Professional TAX Service Of Waldorf

01/31/2026

View Jeffery Wayne Dennison's complete obituary, share memories, and explore 6 tribute posts from the community.

01/01/2025

TO MY CLIENTS

It is with a heavy heart that we announce our business, Professional Tax Service of Waldorf, will be closed indefinitely due to unforeseen circumstances. During this difficult time. I kindly ask for your prayers and support for my family.

Thank you for your loyalty for the past 25 years. We appreciate you more than words can express.
And again, thank you for your understanding.

Jeff W. Dennison
Professional Tax Service of Waldorf

08/10/2024

Maryland Sales Tax Free Week August 11-17

01/08/2024

2024 tax filing season set for January 29

The Internal Revenue Service today announced Monday, Jan. 29, 2024, as the official start date of the nation's 2024 tax season when the agency will begin accepting and processing 2023 tax returns.

Although the IRS will not officially begin accepting and processing tax returns until Jan. 29, people do not need to wait until then to work on their taxes if they're using software companies or tax professionals.

For most taxpayers, the deadline to file their personal federal tax return, pay any tax owed or request an extension to file is Monday, April 15, 2024.

Taxpayers living in Maine or Massachusetts have until April 17, 2024, due to the Patriot's Day and Emancipation Day holidays.

Many different factors can affect the timing of a refund after the IRS receives a return. Although the IRS issues most refunds in less than 21 days, the IRS cautions taxpayers not to rely on receiving a refund by a certain date, especially when making major purchases or paying bills.

Under the federal Protecting Americans from Tax Hikes (PATH) Act, the IRS cannot issue Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) refunds before mid-February.

01/02/2024

Reminder-4th Quarter Estimated Tax Payments are due January 16, 2024.

12/23/2023

Reminder for those who need to take a required minimum distribution from their retirement account:

The IRS is reminding taxpayers that the SECURE 2.0 Act of 2022 raised the age at which account owners must begin taking required minimum distributions from IRAs and employer-sponsored retirement plans from 72 to 73 for 2023. As a result, individuals born in 1951 must receive their first RMD by April 1, 2025. For most individuals born before 1951, RMDs should have already begun and are required for 2023.

11/21/2023

Good News Regarding Form 1099K For Tax Year 2023. Reporting Of Income At The $600 Threshold Has Been Delayed.

Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service today released Notice 2023-74 announcing a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for calendar year 2023.

As the IRS continues to work to implement the new law, the agency will treat 2023 as an additional transition year. This will reduce the potential confusion caused by the distribution of an estimated 44 million Forms 1099-K sent to many taxpayers who wouldn’t expect one and may not have a tax obligation. As a result, reporting will not be required unless the taxpayer receives over $20,000 and has more than 200 transactions in 2023.

Given the complexity of the new provision, the large number of individual taxpayers affected and the need for stakeholders to have certainty with enough lead time, the IRS is planning for a threshold of $5,000 for tax year 2024 as part of a phase-in to implement the $600 reporting threshold enacted under the American Rescue Plan (ARP).

The ARP required third party settlement organizations (TPSOs), which include popular payment apps and online marketplaces, to report payments of more than $600 for the sale of goods and services on a Form 1099-K starting in 2022. These forms would go to the IRS and to taxpayers and would help taxpayers fill out their tax returns. Before the ARP, the reporting requirement applied only to the sale of goods and services involving more than 200 transactions per year totaling over $20,000.

Reporting requirements do not apply to personal transactions such as birthday or holiday gifts, sharing the cost of a car ride or meal, or paying a family member or another for a household bill. These payments are not taxable and should not be reported on Form 1099-K.

However, the casual sale of goods and services, including selling used personal items like clothing, furniture and other household items for a loss, could generate a Form 1099-K for many people, even if the seller has no tax liability from those sales.

This complexity in distinguishing between these types of transactions factored into the IRS decision to delay the reporting requirements an additional year and to plan for a threshold of $5,000 for 2024 in order to phase in implementation.

11/03/2023

For those who have not yet filed federal 1040 tax returns that are eligible for electronic filing the IRS is shutting down the E File system at 11:59PM November 18 to prepare the system for the upcoming filing season in 2024.

Business tax returns are not affected.

