Van Norstrand & Hoolihan, CPA's, PC

Van Norstrand & Hoolihan, CPA's, PC

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I have a question!!! How ma ny years of taxes files do I ne ed to keep??? I have run o ut of room and need to organi ze my desk!!! Thank you !!!

Accounting firm with offices in Rhinebe ck, NY and Round Rock, TX. We servi ce the accounting and tax needs of sma ll businesses, individual taxpayers and non prof it entities.

Van Norstrand & Hoolihan, CPA’s, P. C., was established in September 1990 in Rhinebe ck, New York. Subsequently, we opened an offi ce in Round Rock, Texas in 1994. Bo th partners, Maggie Van Norstrand & Timot hy Hoolihan, were born and raised in t he Hudson Valley. Our firm has ov er thirty years of experience in t he public accounting profession with strong concentratio ns in tax preparation and accounting wo rk for small businesses and individuals as we ll as the non-profit audit area.

Operating as usual

Timeline photos 14/02/2022

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Timeline photos 17/12/2021

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Timeline photos 16/12/2021

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Senate Democrats negotiating an expansion of t he state and local tax deduction (SA LT) aren't near a deal, raising t he prospect that talks will spill in to next week -- and potentially ne xt year.

The new $80,000 cap rais ed by the House will likely be reduc ed during negotiations in the Senate.

Timeline photos 03/12/2021

Senate Democrats negotiating an expansion of t he state and local tax deduction (SA LT) aren't near a deal, raising t he prospect that talks will spill in to next week -- and potentially ne xt year.

The new $80,000 cap rais ed by the House will likely be reduc ed during negotiations in the Senate.

Timeline photos 23/11/2021

There are many tax changes in t he Build Back Better Act that c an affect you or your business. Aft er months of negotiations, the House pass ed President Joe Biden's $1.7 trillion soci al safety net and climate bill th is last Friday. The bill may be sign ed into law by Christmas, start getti ng informed today: https://conta.cc/3nGPLCS

25/10/2021

The tax responsibilities that come wi th shutting down a business:

1️⃣File a fin al tax return and related forms. T he type of return to file a nd related forms depends on the ty pe of business.

2️⃣Take care of employe es. Business owners with one or mo re employees must pay any final wag es or compensation, make final federal t ax deposits and report employment taxes.

3️⃣P ay taxes owed. Even if the busine ss closes now, tax payments may be d ue next filing season.

4️⃣Report payments to contra ct workers. Businesses that pay contractors at lea st $600 for services including parts a nd materials during the calendar year in whi ch they go out of business, mu st report those payments.

5️⃣Cancel EIN a nd close IRS business account. Business owne rs should notify the IRS so th ey can close the IRS business account .

5️⃣Keep business records. How long a busine ss needs to keep records depends on what 's recorded in each document.

19/10/2021

🏡 Home Office Deduction 🏠

* Employe es are not eligible to claim t he home office deduction.

* Available to bo th homeowners and renters.

* Certain expens es taxpayers can be deducted such as mortga ge interest, insurance, utilities, repairs, maintenance, depreciati on and rent.

* Must meet specif ic requirements to claim home expenses as a deducti on.

| Internal Revenue Service 18/10/2021

| Internal Revenue Service

Be aware of Scammers!

They may:
1 ️⃣ Pretend to be from a charity
2 ️⃣ Claim to work for the IRS
3 ️⃣ Have fake websites

You can use t he IRS search function to locate legitima te charities!

| Internal Revenue Service Organizations eligible to receive tax-deductible charitab le contributions. Users may rely on th is list in determining deductibility of the ir contributions.

IMPORTANT FOR ALL S-CORPS & PARTNERSHI PS 06/10/2021

IMPORTANT FOR ALL S-CORPS & PARTNERSHI PS

NYS has come up with a wo rk around for the SALT deduction limitati on for pass through entities (S-corporations a nd partnerships). NYS calls this the PT ET (pass through entity tax) return a nd calculation of credits. It joins 15 oth er states who have already passed a PT ET law.

IMPORTANT FOR ALL S-CORPS & PARTNERSHI PS NYS has come up with a wo rk around for the SALT deduction limitati on for pass through entities. ALL N YS S-CORP AND PARTNERSHIPS NYS has co me up with a work around f or the SALT deduction limitation for

Guidance on claiming the ERC f or third and fourth quarters of 2021 29/09/2021

Guidance on claiming the ERC f or third and fourth quarters of 2021

Guidance on claiming the ERC f or third and fourth quarters of 2021

Guidance on claiming the ERC f or third and fourth quarters of 2021 New guidance clarifies the application of t he credit to “recovery startup businesses” a nd the treatment of wages paid to majori ty owners and their spouses.

23/09/2021

Independent contractor vs. employee

Whether a work er is an independent contractor, or an employ ee depends on the relationship between t he worker and the business. Generally, the re are three categories to consider.

Behavioral contr ol − Does the company control or ha ve the right to control what t he worker does and how the work er does the job?

Financial control − Do es the business direct or control t he financial and business aspects of t he worker's job. Are the business aspec ts of the worker's job controlled by t he payer? Things like how the work er is paid, are expenses reimbursed, w ho provides tools/supplies, etc.

Relationship of the parti es − Are there written contracts or employ ee type benefits such as pension pl an, insurance, vacation pay? Will the relationsh ip continue and is the work perform ed a key aspect of the busine ss?

23/09/2021

Tax Planning Note regarding 3rd Stimul us Checks!!

In order for us to proper ly prepare your 2021 income tax retur ns, please make a note of h ow much you received and the da te and place it with your upcomi ng tax information or put it up in sharefi le.

10/09/2021

DEADLINE ALERT!!!

