AccuTax Services

With W-2's having been sent out, we welcome everyone to make an appointment or drop by. We are happy to help.

AccuTax Services updated their business hours.

For those who filed extensions, the deadline for getting your taxes done is approaching. October 15th is the day. This applies to businesses as well.
Call and we will be happy to make you an appointment.
https://www.irs.gov/newsroom/oct-15-deadline-approaches-for-taxpayers-who-requested-extensions-to-file-2020-tax-returns

Oct. 15 deadline approaches for taxpayers who requested extensions to file 2020 tax returns | Internal Revenue Service IR-2021-189, September 16, 2021 — The IRS today reminds taxpayers about the upcoming October 15 due date to file 2020 tax returns.

Tax Day for Louisiana!! If you still have not filed please give us a call and we can file an extension for you. Or if you have the time, drop in and we can help you.

The filing deadline for both the Federal and State is June 15th. We have had questions on whether Louisiana had extended their filing deadline as well, and they have.
https://revenue.louisiana.gov/NewsAndPublications/NewsReleaseDetails/12497

revenue.louisiana.gov

Louisiana taxpayers who have filed their state taxes already will need to file an amended state return to reduce their Louisiana adjusted gross income by the appropriate amount.

https://revenue.louisiana.gov/NewsAndPublications/NewsReleaseDetails/12498

revenue.louisiana.gov

If you are needing help with your PPP application, we are offering accounting assistance to optimize the process for you. Deadline is May 31st for the application. We would like to help get that in for you before May 28th.
https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program

Paycheck Protection Program An SBA-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis.

The IRS has extended the filing date for Louisiana until June 15th due to the ice storm that came through in February. This is also true for Texas and Oklahoma as well. We will be happy to help you with your tax needs.

Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline | Internal Revenue Service IR-2021-59, March 17, 2021 — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.

AccuTax Services updated their website address.

IRS Alert for those who had a balance due on their 2020 return: IRs had a delay in the payment processing for those who had a balance due. This issue has been resolved, and any pending payment is being processed. Please do NOT resubmit payments that are being processed.
If anyone submitted a extra payment due to the delay, they may cancel the payment by calling 1-888-353-4537. Cancellation requests must be received no later than 11:59 p.m. Eastern time, at least two business days prior to the scheduled payment date.

Tax Day is May 17th. For those individuals who do extended filing, the final day is still October 15th. Business extended filing has been pushed back to October 15th, as well.
https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline

Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline | Internal Revenue Service IR-2021-59, March 17, 2021 — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.

The IRS is sending out letters to anyone who claimed the Recovery Rebate Credit (RRC) on their 2020 tax return, and may be getting a different amount than expected.
When the IRS processes a 2020 tax return claiming the credit, the IRS determines the eligibility and amount of the taxpayer’s credit based on the 2020 tax return information and the amounts of any EIP previously issued. If a taxpayer is eligible to receive the RRC, it will be reduced by the amount of any EIPs already issued to them.

IRS.gov has a special section - Correcting Recovery Rebate Credit issues after the 2020 tax return is filed – that provides additional information to explain what errors may have occurred. Taxpayers who disagree with the IRS calculation should review their letter as well as the questions and answers for what information they should have available when contacting the IRS.
https://www.irs.gov/newsroom/2020-recovery-rebate-credit-topic-g-correcting-issues-after-the-2020-tax-return-is-filed

2020 Recovery Rebate Credit — Topic G: Correcting issues after the 2020 tax return is filed | Internal Revenue Service FAQs about Correcting issues after the 2020 tax return is filed

The IRS is sending out a lot of letters asking for people to confirm their identity. The letter number is 5071C Taxpayer Identification Validation. You go to www.idverify.irs.gov They will ask basic information (name, social security number, filing status, address) that is on the last tax return that you filed. the IRS has instructions on how to complete the process. If you need any help we are more then happy to assist you.

Identity Verification for IRS Letter Recipients | Internal Revenue Service Use the identity verification (ID Verify) service if you received an IRS 5071C letter, 5747C letter or 5447C letter.

Straight from the IRS, first paragraph under the bullets.

If you have already filed your 2020 Form 1040 or 1040-SR, there is no need to file an amended return (Form 1040-X) to figure the amount of unemployment compensation to exclude. The IRS will refigure your taxes using the excluded unemployment compensation amount and adjust your account accordingly. The IRS will send any refund amount directly to you.

Louisiana has not yet put out instructions on how this will affect those returns. We may have to amend for the state. We will be keeping everyone updated.
https://www.irs.gov/forms-pubs/new-exclusion-of-up-to-10200-of-unemployment-compensation

New Exclusion of up to $10,200 of Unemployment Compensation | Internal Revenue Service If your modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan enacted on March 11, 2021, excludes from income up to $10,200 of unemployment compensation paid in 2020, which means you don’t have to pay tax on unemployment compensation of up to $10,200.

