AAI Remote Tax Professionals

01/12/2024

Since the $7.99 charge is coming, I do not give permission to Facebook to charge $7.99 a month to my account, also, all of my pictures are property of myself and not Facebook!
So now they are doing it, we just saw on Channel 13 News, that Facebook will be charging all users starting Monday. You can do an "opt-out" by posting the above. Hold your fingers over and copy. Bye Bye ads let's keep the family and friends.

01/08/2024

JUST IN:

The Internal Revenue Service announced today that January 29th will be the start of the nation's 2024 tax season and when the agency will begin accepting and processing 2023 tax year returns.
Per today's news release:

"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.

The IRS expects more than 128.7 million individual tax returns to be filed by the April 15, 2024, tax deadline.

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 example, most software companies accept electronic submissions and then hold them until the IRS is ready to begin processing later this month."

Stay tuned for more news and updates regarding the tax season in general.

01/16/2022

If you have a 403B or a 401K, and If you claim head of household, made less than $49000, you get an extra $1000 on your rebate…

However , tax software doesn't automatically put that in there, so the tax specialist would have to catch it, so make sure you ask about that….

03/21/2021

IRS Extends Federal Tax Deadline

The federal tax filing deadline has been extended for individual tax returns May 17th. If you’re getting a refund, the IRS encourages you to file now. This extension does not apply to estimated tax deadlines or business tax returns.

01/20/2021

Taxpayers can start the new tax year off right by checking their withholding

A new year means a fresh start. One way people can get the new tax year off to a good start is by checking their federal income tax withholding. They can do this using the Tax Withholding Estimator on IRS.gov.

This online tool helps employees avoid having too much or too little tax withheld from their wages. It also helps self-employed people make accurate estimated tax payments. Having too little withheld can result in an unexpected tax bill or even a penalty at tax time. Having too much withheld results in less money in their pocket.

All taxpayers can use the results from the Tax Withholding Estimator to determine if they should:
• Complete a new Form W-4, Employee's Withholding Allowance Certificate and submit it to their employer.
• Complete a new Form W-4P, Withholding Certificate for Pension or Annuity Payments and submit it to their payer.
• Make an additional or estimated tax payment to the IRS.

The Tax Withholding Estimator asks taxpayers to estimate:
• Their 2021 income.
• The number of children to be claimed for the child tax credit and earned income tax credit.
• Other items that will affect their 2021 taxes.

The Tax Withholding Estimator does not ask for personally-identifiable information, such as a name, Social Security number, address and bank account numbers. The IRS doesn't save or record the information entered in the Estimator.

Before using the Estimator, taxpayers should gather their 2019 tax return, most recent pay stubs and income documents including:
• Form W-2 from employers.
• Form 1099 from banks and other payers.
• Forms 1095-A from the marketplace for those claiming the premium tax credit.
• Form 1099-NEC, Nonemployee Compensation.

Most income is taxable, including unemployment compensation, refund interest and income from the gig economy and virtual currencies. Therefore, taxpayers should also gather any documents from these types of earnings. These documents will help taxpayers estimate 2021 income and answer other questions asked during the process.

The Tax Withholding Estimator results will only be as accurate as the information entered by the taxpayer. People with more complex tax situations should use the instructions in Publication 505, Tax Withholding and Estimated Tax. This includes taxpayers who owe alternative minimum tax or certain other taxes, and people with long-term capital gains or qualified dividends.

Share this tip on social media -- : Taxpayers can start the new tax year off right by checking their withholding. https://go.usa.gov/xAkPF

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IRS Tax Tip 2021-04, January 20, 2021

01/16/2021

Important Dates:

February 12 - Start of e-File
February 22 - Where's My Refund updated for PATH Act returns
First week of March - PATH Act returns start funding for direct deposit customers
April 15 - deadline for 2020 tax returns

01/28/2019

01/28/2019

What You Should Know About the Child Tax Credit in 2018

Under the Tax Cuts and Jobs Act (TCJA) the following new child tax credit rules will take place in 2018:

The Child Tax Credit under 2018 tax reform is worth up to $2,000 per qualifying child. The age cut-off remains at 17 (the child must be under 17 at the end of the year for taxpayers to claim the credit).

The refundable portion of the credit is limited to $1,400. This amount will be adjusted for inflation after 2018.

The earned income threshold for the refundable credit is lowered to $2,500.

The beginning credit phaseout for the child tax credit increases in 2018 to $200,000 ($400,000 for joint filers). The phaseout also applies to the new $500 credit for other dependents.

The child must have a valid SSN to qualify for the $2,000 Child Tax Credit.

01/27/2019

$500 - $6,000

01/22/2019

IRS Confirms Tax Filing Season to Begin - Accountants Community
IRS Confirms Tax Filing Season to Begin January 28

January 7, 2019 - IRS Notice IR-2019-01

WASHINGTON ― Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019, and provide refunds to taxpayers as scheduled.

“We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to the taxpayers during this period,” said IRS Commissioner Chuck Rettig.

Congress directed the payment of all tax refunds through a permanent, indefinite appropriation (31 U.S.C. 1324), and the IRS has consistently been of the view that it has authority to pay refunds despite a lapse in annual appropriations. Although in 2011 the Office of Management and Budget (OMB) directed the IRS not to pay refunds during a lapse, OMB has reviewed the relevant law at Treasury’s request and concluded that IRS may pay tax refunds during a lapse.

The IRS will be recalling a significant portion of its workforce, currently furloughed as part of the government shutdown, to work. Additional details for the IRS filing season will be included in an updated FY2019 Lapsed Appropriations Contingency Plan to be released publicly in the coming days.

“IRS employees have been hard at work over the past year to implement the biggest tax law changes the nation has seen in more than 30 years,” said Rettig.

As in past years, the IRS will begin accepting and processing individual tax returns once the filing season begins. For taxpayers who usually file early in the year and have all of the needed documentation, there is no need to wait to file. They should file when they are ready to submit a complete and accurate tax return.

The filing deadline to submit 2018 tax returns is Monday, April 15, 2019 for most taxpayers. Because of the Patriots’ Day holiday on April 15 in Maine and Massachusetts and the Emancipation Day holiday on April 16 in the District of Columbia, taxpayers who live in Maine or Massachusetts have until April 17, 2019 to file their returns.

Software companies and tax professionals will be accepting and preparing tax returns before Jan. 28 and then will submit the returns when the IRS systems open later this month. The IRS strongly encourages people to file their tax returns electronically to minimize errors and for faster refunds.

Reference:

IR-2019-01, January 7, 2019 — Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled.