an article from Intuit in regard to the Bipartisan Budget Act of 2018:

02/14/2018

A reminder for taxpayers who filed a delinquent return or paid taxes late:

You may qualify for a penalty waiver under IRS's First Time Abate program. IRS will OK a waiver of the late filing and late payment penalties for filers who pay or arrange to pay the tax due and have been tax-compliant for the past three years. The penalties for late payroll deposits and delinquent returns of S corporations or partnerships are also eligible for the waiver if the conditions are satisfied. Right now, taxpayers have to ask for the relief. According to the Service, only those taxpayers who assert reasonable cause as a defense to a penalty, or who are aware of the program and specifically request relief, will be considered. But the program will eventually be made available to all who qualify. The agency has a project under way to automate the first-time abatement process so that all taxpayers who meet the criteria will be granted the one-time waiver. The Service estimates that making the waiver automatic will lead to a big increase in the number of penalties that are waived per year, from 350,000 now to 1. 7 million.

01/31/2018

Office Staff.

01/26/2018

Filing your return early is one way to protect yourself from tax identity theft. Thieves who use stolen taxpayer identities to seek refunds on fraudulent returns typically file the phony returns early in the filing season so that IRS receives them before legitimate taxpayers have time to file . So be sure to file as soon as possible. You will get your refund sooner and also limit the chances a crook will get to it first.

01/18/2018

Leave your W-4 as is per IRS, see below:

WASHINGTON — The Internal Revenue Service today released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. This is the first in a series of steps that IRS will take to help improve the accuracy of withholding following major changes made by the new tax law.

The updated withholding information, posted today on IRS.gov, shows the new rates for employers to use during 2018. Employers should begin using the 2018 withholding tables as soon as possible, but not later than Feb. 15, 2018. They should continue to use the 2017 withholding tables until implementing the 2018 withholding tables.

Many employees will begin to see increases in their paychecks to reflect the new law in February. The time it will take for employees to see the changes in their paychecks will vary depending on how quickly the new tables are implemented by their employers and how often they are paid — generally weekly, biweekly or monthly.

The new withholding tables are designed to work with the Forms W-4 that workers have already filed with their employers to claim withholding allowances. This will minimize burden on taxpayers and employers. Employees do not have to do anything at this time......

Read the full IRS Notice 1036 here:
https://www.irs.gov/pub/irs-pdf/n1036.pdf

01/12/2018

Tax Season begins Monday, January 29, 2018. The article below has more information about when the IRS will start accepting returns and issuing refunds.

IR-2018-01, Jan. 04, 2018 ― The Internal Revenue Service announced today that the nation’s tax season will begin Monday, Jan. 29, 2018 and reminded taxpayers claiming certain tax credits that refunds won’t be available before late February.

01/08/2018

Here is an excellent article on what the new tax law means for Individuals.

The tax reform legislation that Congress will consider this week contains many provisions affecting individuals—and many changes from both the House and Senate bills.

09/18/2017

Here is an excellent article the American Institute of Certified Public Accountants has released on Surviving the Equifax Data Breach.

Odds are, you or someone you know were impacted by the Equifax data breach. The breach, which is estimated to have impacted 143 million Americans – nearly half the US population – is considered one of largest data breaches in history. Adding insult to financial injury, Equifax has put the...

08/05/2015