Due to network issues we will be closing early today. Sorry for an inconvenience. See you Monday.
Proactive Accounting Solutions, LLC updated their address.
We have some good news... Business has been so good that we need more space to expand. We want to let you know about our new temporary location:
707 Sheldon Ave, 2nd Floor, Houghton, MI 49931... Effective July 23rd, 2020.
Our final destination will be announced in the coming weeks.
In the meantime, our phone numbers & extensions are remaining the same. If you have any questions, please email us at info@proactiveaccountingsolutions.net
We value your business and look forward to continuing to serve you from our new location.
You still have time to file an Income Tax Return.
In this difficult time, we are here to help in any way that we can. If you are wondering about the status of your stimulus payment or other COVID-19 resources, please visit the IRS link below. Stay safe!
https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments
We are now open in our new location at 118 Hancock Street Hancock, MI.
Proactive Accounting Solutions, LLC updated their address.
The new building is coming along nicely.
We will be closing at 2:30pm today for a staff meeting. See you on Monday.
Proactive Accounting Solutions, LLC updated their address.
Proactive Accounting Solutions, LLC updated their address.
Income Tax Prep
For full job description and to apply, visit
https://www.indeed.com/job/office-managerbookkeeper-cf64948123a314b8
Proactive Accounting Solutions, LLC updated their phone number.
Eligible PPP Expenses Are Now Deductible
by admin my_tax | Jan 8, 2021 | Tax Tips and News
Eligible PPP Expenses Are Now Deductible
The Internal Revenue Service has eased the cost of participation in the Paycheck Protection Program (PPP) by allowing deductions for the payment of eligible expenses.
The deductions are outlined in guidance issued by the IRS, and are allowed when such payments would result—or be expected to result—in the forgiveness of a covered loan under the Paycheck Protection Program.
The guidance, contained in Revenue Ruling 2021-02, reflects recent changes to law contained in the Tax Relief Act of 2020. This legislation was part of the Consolidated Appropriations Act, 2021 (Act), Public Law 116-260, which was signed into law on Dec. 27, 2020.
The Tax Relief Act of 2020 amended the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to say that no deduction is denied, no tax attribute is reduced, and no basis increase is denied by reason of the exclusion from gross income of the forgiveness of an eligible recipient’s covered loan.
The change applies for taxable years ending after March 27, 2020.
Revenue Ruling 2021-02 now makes both Notice 2020-32 and Revenue Ruling 2020-27 obsolete.
The outdated guidance disallowed deductions for the payment of eligible expenses when the payment resulted—or could be expected to result—in forgiveness of a covered loan.
For more information about this new guidance, the COVID-related Tax Relief Act of 2020 and other tax changes, visit the IRS website at IRS.gov.
– Story provided by TaxingSubjects.com
Proactive Accounting Solutions, LLC updated their website address.
IRS, Tax Industry Working to Redirect Some EIP Direct Deposits
by admin my_tax | Jan 9, 2021 | Tax Tips and News
IRS, Tax Industry Working to Redirect Some EIP Direct Deposits
The Internal Revenue Service this afternoon announced it was working with the tax and financial industry to redirect Economic Impact Payments that were direct deposited in closed, inactive, or “unfamiliar” bank accounts.
“Some recipients may have had their payment directed to the temporary bank account established when their 2019 tax return was filed,” the IRS explains. “The IRS and tax industry partners are taking immediate steps to redirect stimulus payments to the correct account for those affected. The IRS anticipates many additional taxpayers will receive payments following this effort.”
The trouble seems to stem from two things:
The short window for issuing payments prior to the beginning of filing season
Federal law governing how banks handle payments sent to inactive accounts
Since Economic Impact Payments are actually an advance of the Recovery Rebate Credit (RRC) and federal law normally requires financial institutions to return money deposited in closed or inactive accounts, it initially appeared that those affected would need to claim the RRC on a tax year 2020 return to receive the stimulus money. Fortunately, it appears many of these payments will be successfully redirected.
Get My Payment, Mailed EIPs, and the Recovery Rebate Credit
The IRS release also contains additional information about direct deposits, mailed Economic Impact Payments, and the Recovery Rebate Credit:
Direct deposits. For those who have not yet received direct deposits, they should continue to watch their bank accounts for a deposit in coming days. IRS tax industry partners are taking steps to redirect stimulus payments to the correct taxpayer account for as many people as possible. The IRS emphasizes that the information taxpayers see in the Get My Payment tool, including account numbers and potential deposit dates, may continue to display unfamiliar account numbers as the IRS continues to work through and update this issue. No action is necessary for taxpayers as this work continues; they do not need to call the IRS, their tax provider or their financial institution.
Mail. Some people will receive their second Economic Impact Payment by mail, either as a paper check or in the form of a debit card. For people in this group, the IRS urges people to carefully watch their mail for either of these during January. Additional information is available on IRS.gov.
Tax returns. While the IRS continues to closely work with our industry partners to quickly deliver more Economic Impact Payments, the IRS reminds eligible taxpayers who don’t receive a payment – or the full amount– that they can claim the Recovery Rebate Credit when they file their 2020 tax return. Taxpayers in this situation are urged to file electronically with direct deposit to ensure their tax refund – and their stimulus payment – reach them as soon as possible.
Finally, the IRS says that incorrect or unfamiliar information in Get My Payment does not mean your EIP was sent to someone else or stolen. “If you do not recognize the account number, it may be an issue related to how information is displayed in the tool tied to temporary accounts used for refund loans/banking products,” the release reads. “The IRS is working to address this. People do not need to complete Form 14039, Identity Theft Affidavit, or contact the IRS.”
Source: “IRS Statement — Update on Economic Impact Payments”
– Story provided by TaxingSubjects.com
Assisting with general clerical work in an accounting office. This position will start immediately and run through the tax season, possibly longer if there is a need. Great opportunity for an accounting student.
PROACTIVE ACCOUNTING SOLUTIONS, LLC
Assistant
Prepare individual income tax returns,
PROACTIVE ACCOUNTING SOLUTIONS, LLC
Tax Preparers
Income Tax Prep
For full job description and to apply, visit indeed.com
Prepare tax returns and other clerical duties as assigned. Will train the right candidate. Munising location.
PROACTIVE ACCOUNTING SOLUTIONS, LLC
Tax Preparer
