Fed workers drawing from pension and now SS!

WASHINGTON (Reuters) - President Joe Biden signed a measure into law on Sunday that boosts Social Security retirement payments to some retirees who draw public pensions, such as former police officers and firefighters, in what the White House described as the first expansion of such benefits in 20 years. The Senate voted last month to approve the Social Security Fairness Act, which would repeal two-decade-old provisions that can reduce benefits for people who also receive a pension. The House of Representatives had approved it earlier.

Tax Season is off to a great start!

Call us at 813-309-0504 if you need taxes done!!

IRS refunding 2021 taxpayers

IRS issuing 2021 refunds to those that didnt receive the recovert rebate refund in 2021. mpayments eill be made by hhe end of yhe year.

BOIR deadline extended

After a lawsuit challenging the validity of the Beneficial Owners Information Return (BOIR), Fincen has extended the time to file this return. If you need assistance filing the BOIR, we can help you file this new return. Please contact us at 813-309-0504 or email us us at cpapennewell@verizon.net

2021 Recovery Rebate credit

IRS announces special payments going this month to 1 million taxpayers who did not claim 2021 Recovery Rebate Credit; encourages non-filers about approaching deadline to claim credits EnglishEspañol中文 (简体) More In News IR-2024-314, Dec. 20, 2024 WASHINGTON — As part of continuing efforts to help taxpayers, the Internal Revenue Service today announced plans to issue automatic payments later this month to eligible people who did not claim the Recovery Rebate Credit on their 2021 tax returns. The IRS announced the special step after reviewing internal data showing many eligible taxpayers who filed a return but did not claim the credit. The Recovery Rebate Credit is a refundable credit for individuals who did not receive one or more Economic Impact Payments (EIP), also known as stimulus payments. No action is needed for eligible taxpayers to receive these payments, which will go out automatically in December and should arrive in most cases by late January 2025. The payments will be automatically direct deposited or sent by paper check; eligible taxpayers will also receive a separate letter notifying them of the payment. “The IRS continues to work hard to make improvements and help taxpayers,” said IRS Commissioner Danny Werfel. “These payments are an example of our commitment to go the extra mile for taxpayers. Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible. To minimize headaches and get this money to eligible taxpayers, we’re making these payments automatic, meaning these people will not be required to go through the extensive process of filing an amended return to receive it.” The payments vary depending on several factors, but the maximum payment is $1,400 per individual. The estimated amount of payments going out will be about $2.4 billion. The IRS also reminded taxpayers who haven’t filed 2021 tax returns they might be eligible as well, but they face an April 15, 2025, deadline to file their returns to claim the credit and any other refund they might be owed. Most eligible taxpayers already claimed the credit Most taxpayers eligible for EIPs have already received their EIP or Recovery Rebate Credit. These December payments for the 2021 Recovery Rebate Credit are only going to taxpayers where IRS data demonstrates a taxpayer qualifies for the credit. Qualified taxpayers are those who filed a 2021 tax return, but where the data field for the Recovery Rebate Credit was left blank or was filled out as $0 when the taxpayer was actually eligible for the credit. How automatic payments work Taxpayers who qualify but did not claim any portion of the credit on their 2021 tax return should receive these payments by late

Amended Refunds, how do you check the status of the anticipated refund

To check the status of your amended tax return, you can use the following methods12345: Where’s My Amended Return? tool on the IRS website: You can use this tool starting three weeks after you filed your amendment. It will indicate whether your amended return has been received, adjusted, or completed. Call the IRS directly: You can call the amended return hotline at 866-464-2050. Both online and phone resources are available in English and Spanish. Learn more:

2024 Tax Brackets

2024 tax Brackets Single/Married filing jointly $0 to $11,600 $0 to $23,200 12% $. 11,601 to $47,150 $23,201 to $94,300 22% $47,151 to $100,525/ $94,301 to $201,050 24% $100,526 to $191,950 $201,051 to $301,000

Trump's new tax ideas

Former President Donald Trump has floated several tax policy ideas, including extending the expiring 2017 Tax Cuts and Jobs Act (TCJA) changes, bringing back the deduction for state and local taxes (SALT), reducing the corporate tax rate for domestic production, exempting various types of income from the income tax, repealing green energy tax credits, and imposing steep new tariffs.

Document a charitable contribution

The receipt can be a letter, a postcard, an e-mail message, or a form created for the purpose. Any donations worth $250 or more must be recognized with a receipt

$750 Disaster relief from Fema

There are four ways you can apply for FEMA disaster assistance: Fill out a DisasterAssistance.gov application online Apply using the FEMA app. Download the free app from your smartphone’s app store Apply by phone at 1-800-621-3362 Apply in person at a Disaster Recovery Center (DRC). Find a DRC near you

Taxing unearned capital gain

Tax policy embraced by Vice President Kamala Harris that’s meant to target the wealthy could be used to capture all investors if the NEW tax doesn't raise enough cash. Harris defenders say posts ignore the fact that the plan would only impact those whose net worth is more than $100 million, or less than 1% of taxpayers the first year. We believe Harris' unearned gains tax would target wealthy investors the 1st year but then the administration would lower the thresshold due to the tax not raising enough fund.