Form 1040 filing after November 18 would have to be mailed or wait until the E File system opens back up in January 2024.

10/31/2023

The end of the year is rapidly approaching and it is getting time to think about filing your tax returns.

The link below has a list of documents that may be needed for the filing of your returns and also other helpful information for tax year 2023.

professionaltaxservice.net/tax-preparation-information/

Preparing for tax day Use these tips to help you prepare for your appointment What should you do to prepare for your appointment? Tax Tools and Information Feed. Z Required documents to keep on file: Copies of Drivers License or State IDs Social Security Cards Proof of Residence for dependents claim...

10/25/2023

Information For The Virginia Tax Rebate

The 2023 Virginia General Assembly passed a law giving taxpayers with a tax liability a rebate of up to $200 for individual filers and up to $400 for joint filers.

If you’re eligible and filed your taxes before July 1, we are required to issue your rebate by November 30. However, we anticipate issuing most rebates by early November.

You must file your 2022 individual income tax return by November 1 to receive the rebate. If you already filed your 2022 taxes, no action is needed.

Are you eligible?

Not every taxpayer is eligible. If you had a tax liability last year, you will receive up to $200 if you filed individually, and up to $400 if you filed jointly. Tax liability is the amount of tax you owe throughout the year minus any credits (like the earned income tax credit or the credit for taxes you paid to another state), deductions, or subtractions.

If you received a refund by direct deposit this year, you’ll likely receive your rebate by direct deposit in the same bank account, with the description “VA DEPT TAXATION VATXREBATE.” All other eligible taxpayers will receive their rebate by paper check in the mail, so be on the lookout for an envelope from us ("Commonwealth of Virginia, Department of Taxation").

We’re not able to update your bank account information. If the bank account where you received your Virginia refund by direct deposit is closed, you’ll receive your rebate by paper check in the mail.

You can check your eligibility using our rebate lookup tool.

Virginia Tax Individual Online Account Application

10/20/2023

IRS announces withdrawal process for Employee Retention Credit claims

As part of a larger effort to protect small businesses and organizations from scams, the Internal Revenue Service today announced the details of a special withdrawal process to help those who filed an Employee Retention Credit (ERC) claim and are concerned about its accuracy.

This new withdrawal option allows certain employers that filed an ERC claim but have not yet received a refund to withdraw their submission and avoid future repayment, interest and penalties. Employers that submitted an ERC claim that’s still being processed can withdraw their claim and avoid the possibility of getting a refund for which they’re ineligible.

The IRS created the withdrawal option to help small business owners and others who were pressured or misled by ERC marketers or promoters into filing ineligible claims. Claims that are withdrawn will be treated as if they were never filed. The IRS will not impose penalties or interest.

Those who willfully filed a fraudulent claim, or those who assisted or conspired in such conduct, should be aware that withdrawing a fraudulent claim will not exempt them from potential criminal investigation and prosecution.

“The IRS is committed to helping small businesses and others caught up in this onslaught of Employee Retention Credit marketing,” said IRS Commissioner Danny Werfel. “The aggressive marketing of these schemes has harmed well-meaning businesses and organizations, and some are having second thoughts about their claims. We want to give these taxpayers a way out. The withdrawal option allows employers with pending claims to avoid future problems, and we encourage them to closely review the withdrawal option and the requirements. We continue to urge taxpayers to consult with a trusted tax professional rather than a marketing company about this complex tax credit.”

When properly claimed, the ERC – also referred to as the Employee Retention Tax Credit or ERTC – is a refundable tax credit designed for businesses that continued paying employees during the COVID-19 pandemic while their business operations were fully or partially suspended due to a government order, or they had a significant decline in gross receipts during the eligibility periods. The credit is not available to individuals.

The ERC is a complex credit with precise requirements to help businesses during the pandemic, and since mid-September, the IRS has received approximately 3.6 million claims for the credit over the course of the program.

In July, the IRS said it was shifting its focus to review ERC claims for compliance concerns, including intensifying audit work and criminal investigations on promoters and businesses filing dubious claims. The IRS has hundreds of criminal cases being worked, and thousands of ERC claims have been referred for audit.

10/12/2023

Reminder for those who filed extensions that the due date for those is October 16, 2023