Carolyn D Thompson CPA LLC

http://www.msn.com/en-us/money/taxes/10-things-you-cant-deduct-from-your-taxes-anymore/ss-BBNhpHB?li=BBnbfcN#image=1 MSN.COM 10 things you can't deduct from your taxes anymore

Are you struggling to reconstruct your permanent papers, the state is helping out. See this article. KEZI.COM State offers free copies of records to Oregon wildfire victims

Great link to what your next step might be after fire. Our hearts go out to all those who have lost their homes and livelihoods. Let us know your questions, we will help where we can. Oregon Society of CPAs September 28 at 10:16 AM · #OregonCPAs #Oregonaccounting During the recent wildfires, many Oregonians had to evacuate fast. Read IRS Tax Tips on how to reconstruct records lost in a natural disaster. http://ow.ly/x2is50BDoPX

Pasted from the IRS OR-2020-03, September 16, 2020 Oregon — Victims of Oregon wildfires and straight-line winds that began September 7 now have until January 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. Following the recent disaster declaration for individual assistance issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers in certain areas will receive tax relief. Individuals and households who reside or have a business in Clackamas, Douglas, Jackson, Klamath, Lane, Lincoln, Linn and Marion counties qualify for tax relief. Taxpayers in localities added later to the disaster area will automatically receive the same filing and payment relief. The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after September 7, 2020, and before January 15, 2021, are postponed through January 15, 2021. This includes individual and business tax filers that had a valid extension to file their 2019 return due to run out on October 15, 2020. The January 15, 2021 deadline applies to the third quarter estimated tax payment due on September 15, 2020. It also applies to the quarterly payroll and excise tax returns normally due on November 2, 2020. In addition, it applies to tax-exempt organizations, operating on a calendar-year basis, that had a valid extension due to run out on Nov. 16, 2020. In addition, penalties on deposits due on or after September 7, 2020 and before September 22, 2020, will be abated as long as the tax deposits were made by September 22, 2020. If an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date that falls within the postponement period, the taxpayer should call the telephone number on the notice to have the IRS abate the penalty. For information on services currently available, visit the IRS operations and services page at IRS.gov/coronavirus. The IRS automatically identifies taxpayers located in the covered disaster area and applies filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area should call the IRS disaster hotline at 866-562-5227 to request this tax relief. Covered Disaster Area The localities listed above constitute a covered disaster area for purposes of Treas. Reg. §301.7508A-1(d)(2) and are entitled to the relief detailed below. Affected Taxpayers Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses (including tax-exempt organizations) whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief. Under section 7508A, the IRS gives affected taxpayers until January 15, 2021, to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; annual information returns of tax-exempt organizations; and employment and certain excise tax returns), that have either an original or extended due date occurring on or after September 7, 2020, and before January 15, 2021. Affected taxpayers that have an estimated income tax payment originally due on or after September 7, 2020, and before January 15, 2021, are postponed through January 15, 2021, will not be subject to penalties for failure to pay estimated tax installments as long as such payments are paid on or before January 15, 2021. The IRS also gives affected taxpayers until January 15, 2021 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2018-58, 2018-50 IRB 990 (December 10, 2018), that are due to be performed on or after September 7, 2020, and before January 15, 2021. This relief also includes the filing of Form 5500 series returns that were required to be filed on or after September 7, 2020, and before January 15, 2021, are postponed through January 15, 2021, in the manner described in section 8 of Rev. Proc. 2018-58. The relief described in section 17 of Rev. Proc. 2018-58, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above. Unless an act is specifically listed in Rev. Proc. 2018-58, the postponement of time to file and pay does not apply to information returns in the W-2, 1094, 1095, 1097, 1098 or 1099 series; to Forms 1042-S, 3921, 3922 or 8027; or to employment and excise tax deposits. However, penalties on deposits due on or after September 7, 2020, and before September 22, 2020, will be abated as long as the tax deposits were made by September 22, 2020. Casualty Losses Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either the year in which the event occurred, or the prior year. See Publication 547 for details. Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684, Casualties and Thefts (PDF) and its Instructions (PDF). Affected taxpayers claiming the disaster loss on a 2019 or 2020 return should put the Disaster Designation, "Oregon - Wildfires and Straight-line Winds," in bold letters at the top of the form. Be sure to include the disaster declaration number, FEMA 4562, on any return. See Publication 547 for details. Other Relief The IRS will waive the usual fees and requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation "Oregon - Wildfires and Straight-line Winds," in bold letters at the top of Form 4506, Request for Copy of Tax Return (PDF), or Form 4506-T, Request for Transcript of Tax Return (PDF), as appropriate, and submit it to the IRS. Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case. Taxpayers may download forms and publications from the official IRS website, IRS.gov. IRS.GOV Coronavirus Tax Relief and Economic Impact Payments | Internal Revenue Service