IRS just released new information on the third round of payments. If it has not come by direct deposit, than it will come by mail. The IRS has stated that if there is unclaimed stimulus money on your tax return, they will be taking longer to process your return.
https://www.irs.gov/newsroom/more-economic-impact-payments-set-for-disbursement-in-coming-days-taxpayers-should-watch-mail-for-paper-checks-debit-cards

More Economic Impact Payments set for disbursement in coming days; taxpayers should watch mail for paper checks, debit cards | Internal Revenue Service IR-2021-62, March 22, 2021 — The Internal Revenue Service announced today that the next batch of Economic Impact Payments will be issued to taxpayers this week, with many of these coming by paper check or prepaid debit card.

IRS has extended the filing season to May 17th. They are urging everyone to file for 2020 as soon as possible. For those who have already filed with unemployment, the IRS is still asking for no amendments to be filed at this time. Thank you all.
https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline

Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline | Internal Revenue Service IR-2021-59, March 17, 2021 — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.

The IRS is getting people's stimulus checks out quickly. You can check when yours will come to you by following the link and clicking on the Get My Payment button.
https://www.irs.gov/coronavirus/get-my-payment

Get My Payment | Internal Revenue Service Use Get My Payment to get information about your payment status and payment type.

The IRS is updating this page regularly with new information regarding this years tax return. They are urging people to not amend returns at this time.
https://www.irs.gov/newsroom/irs-statement-american-rescue-plan-act-of-2021

IRS Statement - American Rescue Plan Act of 2021 | Internal Revenue Service March 12, 2021 — The IRS is reviewing implementation plans for the newly enacted American Rescue Plan Act of 2021. Additional

We are keeping up with all the changes that are coming down from Washington DC. We will continue doing what needs to be done for the betterment of our clients. We do know that some tax returns will have to be amended due to the proposed changes, but those changes have not been finalized or authorized by the IRS.

Third round of checks are to come out and there are some changes. IRS has not yet put out a statement, will keep you posted.
https://nymag.com/intelligencer/2021/03/will-we-get-a-third-round-of-stimulus-checks-from-biden.html

Will We Get a Third Round of Stimulus Checks? The House will vote on Tuesday on the $1.9 trillion stimulus that passed the Senate. If all goes well, the president should sign the bill by March 14.

Unsure about how PPP affects your return?
We are up to date about that information!
Make an appointment with us Today. 😃
https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses

The CARES Act Provides Assistance to Small Businesses | U.S. Department of the Treasury About Treasury General Information Role of the Treasury Officials Organizational Chart Orders and Directives Offices Domestic Finance Economic Policy General Counsel International Affairs Management Public Affairs Tax Policy Terrorism and Financial Intelligence Inspectors General Bureaus Alcohol and...

After more then 25 years of working together, Mrs. Phyllis Redmond sold her portion of Accutax over to Mrs. Eileen Tullier, and we hope she is enjoying the new RV she bought. We would just like to let all of our people know that we still have your old records on file, and we are here to help you with all your tax needs.

Do you know the rules regarding Covid relief and Taxes?
We Do!
Call for an appointment Today.

IRS goes online Feb 12th. This is a little later than the usual time that the IRS goes online, but the IRS wants to make sure that everyone has their documents before filing. https://www.irs.gov/newsroom/2021-tax-filing-season-begins-feb-12-irs-outlines-steps-to-speed-refunds-during-pandemic

2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic | Internal Revenue Service IR-2021-16, January 15, 2021 — The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

If you had your fees withheld last year, this is the statement from our bank about where the stimulus goes.

https://www.refund-advantage.com/news/update-on-eip2-stimulus-payments/

Update on EIP2 Stimulus Payments - Refund Advantage - A Division of MetaBank IRS REVERSES COURSE AND NOW WILL BE REDIRECTING PAYMENTS TO PROPER ACCOUNTS   For those that have not yet received their EIP2 payment, there is a subset of payments that were directed to closed accounts – your customer’s payment may have been caught up in that group. The IRS will now be process...

https://www.irs.gov/newsroom/treasury-and-irs-begin-delivering-second-round-of-economic-impact-payments-to-millions-of-americans

Treasury and IRS begin delivering second round of Economic Impact Payments to millions of Americans | Internal Revenue Service IR-2020-280, December 29, 2020 — Today, the Internal Revenue Service and the Treasury Department will begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first r...

AccuTax Services updated their phone number.

https://www.irs.gov/newsroom/irs-announces-2021-tax-counseling-for-the-elderly-and-volunteer-income-tax-assistance-program-grants

IRS announces 2021 Tax Counseling for the Elderly and Volunteer Income Tax Assistance Program Grants | Internal Revenue Service IR-2020-239, October 21, 2020 — The Internal Revenue Service recently awarded over $36 million in Tax Counseling for the Elderly and Volunteer Income Tax Assistance grants to organizations that provide free federal tax return preparation.

Didn't get your Economic Impact Payment? Check your info out at... https://www.irs.gov/coronavirus/get-my-payment

Get My Payment | Internal Revenue Service Use Get My Payment to get information about your payment status and payment type.