Consumer Confidence falls

Consumer confidence has fallen to its lowest level in 3 years.

IRS Calls on Taxpayers to Make Emergency Plan

Irs is asking taxoayers to prepare for natural disasters

BOIR Reports due soon

The new IRS Fincen Beneficial Ownership Information Report is due soon if your company was formed before 1/1/24. If your company was started in the year 2024, you have 90 days from formation to get the report completed. Need help? Call us at 813-309-0504 and ask for Nick!

Irs Late filing penalties

penalty for filing late is generally 5% of the balance owed per month, with a max of 25%

Mfa google

Go thru google

Form 8275

f8275, Disclosure of position statement

Irs interest rate for people on extension

IRS INTEREST RATE IS 4.5%

Who is exempt from filing a BOI return?

Industries that are heavily regulated such as banks, insurance companies, cpa firms and other firms who report a lot to the IRS are exempt grom giling the BOI report.

1099-Misc, Box 6

Box 6 on a form 1009 Misc is reportsble but not a taxable item.

Get a Fincen ID #

Go to this website: https://fincenid.fincen.gov Follow the directions

FASB Conceptual Franework

It’s funny how these things work out. A few days ago, I was at Disney's Four Seasons Resort for Western CPE's Orlando conference, speaking about the exposure draft for the final chapter of the FASB's Conceptual Framework. At the time, I indicated it was still an exposure draft but that I expected a final issuance any day now. Low and behold, when I checked my emails later, the announcement from the FASB was in my inbox. For several years, the FASB has been working on a complete conceptual framework to serve as a basis for any and all future GAAP standards issued by the FASB. While the information is non-authoritative and does not change any current GAAP, it can be used by the FASB in developing new standards, as well as practitioners in exercising professional judgment when guidance does not exist. The latest chapter — Chapter 6 of Concept 8 — addresses one of the fundamentals of any financial framework: measurement. It provides a discussion on the two measurement systems which the board feels are both relevant and provide a faithful representation. Those two methods are the entry and exit price systems. The entry price is the price an entity pays to acquire an asset or receives to assume a liability, while an exit price is the price received to sell an asset or paid to settle a liability. Both methods should be considered when making a determination on the proper accounting treatment. The concept also provides plenty of guidance on the selection of a measurement system. I will be explaining this in more detail in upcoming presentations this year, as well as other aspects of the new and complete framework.

Energy Tax Credit Scam

IRS has urged all tsx payers to be awar of a scam involving energy tax credits

File a 1040 when your non resident spouse has no ss#

How to file taxes without spouse SSN? When a taxpayer's filing status is Married Filing Separately and the taxpayer does not know the spouse's SSN or ITIN, enter 000-00-0000 as the spouse's SSN to allow the program to calculate the return. Note that when all zeros are used for the spouse's SSN, the return must be printed and mailed.Nov 13, 2023

US resident married to nonresident

Married individuals are not allowed to file under the single filing status, and when you are married to a non-resident alien (referred to as a nonresident spouse), you are also unable to file a joint return unless a separate election is made to do so. Here are the options when you are married to a non-U.S. citizen.

Inflation rate

Inflation measure closely watched by the Fed rises 2.6% in May

Tips and Payroll Taxes

Sen. Cruz introduces bill to make tips exempt from federal income taxes

Tips payroll tax days might be numbered

A new House GOP bill aims to end taxation on tips after former President Trump promoted the idea earlier this month. Greene said on the platform, "President Trump is right, no one should be taxed on the tips they receive for providing a good service."

What the additional IRS funds get US!

Biden administration officials said after evaluating the practice that there are no economic grounds for these transactions, with Deputy Treasury Secretary Wally Adeyemo calling it “really just a shell game.” The officials said the additional IRS funding provided through the 2022 Inflation Reduction Act had enabled increased oversight and greater awareness of the practice. “These tax shelters allow wealthy taxpayers to avoid paying what they owe," IRS.

QB

How to migrate your data In QuickBooks Desktop, log in as an admin to the company file you need to import. Go to the Company menu, then select Export Company File to QuickBooks Online. Select Get started. Click Select destination, then sign in to your QuickBooks Online account.

Biden wants to double capital gains tax

According to a report issued by the Treasury Department, led by Secretary Janet Yellen, Biden’s proposed fiscal year 2025 budget would increase the top marginal rate on long-term capital gains and qualified dividends to an astonishing 44.6%.    Today, that top marginal long-term capital gains rate is at 23.8%. Do NOT get fooled when you hear or read that the increase is ONLY a 20.8% increase, when in fact it would be an 87.4% increase!  

Interest cost skyrocketing

The US will spend more in interest on the national debt than it will pay for national defense in 2024.

Bonus depreciation

Bonus depreciation van be used generally on assets with a life of 20 years or less