Sinecoff CPA Services

02/02/2023

Make sure to report all illegal activities and stolen property on your tax return.

01/23/2023

For any of you who miraculously have all your tax paperwork, e-file opens today.

01/23/2023

It might feel like it but your spouse is not your dependent. Only qualifying children or relatives can be your dependents.

It's a question that comes up.

01/04/2023

The IRS has delayed the 1099-K lower threshold filing requirements for third-party transactions.

Previously, the IRS signaled those transactions totaling over $600 would require taxpayers to receive a 1099-K and report income from third-party platforms such as Venmo, Etsy, PayPal, Etc.

The previous reporting threshold of 200 transactions totaling $20,000 will remain in effect until next tax season.

01/02/2023

E-filing is estimated to open January 23rd.
Tax filing deadline will be April 18th.

01/30/2022

All W2's should be received or postmarked from employer by 1.31.

*Check to make sure you have all your documents before you file*

I've known instances of individuals who have omitted key documents when they filed. It can come back to bite later.

A good way to make sure you have everything is to see what you filed last year and then think about new events that occurred in 2021. Did I open a brokerage account? Did I cash out a retirement account? Did I receive any winnings from sports betting? etc. etc.

Below is a schedule of key events during tax season:

1/24: E-filing Opens

1/31: W2’s and 1099’s for Contractors should be received

2/15: Deadline for financial institutions to mail out Form 1099-B relating to sales of stock, bonds, or mutual funds through a brokerage account, Form 1099-S relating to real estate transactions; and Form 1099-MISC

3/15: Deadline for corporate tax returns (Forms 1120, 1120-A, and 1120-S) for tax year 2021, or to request an automatic six-month extension of time to file (Form 7004) for corporations that use the calendar year as their tax year, and for filing partnership tax returns (Form 1065) or to request an automatic six-month extension of time to file (Form 7004).

4/18: All individuals must file their 2021 personal tax returns, or Form 1040 or Form 1040-SR by this date. This is also the deadline to request an automatic extension (Form 4868) for an extra six months to file your return, and for payment of any tax due.

01/12/2022