💲 Estimated Taxes d ue: 9/15

💲 Sales Tax due: 9/20

16/08/2021

Here are some do's and don' ts for anyone who receives mail fr om the IRS:

Don't ignore it. Most I RS letters and notices are about feder al tax returns or tax accounts. Ea ch notice deals with a specific iss ue and includes specific instructions on wh at to do

Don't throw it aw ay. Taxpayers should keep notices or lette rs they receive from the IRS. The se include adjustment notices when an acti on is taken on the taxpayer's accou nt, Economic Impact Payment notices, and lette rs about advance payments of the 2021 chi ld tax credit. They may need to ref er to these when filing their 2021 t ax return in 2022. In general, t he IRS suggests that taxpayers keep recor ds for three years from the da te they filed the tax return.

Don 't panic. The IRS and its authoriz ed private collection agencies do send lette rs by mail. Most of the ti me, all the taxpayer needs to do is re ad the letter carefully and take t he appropriate action.

Don't reply unless instruct ed to do so. There is usual ly no need for a taxpayer to rep ly to a notice unless specifically instruct ed to do so. On the oth er hand, taxpayers who owe should rep ly with a payment. IRS.gov has informati on about payment options.

Do take time ly action. A notice may reference chang es to a taxpayer's account, taxes ow ed, a payment request or a specif ic issue on a tax return. Acti ng timely could minimize additional interest a nd penalty charges.

Do review the informati on. If a letter is about a chang ed or corrected tax return, the taxpay er should review the information and compa re it with the original return. If t he taxpayer agrees, they should make not es about the corrections on their person al copy of the tax return a nd keep it for their records.

Do respond to a disputed notice. If a taxpay er doesn't agree with the IRS, th ey should mail a letter explaining w hy they dispute the notice. They shou ld mail it to the address on t he contact stub included with the noti ce. The taxpayer should include information a nd documents for the IRS to revi ew when considering the dispute.

Do rememb er there is usually no need to ca ll the IRS. If a taxpayer mu st contact the IRS by phone, th ey should use the number in t he upper right-hand corner of the noti ce. The taxpayer should have a co py of their tax return and lett er when calling the agency.

Do avo id scams. The IRS will never conta ct a taxpayer using social media or te xt message. The first contact from t he IRS usually comes in the ma il. Taxpayers who are unsure if th ey owe money to the IRS c an view their tax account information on IRS.g ov.

11/08/2021

After a natural disaster, having acce ss to personal financial, insurance, medical a nd other records can help people starti ng the recovery process quickly. There a re a few things taxpayers can do to he lp protect their financial safety in a disast er situation.

Here are some financial preparedness tips.

Upda te emergency plans.

Create electronic copies of documen ts.

Document valuables.

Understand tax relief is availab le in disaster situations.

10/08/2021

Astrophysics from Equilibrium Brewery! Now availab le in Keg and Can!

09/08/2021

THE FINER POINTS OF FUTA:

If y ou hire a household worker and p ay that person $1,000 or more in ca sh wages (excluding food and lodging) in a ny calendar quarter of this year or la st year, you must pay federal unemployme nt (FUTA) tax. This tax applies to t he first $7,000 of wages. The maxim um FUTA tax rate is 6%, b ut credits reduce it to 0.6% in mo st cases. FUTA tax is paid on ly by the employer.

04/08/2021

Here are the rights outlined in t he Taxpayer Bill of Rights:

1. The Rig ht to Be Informed

2. The Rig ht to Quality Service

3. The Rig ht to Pay No More than t he Correct Amount of Tax

4. T he Right to Challenge the IRS's Positi on and Be Heard

5. The Rig ht to Appeal an IRS Decision in an Independe nt Forum

6. The Right to Finalit y

7. The Right to Privacy

8. T he Right to Confidentiality

9. The Rig ht to Retain Representation

10. The Rig ht to a Fair and Just T ax System

02/08/2021

When calling the IRS you wi ll need to verify your identity befo re they will release information:

Social Securi ty numbers (SSN) and birth dates f or those who were named on t he tax return

An Individual Taxpayer Identification Numb er (ITIN) letter if the taxpayer h as one instead of an SSN

Their fili ng status: single, head of household, marri ed filing joint or married filing separate

T he prior-year tax return. Phone assistors m ay need to verify taxpayer identity wi th information from the return before answeri ng certain questions

A copy of the t ax return in question

Any IRS letters or notic es received by the taxpayer

(By law, I RS telephone assistors will only speak wi th the taxpayer or to the taxpayer 's legally designated representative.)

31/07/2021

Today’s the day! We hope to s ee you there!

2021 QuickBooks Online Pricing Update f or Essentials, Plus and Advanced 30/07/2021

2021 QuickBooks Online Pricing Update f or Essentials, Plus and Advanced

ATTENTION: Price Change for Quickbooks!

2021 QuickBooks Online Pricing Update f or Essentials, Plus and Advanced Why is QuickBooks raising its pric es? At QuickBooks, we take your busine ss seriously. Supporting the needs of sma ll business owners and mid-market customers, especial ly in the face of shifting a nd changing markets, is our singular foc us. To do this, innovation is k ey. New products, reports, tools, f...

29/07/2021

Employers use Form 941 to:

💸 Repo rt income taxes, Social Security tax, or Medica re tax withheld from employee's paychecks.
💸 P ay the employer's portion of Social Securi ty or Medicare tax.

🚨This form is d ue quarterly making Monday the filing deadli ne for 2nd Quarter!🚨

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Also office in Round Rock, TX 7415 T wo Jacks Trail 78681
800-676-4113

Opening Hours

Monday 08:30 - 17:00
Tuesday 08:30 - 17:00
Wednesday 08:30 - 17:00
Thursday 08:30 - 17:00
Friday 08:30 - 17:00