Master Tax Solutions

#IRS is sending letters to families who may qualify for monthly #ChildTaxCredit payments based on their tax returns. Any family who hasn’t yet filed is urged to do so soon so they may receive any advance payment they’re due. Learn more at: go.usa.gov/x6Zku.

More visibility for Cryptocurrency

An IRS reminder that quarterly estimated tax payments are due June 15. To learn more, click here: https://www.irs.gov//pay-as-you-go-so-you-wont-owe-a-guide

Biden's proposal to increase tax on capital gains.

This just in from TIGTA As of March 5, 2021, taxpayers made nearly 46.3 million total attempts to contact the IRS by calling the various customer service toll-free telephone assistance lines. The IRS reports that it answered approximately 7.6 million calls with automation. IRS assistors have answered more than 4.4 million calls and provided a 27.3 percent Level of Service with an 18-minute Average Speed of Answer. Pretty sad numbers---

Cryptocurrency, aka Bitcoin are of major interest to the IRS as they seek out new tax collection opportunities.

For some of those who did not get the $1400 payments yet- another round is coming.

Crypto currency crackdown?? #FoxBusiness

Phones and Internet are down, please call 706-718-6005 for assistance.

Evictions can now be processed

More ways to eliminate penalty for late retirement account rollovers

If you think taxes are high in the US -----

Its not too late for Non Filers to apply for the Economic Impact Payment. Keep in mind Non Filers are NOT people who should file a return and have not- non-filers are people who are NOT REQUIRED to file a return.

140 Million tax and penalty- WOW!

Tax Evasion never a good idea.

The final extension for 2019 income tax filing is Thursday October 15. Extensions are for filing - not for paying. Taxes were actually due to be paid in full by July 15th due to the Covid 19 Disaster Extension so if you still owe when filing there will probably be penalties and interest for not paying by the un-extended due date.

Power outage at the office. If you need us, call 706-718-6005.

Thanks Tom Gorczynski for this great information!

R-2020-229, October 5, 2020 WASHINGTON The Internal Revenue Service announced today that the deadline to register for an Economic Impact Payment (EIP) is now November 21, 2020. This new date will provide an additional five weeks beyond the original deadline. The IRS urges people who don't typically file a tax return and haven't received an Economic Impact Payment to register as quickly as possible using the Non-Filers: Enter Info Here tool on IRS.gov. The tool will not ...be available after November 21. "We took this step to provide more time for those who have not yet received a payment to register to get their money, including those in low-income and underserved communities," said IRS Commissioner Chuck Rettig. "The IRS is deeply involved in processing and programming that overlaps filing seasons. Any further extension beyond November would adversely impact our work on the 2020 and 2021 filing seasons. The Non-Filers portal has been available since the spring and has been used successfully by many millions of Americans." Special note: This additional time into November is solely for those who have not received their EIP and don't normally file a tax return. For taxpayers who requested an extension of time to file their 2019 tax return, that deadline date remains October 15. To support the ongoing EIP effort, many partner groups have been working with the IRS, helping translate and making available in 35 languages IRS information and resources on Economic Impact Payments. To help spread the word, the IRS sent nearly 9 million letters in September to people who may be eligible for the $1,200 Economic Impact Payments but don't normally file a tax return. This push encourages people to use the Non-Filers tool on IRS.gov. "Time is running out for those who don't normally file a tax return to get their payments," Rettig added. "Registration is quick and easy, and we urge everyone to share this information to reach as many people before the deadline." While most eligible U.S. taxpayers have automatically received their Economic Impact Payment, others who don't have a filing obligation need to use the Non-Filers tool to register with the IRS to get their money. Typically, this includes people who receive little or no income. The Non-Filers tool is secure and is based on Free File Fillable Forms, part of the Free File Alliance's offering of free products on IRS.gov. The Non-Filers tool is designed for people with incomes typically below $24,400 for married couples, and $12,200 for singles who could not be claimed as a dependent by someone else. This includes couples and individuals who are experiencing homelessness. Anyone using the Non-Filers tool can speed the arrival of their payment by choosing to receive it by direct deposit. Those not choosing this option will get a check. Beginning two weeks after they register, people can track the status of their payment using the Get My Payment tool, available only on IRS.gov.

A tax checklist for newly married couples By: National Association of Tax Professionals October 5, 2020 Marriage changes a lot of things, and taxes are on that list. Newlyweds should know how saying I do can affect their tax situation.... Here’s a checklist of items for newly married couples to review: Name and address changes Name: When a name changes through marriage, it is important to report that change to the Social Security Administration (SSA). The name on a person’s tax return must match what is on file at the SSA. If it doesn’t, it could delay any tax refund. To update information, taxpayers should file Form SS-5, Application for a Social Security Card. It is available on SSA.gov, by calling 800-772-1213 or at a local SSA office. Address: If marriage means a change of address, the IRS and U.S. Postal Service need to know. To do that, people should send the IRS Form 8822, Change of Address. Taxpayers should also notify the postal service to forward their mail by going online at USPS.com or their local post office. Withholding - After getting married, couples should consider changing their withholding. Newly married couples must give their employers a new Form W-4, Employee’s Withholding Allowance, within 10 days. If both spouses work, they may move into a higher tax bracket or be affected by the Additional Medicare Tax. They can use the IRS Withholding Estimator on IRS.gov to help complete a new Form W-4. See Publication 505, Tax Withholding and Estimated Tax, for more information. Filing status - Married people can choose to file their federal income taxes jointly or separately each year. While filing jointly is usually more beneficial, it’s best to figure the tax both ways to find out which works best. Remember, if a couple is married as of Dec. 31, the law says they’re married for the whole year for tax purposes. Scams - All taxpayers should be aware of and avoid tax scams. The IRS will never initiate contact using email, phone calls, social media or text messages. First contact generally comes in the mail. Those wondering if they owe money to the IRS can view their tax account information on IRS.gov to find out. It’s important to keep up to date and aware of all the financial changes that different life events will bring.

REGISTRATION Georgia's 20/20 Outlook 2020 Employers in the Know Virtual Summit sponsored by the Macon Area Employer Committee... Summit Dates Virtual Summits will take place on Wednesday, October 28th SOLD OUT and Tuesday, November 10th on the ZOOM platform. If you have not already done so, please visit ZOOM DOWNLOAD ahead of registration and download the platform before the event. It's FREE. Get SHRM and/or HRCI credits for attending The Virtual Summits are currently under review by SHRM and HRCI pending issue of credits. Upon approval, registration information will be provided. WE WANT TO HEAR FROM YOU The Georgia Department of Labor wants to be responsive to your concerns. Please use the space provided in the registration form to email us your concerns about the current workforce climate and burning questions you have for Commissioner Butler. Use the registration link to secure your space at the summit. October 28th, 2020 - SOLD OUT Register for the November 10th, 2020 event HERE. GA DOL Summit Registration Tel: 706-745-1854 | Fax: 888-607-7144 See what's happening on the Georgia Department of Labor social sites: Facebook Twitter LinkedIn