Beversdorf CPA

12/11/2024

Current update released on 12/6/2024 regarding Beneficial Ownership Information.

Cross References
• Texas Top Cop Shop, Inc. v. Merrick Garland, Attorney General of the United States,
U.S. District Court for the Eastern District of Texas, December 3, 2024.
A Federal District Court Judge for the Eastern District of Texas has issued a preliminary
nationwide injunction on the beneficial ownership information (BOI) reporting rules un-
der the Corporate Transparency Act (CTA) that would have required 32.6 million existing
small businesses to report their beneficial ownership information to the Financial Crimes
Enforcement Network (FinCEN).
The judge stated the CTA is likely unconstitutional as outside of Congress’s power, and
that the injunction should apply nationwide. The judge wrote in part:
“Therefore, the CTA, 31 U.S.C. §5336 is hereby enjoined. Enforcement of the Report-
ing Rule, 31 C.R.R. 1010.380 is also herby enjoined, and the compliance deadline is
stayed under §705 of the APA. Neither may be enforced, and reporting companies
need not comply with the CTA’s January 1, 2025, BOI reporting deadline pending
further order of the Court.”
News

01/05/2022

Be on the lookout...

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.

Please save these letters and bring into your tax preparer to assist with your 2021 tax preparation.

06/28/2021

https://www.irs.gov/refunds

If you have not received your federal income tax refund for the tax year 2020 yet, you are not alone. If you filed your return and reported unemployment, earned income tax, the recovery rebate or payback of the premium tax credit, chances are, they are still processing your return and we have no way of knowing when it will be completed.

We are including the link where you are able to check the status of your refund. You will need the information to check the status of your refund;
* the taxpayer's social security number
* your filing status (Single, MFL, MFS etc)
* the amount of your expected refund.

Get information about tax refunds and updates on the status of your e-file or paper tax return.

06/24/2021

For information on the Advance Child Tax Credit or to opt-out of the advance payments, please click on this link.

Feel free to call us if you have more questions.

Find details about the advance Child Tax Credit payments, including how to get them or stop getting them.

05/26/2021

Attention Business Clients who suffered an economic loss as a result of the COVID-19 pandemic...

The Wisconsin Tomorrow Small Business Recovery Grant program will award $420 million to small businesses impacted by the COVID-19 pandemic. The program is intended to support businesses who are hardest hit by the pandemic and are key to Wisconsin making a strong recovery. The program is administered by the Wisconsin Department of Revenue (DOR) in collaboration with the Wisconsin Economic Development Corporation (WEDC) and is funded with money received from the federal government through the American Rescue Plan Act.

Details and how to apply can be found on the WI Department of Revenue's home page. The link is under "Recent News". The application is now open and closes on June 7th.

Feel free to call us if you have questions or need assistance with the application process.

03/20/2021

Update... Our tax software company has let us know that they expect to have the updates for the tax provisions in the American Rescue Act by March 29th, 2021.

What will that mean for you?

ONLY THE TAXPAYERS THAT WILL BE AFFECTED BY THESE CHANGES...
If we are currently in the processes of completing your income tax returns, we will hold your return from submission at this time and until we have been notified that the software updates are completed. Please note that if you already have an appointment scheduled and have items such as unemployment income that will be affected by the American Rescue Act changes, we can still prepare your taxes however they will be held from submission at this time.

FOR TAXPAYERS THAT HAVE ALREADY FILED...
If the American Rescue Act changes affect the outcome of your income tax reporting, the IRS is asking for us to wait to amend these income tax returns. We are still awaiting IRS guidance on how to handle those amendments and will contact you when we have that guidance. For now, the IRS is asking for everyone's patience as they work through a process for these changes.

01/15/2021

Update from the IRS on Electronic Filing...

IR-2021-16, January 15, 2021 — The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

06/12/2020

WEDC will be offering 30,000 Wisconsin Small Business' $2,500 in grant money. Applications open on Monday. Visit wedc.org for information.

05/07/2020

From the IRS Website regarding if a taxpayer is deceased.

Q10. Does someone who has died qualify for the Payment? (added May 6, 2020)

A10. No. A Payment made to someone who died before receipt of the Payment should be returned to the IRS by following the instructions in the Q&A about repayments. Return the entire Payment unless the Payment was made to joint filers and one spouse had not died before receipt of the Payment, in which case, you only need to return the portion of the Payment made on account of the decedent. This amount will be $1,200 unless adjusted gross income exceeded $150,000.

A41. You should return the payment as described below.
If the payment was a paper check:
1. Write "Void" in the endorsement section on the back of the check.
2. Mail the voided Treasury check immediately to the appropriate IRS location listed below.
3. Don't staple, bend, or paper clip the check.
4. Include a note stating the reason for returning the check.
If the payment was a paper check and you have cashed it, or if the payment was a direct deposit:
1. Submit a personal check, money order, etc., immediately to the appropriate IRS location listed below.
2. Write on the check/money order made payable to “U.S. Treasury” and write 2020EIP, and the taxpayer identification number (social security number, or individual taxpayer identification number) of the recipient of the check.
3. Include a brief explanation of the reason for returning the EIP.
For your paper check, here are the IRS mailing addresses to use based on the state:
If you live in… Wisconsin
Fresno Refund Inquiry Unit
5045 E Butler Avenue
Mail Stop B2007
Fresno, CA 93888

05/06/2020

Information about the Economic Impact Payment:

The IRS has created two tools to help taxpayers with their Economic Impact Payment, Non-filers and Get My Payment. Please be sure you are on the correct website which is IRS.gov.

DISCLAIMER - For some reason, this system is not working for many people by either not matching information or not determining eligibility, this does not mean you will not receive the stimulus payment.

THE ONLY DEADLINE the government has issued regarding the stimulus payments is for VA and SSI benefit recipients who don’t normally file a tax return and have children. May 5th was the deadline to get the additional $500 per qualifying child and if you missed yesterday's deadline, you will have to file a tax return next year for 2020 to receive the $500 per child. These recipients will still get the $1,200 per qualifying person stimulus payment.

Stimulus checks that were not awarded through direct deposit will be issued by your reported adjusted gross income and will start with income up to $10,000 this first group of checks were expected to arrive by April 24 and Social Security recipients who didn’t have to file a return they should have received their stimulus payment by the end of April.

Americans with income up to $20,000 are expected to get their checks by May 1, while those with income up to $40,000 by May 15. The rest of the checks will be issued by gradually increasing income increments each week. Payment of those that will receive reduced stimulus checks should receive their checks on September 4th. The final group of checks will be sent on Sept. 11 to those who didn’t have tax information on file and had to apply for checks.

According to the IRS, no tax will be owed on Economic Income Payments. It will not reduce a taxpayer’s refund or increase the amount owed when on the 2020 tax return filed next year. It will not affect income for purposes of determining eligibility for federal government assistance or benefit programs.

07/02/2018

https://childtaxrebate.wi.gov/_/

LAST DAY TO FILE FOR YOUR REBATE!!!

You will need your primary tax payer social security number, your children's social security numbers and dates of birth and your banking account number and routing numbers for direct deposit of your refund. Even if you have not filed your 2017 income taxes yet, if you had a qualifying child in 2017, you are eligible for the rebate.