https://www.irs.gov/businesses/small-businesses-self-employed/faq-for-disaster-victims-affected-taxpayer-and-records-necessary-to-meet-a-deadline-for-filing-and-paying IRS.GOV FAQ for Disaster Victims – Affected Taxpayer and Records Necessary to Meet a Deadline for Filing and Paying | Internal Revenue Service

With all the devastation our state has seen this information may be on point for some. https://www.irs.gov/taxtopics/tc515 IRS.GOV Topic No. 515 Casualty, Disaster, and Theft Losses | Internal Revenue Service

Curry County Economic Development October 6 at 10:07 AM · Business owners that lost revenue during the closures are eligible for this grant funding. Businesses that received PPP or EIDL are eligible. If you received grant funding in phase 1 through 3, you are eligible, too! We don't want to leave money on the table. If we don't get it disbursed locally, it goes back to the State. Visit www.ccdbusiness.org for details and the fast tracked application. Please share with your neighbors and fellow business owners. It could make a big difference!

WSJ.COM How to Prepare Your Financial Information for When You Die

https://www.journalofaccountancy.com/news/2020/may/expenses-reimbursed-by-ppp-not-tax-deductible-paycheck-protection-program.html After three classes on the PPP loans,, and seeing a few client's get forgiveness letters, we need to understand the tax consequences. Let's chat about it. Call us for more information. JOURNALOFACCOUNTANCY.COM AICPA challenging nondeductibility of PPP-related expenses

Please beware, a cell phone scam appearing to come from APPLE, hang up https://www.doj.state.or.us/wp-content/uploads/2017/06/just_hang_up_poster.pdf DOJ.STATE.OR.US www.doj.state.or.us

https://www.irs.gov/newsroom/2021-tax-filing-season-begins-feb-12-irs-outlines-steps-to-speed-refunds-during-pandemic. although this may not include all forms it will be a START to tax season. IRS.GOV 2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic | Internal Revenue Service

Please be aware your stimulas payment might come in the form of a debit card, don't throw this away. It's not JUNK MAIL. https://www.kiplinger.com/taxes/602051/second-stimulus-check-payments-by-debit-card-are-coming-its-not-junk-mail#:~:text=Answer%3A%20Your%20stimulus%20payment%20debit%20card%20will%20come,Stimulus%20Check%20Could%20Differ%20from%20Your%20First%20One KIPLINGER.COM Second Stimulus Check Payments by Debit Card Are Coming (It's Not Junk Mail!) | Kiplinger

Where's your stimulus payment? This might help. https://www.msn.com/en-us/money/taxes/stimulus-irs-get-my-payment-tracking-tool-now-working-for-600-direct-payments/ar-BB1cuEww?ocid=msedgntp MSN.COM Stimulus: IRS 'Get My Payment' tracking tool now working for $600 direct payments

Our offices will be closing at noon on December 31, and closed January 1. Happy New Year to all. Be safe. We will see you next year. 2021 is going to shine!!

Getting these checks out will probably delay the start of tax season. ( resulting in a shortened season if extension not available) CNN.COM When will you get a second stimulus check?

Update JOURNALOFACCOUNTANCY.COM COVID-19 relief bill addresses key PPP issues