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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

January 2022

Jan 05, 2022

The new year is upon us and so is another tax filing season.With all the late breaking tax law changes, advance payments of the child tax credit, and several stimulus payments, this year's tax return may be a bit chaotic. But your situation does not have to be. Included in this month's newsletter are some tips to help your tax journey be a smooth one.Also included is a great reminder for all of us to be prepared in case of fire. With the busy nature of our lives, this is an area that can be easily overlooked. There are also timely updates to retirement plan contribution limits for 2022 and a great list of ideas to help your small business prepare for the upcoming tax season.Please enjoy the information, and pass along articles of interest to all your family and friends. And as always, please call if you have questions or need help. read more.

December 2021

Dec 01, 2021

To help celebrate this holiday season and momentarily forget about potential supply shortage frustrations you may encounter while shopping, this month’s newsletter features a fun quiz about toy crazes from the past. This fun trip down memory lane is sure to be a crowd pleaser!Also read about recent tax court cases that have great tax messages for all of us, five great money tips, and ideas to help your business prepare for surprise expenses.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.

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.

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