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Tax Planning

Tax planning and tax forecasting services for individual and small business clients

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IRS QuickAlert: Delay in Processing Form(s) 1040, 1040-X, and 1040-ES Payments Submitted via Modernized e-File

Attention: Return Transmitters and Auth orized IRS e-file Providers/EROs

We identified a delay in processing Form 1040 balance due, Form 1 040-X amended, and Form 1 040-ES estimated tax payment requests submitted via Modernized eFile. The issue has been resolved, and pending payments are being processed. The taxpayer's account will be credited with the origina l requested payment date(s).

Taxpayers should not re-submit these payments.

If a taxpayer re-submitted any of these payment requests due to the delay in processing they may cancel them by calling 1-888-353-4537. Cancellation requests must be received no later than 11 :59 p.m. Eastern time, at least two business days prior to the scheduled payment date.

We apologize for any inconvenience this may have caused.

 

2020 Client Organizer


2020 Client Organizer document

Tax $avers

What should I save?

Record Keeping

Imagine you've been selected by the IRS for an audit.  Do you have the proper documentation to support your tax return?  What does the IRS look for to validate your claimed income, deductions or tax credits?  A little work now can mean no headaches later should you need to defend your tax return.

Generally, you need to consider three things when defining the record keeping requirements for the Internal Revenue Service.

  1. What Records to Keep
  2. What is Required as Proof
  3. How Long to Keep Records

 

NEWSLETTERS

June 2021

Jun 02, 2021

Do you know your net worth?Find out why knowing this number is one of the most important financial concepts you'll want to understand. If you own a small business, read about why you should consider hiring your kids for a part-time summer job.Also find out how a continuous 12-month forecast can help you better organize your finances and tax obligations, and take a look at some of the most popular podcast genres playing over the cyber airwaves today.Please call if you would like to discuss how this information could impact your situation. If you know someone who could benefit from this newsletter, feel free to send it to them. read more.

May 2021

May 05, 2021

Tax day is finally here!To celebrate getting your tax return finished, test out your knowledge of tax history with our trivia quiz. Also read about some helpful hints that can make paying your bills less stressful.We also have some suggestions for how small businesses can help one another stay afloat until the entire economy returns to normal. Finally, read about some tips from the Federal Trade Commission on keeping your kids safe online.Please call if you would like to discuss how this information could impact your situation. If you know someone who could benefit from this newsletter, feel free to send it to them. read more.

April 2021

Apr 07, 2021

Welcome to the craziness that is the 2020 tax filing season!Because the IRS is still playing catch-up from last year, in addition to new tax laws passed in the middle of this year's tax filing season, the April 15 individual tax return deadline was moved to May 17. Read about how these new tax laws affect both your 2020 and 2021 tax returns.Also read about extended tax breaks for businesses, along with creative ways to do something nice and unexpected for someone else.Please call if you would like to discuss how this information could impact your situation. If you know someone who can benefit from this newsletter, feel free to send it to them. read more.

March 2021

Mar 03, 2021

Spring is almost here!With April 15th right around the corner, get answers to common tax questions in this month's newsletter. Also included is a look at how bank reconciliations still play an important part of your financial health and a reminder to every small business owner to classify their workers correctly or pay a heavy price with the tax authorities. Also review the resurgence of classic board games and explore some newer games that are great for family and friends.Please call if you would like to discuss how this information could impact your situation. If you know someone who can benefit from this newsletter, feel free to send it to them. read more.

February 2021

Feb 03, 2021

As the tax filing season gets underway, now is a great time to review some tips to help ensure your tax return is processed without a delay. Also included are reminders of some surprising tax situations this year because of the pandemic. For small businesses there are some organizational hints that seem to work and a thoughtful article for all of us to consider about how we tend to undervalue the worth of our personal identities.Please call if you would like to discuss how this information could impact your situation. If you know someone who can benefit from this newsletter, feel free to send it to them. read more.

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