Troy K. Scott, CPA - Hamilton Waltman Obenour Melsheimer LLC CPAs

12/29/2021

With new penalties for unfiled, incorrect, or late 1099 Forms we want to make sure you are protected and know what you are responsible for as well as your tax preparer.

Subscribe to our Tax Tip Newsletter to read the full list of responsibilities.

01/07/2021

In this week’s free newsletter, Bob breaks down which grants from 2020 are taxable on federal returns & which ones retain all related deductions. Read the full chart with references & notes: http://bit.ly/3hSWMfq

Dive deeper to a mastery of all effects of 2020 grants & the Consolidated Appropriations Act in our newly updated 1040 Tax In Depth course! Find live webinar dates & register here: http://bit.ly/2EIB23b

12/30/2020

The Internal Revenue Service and the Treasury Department said Tuesday evening that they are beginning to make direct deposits of the second round of economic impact payments as soon as Tuesday night for some taxpayers and will continue doing so through next week.

12/28/2020

What does this mean for you or your business? Contact our office today with any questions.

President Donald Trump signed a bill containing $900 billion in pandemic relief, the White House said, triggering the flow of aid to individuals and businesses and averting the risk of a partial government shutdown on Tuesday.

12/27/2020

1. What's your Preparer Tax Identification Number (PTIN)?
Everyone who gets paid to help someone else prepare and file their tax returns must have a Preparer Tax Identification Number (PTIN) from the IRS and must include this number on every return they help file.

2. What are your credentials?
You don't actually need any credentials or special training to legally work as a tax preparer.

Look for a tax preparer who is a Certified Public Accountant (CPA), an enrolled agent (EA), or a licensed attorney. All of these statuses require the individual to undergo training, pass an exam, and take continuing education courses to ensure that their knowledge is up to date. You can see which credentials the tax preparers in your area have by looking them up in the IRS's directory.

3. How do you determine your fees?
Tax preparers charge for their services, but how they structure their fees can vary. Most will charge an hourly fee.

4. When will I receive a copy of my tax return?
Check with your tax preparer to see when they plan to finish your taxes.

5. What will you do if I get audited?
CPAs, enrolled agents, and attorneys can represent you in front of the IRS if you're audited, and they can assist you with fixing any mistakes, if need be.

Put your taxes in the right hands. Start by asking these questions first.

12/23/2020

The coronavirus relief bill has several tax provisions that might apply to you. Some of the few important provisions include:
-Temporary 100% deductibility of business meals
-Temporary special rule for determination of earned income
-Certain charitable contributions deductible by nonitemizers
-Temporary special rules for health and dependent care flexible spending arrangements
-Education expenses
-And several other extensions of tax credits and deductions
Contact our office with any questions.

The year-end coronavirus relief and spending bill passed by Congress includes many tax provisions, including pandemic-related relief, extensions of expired provisions, and a large number of miscellaneous items, including temporary 100% deductibility for business meals.

12/23/2020

The IRS issued the 2021 standard mileage rates for use in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes. The rates all decreased from 2021 to 2020.

12/21/2020

The measure is designed to be an emergency bridge through the first quarter of 2021.

12/08/2020

Could the government start taxing our Roth IRA’s? Time will tell, but there is certainly a legal precedent for it based on taxation on Social Security. This is an issue we think you should monitor, & you can read more about it today’s free newsletter from Bob’s desk: https://bit.ly/3m68zrj

09/16/2020

As we approach a new presidential election, Bob Jennings, Founder & President of TaxSpeaker, is taking time to research the tax policy positions of our main candidates. In this week's newsletter, you'll find an unbiased overview of what he's discerned in that regard from Democratic Presidential Candidate, Joe Biden. Click here to read: https://buff.ly/2Fz2ILB

03/07/2020

Good article. Things to consider when choosing a tax preparer other than fees. Understand credentials! Know what your preparer can do for you if you are audited.

Put your taxes in the right hands. Start by asking these questions first.

02/17/2020