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That's a wrap!
2019 tax season is done. This year presented challenges for all of us. Thank you for continuing to put your trust in us throughout it all. 310 returns coming from 18 different states - and even some international returns.
We understand not everyone was able to get theirs filed (we filed several extensions today). Even though the first filing deadline has passed, our commitment to you hasn't. Please continue to reach out if we can help with 2019 (or previous years) or plan appropriately for a successful 2020 tax year.
Thank you!
*** IRS Refund Announcement ***
IRS unclaimed refunds of $1.5 billion waiting for tax year 2016; taxpayers face July 15 deadline
Could this be you that they are referencing??? Do you have an unfiled tax return from 2016? You have two days to get it filed to make a claim for the refund.
Don't let the IRS keep your money any longer. We can get your money back in your pocket. Call or message today.
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WASHINGTON – Unclaimed income tax refunds worth more than $1.5 billion await an estimated 1.4 million individual taxpayers who did not file a 2016 federal income tax return, according to the Internal Revenue Service.w
“The IRS wants to help taxpayers who are owed refunds but haven’t filed their 2016 tax returns yet,” said IRS Commissioner Chuck Rettig. “Time is quickly running out for these taxpayers. There’s only a three-year window to claim these refunds, and the window closes on July 15. To claim the refund, a return for tax year 2016 must be filed by July 15, 2020.”
Just in case you were wondering why the IRS hadn't processed that paper return you mailed in or cashed a check that you sent through the mail...
Yes, they did resume opening mail and going through paper returns. However, as of this week, there was an estimated backlog of 11,000,000 pieces of mail.
There's really no accurate way to estimate how long it will take for them to catch up. And while I've had to deal with my share of issues with the IRS over the years, them receiving and properly accounting for correspondence hasn't been one of the main ones.
Best advice right now is to be patient. If you've sent it, they're received it.
And as always, let us know how we can be of help you.
Make it a great day!
FORBES.COM
IRS Faces Huge Backlog Of Unopened Mail As Workforce Returns
Do you own real property in Oklahoma? Are you looking for an efficient estate planning technique to leave your land/house to your heirs without the time and expense of probate? Do you want to keep full ownership and control of the property, but want to be able to designate a beneficiary(ies) now?
In that case, an Oklahoma Transfer on Death (ToD) deed may be the solution you need. Use this deed to leave your Oklahoma real estate to your intended beneficiaries without probate. You retain ownership, responsibility, and control over the property during your life. And it's revocable at any time.
After your death, ownership transfers to the beneficiary you designate.
Of course, every situation is unique. Please contact us directly for answers to your specific questions.
Make it a great day!
*** Stimulus Payment Deadline Announcement ***
The IRS previously announced that taxpayers receiving SSI and VA benefits do not have to file a return in order to be eligible for their $1,200 stimulus payment. HOWEVER... this does not apply to those with dependents wanting to receive the $500 payment for each dependent.
They have announced a May 5 deadline for VA and SSI recipients who don’t file a tax return and have dependents
VA and SSI recipients with eligible children need to act by Tuesday, May 5 to quickly add money to their automatic Economic Impact Payment.
In short, if you're receiving SSI or VA payments AND claiming a dependent(s), you need to file a tax return by May 5th in order to get the dependent stimulus payment.
We're still offering free simple returns for those falling into this category. Contact us today!
Make it a great day!
Ouch! Now all of a sudden forgetting to claim that $25 gift card from last year doesn't seem like a big deal.
IRS-CI, DOJ Announce Largest-Ever Tax Charge Against One Individual
Robert T. Brockman, a 79-year-old resident of Texas, and the chairman and CEO of The Reynolds and Reynolds Company, has been accused of hiding over $2 billion in income from the IRS over 20 years.
You can read the article in it's entirety here:
https://www.forbes.com/sites/kellyphillipserb/2020/10/15/irs-ci-doj-announce-largest-ever-tax-charge-against-an-individual/#295556502498
As many of you know, I recently purchased a Liberty Tax franchise. Please be assured that all Holliday Tax clients and their returns will continue to be handled personally by me.
At this time, I am working out of both offices, so I won't be at my "usual" office as often. Our meeting location may change, but that's the only difference you'll see.
As a thank you for your continued faith in me, I'm locking in all return fees. You will not see an increase in your rate from last year (assuming the same type of return, of course).
Feel free to call/message/text/email with any questions.
Thank you for continuing on this journey with me. And as always, make it a great day!
