Amata Accounting Firm

IRS issues penalty relief for 2020 and 2021 tax returns -

IRS issues penalty relief for 2020 and 2021 tax returns Several days ago the IRS issued a news release informing the public that it is providing penalty relief for 2020 and 2021 tax returns.

IRS imposes new Beneficial Ownership Information fiing requirement for most businesses effective 1-1-2024 -

IRS imposes new Beneficial Ownership Information fiing requirement for most businesses effective 1-1-2024 As of January 1, 2024, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury, requires most legal entities, domestic or foreign, to report its Beneficial Ownership Information (BOI).Here is how this new filing requirement can impact a business:

Storm victims in California get an additional extension of time to file -

Storm victims in California get an additional extension of time to file The Internal Revenue Service on Monday, October 16th, further postponed tax deadlines for most California taxpayers to Nov. 16, 2023. In the wake of last winter’s natural disasters, the normal spring due dates had previously been postponed to Oct. 16.

Storm Victims in California, Alabama, and Georgia - Don't forget to File & Pay by October 16th -

Storm Victims in California, Alabama, and Georgia - Don't forget to File & Pay by October 16th The Internal Revenue Service sent out a reminder to individuals and businesses in most of California and parts of Alabama and Georgia that their 2022 federal income tax returns and tax payments are due on Monday, Oct. 16, 2023. The normal due date of April 18 was postponed for many residents of thes...

Protect Yourself from Scammers Posing as the IRS -

Protect Yourself from Scammers Posing as the IRS Crooks are always looking for new ways to scam unsuspecting taxpayers. Scammers impersonate the IRS by phone or email, in person, or by mail or delivery service – and cost people their time and money. By staying vigilant against schemes and scams, taxpayers can protect themselves.

Tax Relief for Wildfire Victims in Hawaii -

Tax Relief for Wildfire Victims in Hawaii The Internal Revenue Service announced on August 18th expansive tax relief for Hawaii wildfire victims in Maui and Hawaii counties. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments.

We covered the newly married. Let's discuss the tax implications for those considering separation or divorce. -

We covered the newly married. Let's discuss the tax implications for those considering separation or divorce. When couples separate or divorce, the change in their relationship status affects their tax situation. The IRS considers a couple married for tax filing purposes until they get a final decree of divorce or separate maintenance.

No more surprise knocks on the door from the IRS -

No more surprise knocks on the door from the IRS In an effort to reduce public confusion, the IRS is ending most unannounced visits to taxpayers by revenue officers. The growth in scam artists posing as IRS agents and appearing at taxpayers’ doors has increased confusion for taxpayers as well as for local law enforcement.

Important TO DO's if you're getting married or just got married -

Important TO DO's if you're getting married or just got married Anyone saying “I do” this summer should review a few tax-related items after the wedding. Big life changes, including a change in marital status, often have tax implications. Here are a few things couples should think about after they tie the knot.

Tips for Business Owners for Taking Time Off -

Tips for Business Owners for Taking Time Off As business owners, this is a question we often ask ourselves, especially when times get really busy and we just need a break.

Summer Business Travel - What Can I Deduct? -

Summer Business Travel - What Can I Deduct? Many people travel for their job – some for an occasional conference and some travel year-round. Whatever their time on the road, business travelers should know how and when to deduct business travel expenses.

What do I do with IRS Notices CP2100/2100A? -

What do I do with IRS Notices CP2100/2100A? You may receive notices CP2100 and 2100A if you filed an information return with errors. This usually happens when you file year-end 1099-NEC’s to contractors, and information on one or more of the 1099-NEC’s is incorrect.

Time is Running Out - File your 2019 Return - Don't forfeit your refund! -

Time is Running Out - File your 2019 Return - Don't forfeit your refund! You may know someone who has been sitting on their returns for years. If they were owed a refund in those years, they won’t be able to claim the refunds even after filing due to the IRS’ statute of limitations. For years 2018 and prior, tough luck. They forfeited their refund to the IRS. However...

Emergency Preparedness and Your Documents -

Emergency Preparedness and Your Documents Flooding? Tornadoes? Hurricanes? Earthquakes? Volcanic Eruption? It seems like no matter where you live on the planet, there’s a chance you might experience a natural disaster. I was shocked to watch on the news just this year how a city I used to live in here in Southern California got hit by not...

https://mailchi.mp/81054593eae1/clean-energy-tax-credits

Clean Energy Tax Credits Taxpayers can claim the Energy Efficient Home Improvement Credit and the Residential Clean Energy Credit for the year the qualifying expenditures are made.

https://mailchi.mp/b3a75a1780bb/youll-soon-be-able-to-create-a-business-account-on-the-irs-website

You'll Soon be able to Create a Business Account on the IRS' website As part of the Inflation Reduction Act (IRA) that passed in August of 2022, the IRS will allocate funding from IRA to improve customer service.

https://mailchi.mp/2b7fa7af5a95/digital-asset-reporting

Digital Asset Reporting If you’ve ever wondered why I ask you the crypto currency question every year, it’s because the IRS is cracking down on taxpayers who are not reporting their crypto transactions, or any other digital asset transactions, on their tax returns.

Where’s My Refund???? -

Where’s My Refund???? If you’ve already filed your 2022 tax return, you are in a refund position with the IRS, and your refund hasn’t landed yet (by either snail mail or direct deposit), you might be asking yourself the question “Where’s my refund?”.

Medical Expenses and HSA's -

Medical Expenses and HSA's Per the IRS, you may be able to deduct expenses you paid that year for medical and dental care for yourself, your spouse, and your dependents. You may deduct only the amount of your total medical expenses that exceed 7.5% of your adjusted gross income. You figure the amount you're allowed to deduct....

2023 Tax Scams to Look Out For (Part 2) -

2023 Tax Scams to Look Out For (Part 2) Per the IRS: “These tax avoidance strategies often target high-income individuals seeking to reduce or eliminate their tax obligation. Sometimes taxpayers are conned into believing they can participate in these schemes. People should always look for advice from an independent tax professional, not...

2023 Tax Scams to Watch Out For -

2023 Tax Scams to Watch Out For Every year, the IRS comes out with a “Dirty Dozen” list of tax scams that taxpayers need to be aware of. The IRS recently issued information on the following scams:

It's the end of Q1 - Time to Check Your Withholding -

It's the end of Q1 - Time to Check Your Withholding The best position on a tax return is zero - no taxes owed and no refund. It’s difficult to get it just right, but there is an important step you can take to help you hit that “zero” target - checking your withholding.

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You still have time to make a 2022 IRA retirement contribution -

You still have time to make a 2022 IRA retirement contribution Although the 401(k) contribution deadline has passed, you still can sock some money away into either a traditional or Roth individual retirement account (IRA), up until the tax deadline of April 18, 2023. For those in the FEMA-declared disaster zones who have an extended filing deadline of October 1...

Is your 2022 state stimulus payment taxable? -

Is your 2022 state stimulus payment taxable? Many taxpayers were wondering if the state stimulus payments that they received last year would be taxable on their 2022 Federal income tax return. For those in California, like myself, that would be the MCTR (Middle Class Tax Refund). The IRS has issued guidance, as follows:

Extended filing deadline for certain California taxpayers - mailchi.mp/f5b049b7e223/e…