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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

November 2021

Nov 03, 2021

Time is running out to minimize your tax obligation before the end of the year! This month’s newsletter features several tax moves to consider making by December 31st to lessen the amount of money you owe the IRS.Review the Social Security benefits and their recent changes, plus learn about the greatest, unreported theft in America - and you are a victim! All this and ideas for your business are outlined in this month's newsletter.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.

October 2021

Oct 06, 2021

With the 2021 tax filing season just a few months away from starting, the IRS is warning taxpayers to be on the lookout for signs that your identity has been stolen. This month’s newsletter alerts you to some of the common signs of identity theft and what you can do if you discover that you’re an identity theft victim.Also in this month’s edition, learn about a bank secret that can be yours, tips for dealing with common accounts payable problems in your business, and the story of a Tweet worth $2.9 million!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.

September 2021

Sep 01, 2021

With a little over four months remaining until you can begin filing your 2021 tax return, now’s the time to kick your tax planning into high gear.Also read about several tips to protect your property BEFORE thieves arrive, how to give your business a financial check-up, and becoming aware that inflation is with us and what you can do about it.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.

August 2021

Aug 04, 2021

Summertime means the 2020 tax filing season is firmly in the rearview mirror for millions of Americans!This year, summer also means more money for you thanks to the child tax credit advance payments. Find out what you need to know about these payments in this month’s newsletter.Also read about how to maximize your vehicle expense deduction if you’re a business owner, several things to consider when looking for your next banking relationship, and how to protect your privacy from companies spying on your every move.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.

July 2021

Jul 07, 2021

Now that 2021 is more than half-way in the books, it’s time to kick your tax planning into high gear! Included in this month's newsletter are several ideas to help you reduce your tax bill.There is also an article that provides some ideas on how to think about debt. Some of it is good, while other debt is bad. Plus, the IRS is turning up the heat on small business audits. All this and a fun article on what to expect in the future with hi-tech travel.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.

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