IRS Issues Guidelines for audits / collections / notices:
Looks like they will do their best to make good on their timelines but don't expect a call back until they are caught up with their backlog!
As far as tax return refunds, IRS claims the process will be unchanged and you should receive your refund within the normal timelines.
William Ramos Certified Public Accountant PC updated their phone number.
Give us a call for help with your corporate or individual tax issues! We are more than glad to hear you out and offer advice!
Tax Filing Season Begins January 28
Plans to Pay Refunds During Government Shutdown
Despite the partial government shutdown, the IRS confirmed that it will begin processing tax returns on January 28, 2019, and providing refunds to taxpayers as scheduled
Hi everyone! Sorry for the delay with keeping updates posted.
Tax Law and News 😃
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“Professional Services” Guidance for the QBI Deduction Helps Define Specified Services"
On Aug. 8, 2018, the IRS released proposed regulations around the centerpiece provision of the Tax Cuts and Jobs Act. The new Section 199A measure affords owners of sole proprietorships, partnerships, trusts and S corporations a lucrative 20 percent deduction on their qualified business income (QBI) beginning in tax year 2018.
But if you have a service type industry, chances are the deduction will be limited.
Specified Service Trades or Businesses
The Section 199A deduction does not apply to specified service trades or businesses (SSTB), which exclude engineers and architects, when taxable income is above $415,000 for joint filers and $207,500 for other filers and is partially allowed when taxable income is between $315,000-415,000 for joint filers and between $157,500-207,500 for other filers. Individuals with taxable income below these threshold levels are not subject to the limitations.
The IRS provide examples on which professions are included and excluded in the definition of a specified service trade or business. but chances are, if you are in the service industry, your deduction will be either limited or disallowed.
And yes, CPA firms, accountants, EA's and tax practitioners are included into that limited Specified Service Trades or Businesses deduction calculation. 😞
William-Maryory RamosWilliam Ramos Certified Public Accountant PC
December 22 at 3:34 PM ·
CoronaVirus Relief Bill
Among its general tax provisions, the bill temporarily (through 2022) allows 100% deductibility of certain business meal expenses, extends the $300 above-the-line charitable contribution deduction for nonitemizers, and enacts various disaster tax relief provisions.
Pandemic relief
The bill provides a refundable tax credit in the amount of $600 per eligible family member by adding a new Sec. 6428A to the Code. The credit is $600 per taxpayer ($1,200 for married taxpayers filing jointly), in addition to $600 per qualifying child. The credit phases out starting at $75,000 of modified adjusted gross income ($112,500 for heads of household and $150,000 for married taxpayers filing jointly) at a rate of $5 per $100 of additional income. Treasury is authorized to issued advance payments of this credit (economic impact payments) in the same way it made stimulus payments under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136.
William-Maryory Ramos added a new photo to William Ramos Certified Public Accountant PC's timeline.
December 22 at 11:02 AM ·
