BUSINESSES:
If you received a loan through the Payroll Protection Program, the time has begun to file for loan forgiveness. We can assist you with that process.
FARMS AND BUSINESSES
We're approximately 2-1/2 months from the end of 2019. Farms and businesses, other than C Corporations, may have options available to them to take better advantage of key provisions of the Tax Cuts and Jobs Act (TCJA).
If you have flexibility to accelerate income or expenses into 2019 or delay either into 2020, you should consider some year end tax planning. Let us help you to, among other things, optimize the benefits of the 20% qualified business income deduction and the lower tax rates included in the TCJA.
We utilize tax planning software that allows planning for multiple scenarios and multiple years. With it, we can provide you with the information you need to develop year end tax strategies that work best for you.
Call us soon at 217-443-2727 to schedule your appointment to sit with us to develop your individual 2019 year end tax strategy.
New IRS Impersonation Email Scam
Important to remember: The IRS does not initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. This includes requests for PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts.
There’s a new email IRS impersonation scam campaign spreading nationally. The new email scam uses dozens of compromised websites and web addresses that pose as IRS.gov, making it a challenge to shut down. By infecting computers with malware, these imposters may gain control of an individual’s computer or secretly download software that tracks every keystroke, eventually giving them passwords to sensitive accounts, such as financial accounts.
“The IRS does not send emails about your tax refund or sensitive financial information,” said IRS Commissioner Chuck Rettig. “This latest scheme is yet another reminder that tax scams are a year-round business for thieves. We urge you to be on guard at all times.”