Tax Preparation, bookkeeping and payroll services.
Operating as usual
The IRS has issued a guidance memorandum regarding the President's memorandum he signed about deferring the employee's portion of social security tax. Unfortunately it is not very helpful at all. I will attach it to this post.
What I am getting from it, is employers would not withhold the employee's portion of social security out of payroll from Sept. 1st thru Dec. 31st. HOWEVER, it would then have to be paid next year from Jan 1, 2021 thru April 30th, 2021.
So in effect you would be double paying in the beginning of next year! Not sure how some employers are going to do this, if an employee leaves and employer how are they going to get that money from the employee and then does the employee have to pay it in another way!!! Very confusing, very little guidance.
My recommendation is for employees to request that their employer still withhold their social security and not have it deferred. One way or another you - the employee are going to be on the hook for it!
Okay I could not add the actual download for some reason, however you can find it at IRS.gov, go to News and it is the top story!
[08/27/20] Hey everyone, I am looking for some help! I need an appraisal done on a dining room table and buffet. This is for my mother, it is a very unique hand carved table, chairs and buffet, southwestern style. We just do not know who to call, if you know of anyone please let me know! Thanks, Kim
Good Afternoon! Just a few things to let people know about. With everything going on in the world and things changing so fast I know it is getting confusing.
President Trump just signed several executive decisions this weekend, one talks about stopping the payroll tax being taken out of people's checks.
First of all not sure if this can be done through executive action?
Second, if this does happen and your employer stops taking social security and medicare taxes out of your checks - YOU are not off the hook for those taxes! At least as of right now, at the end of the year you would owe those takes back. He also talked about if he wins the election, he would make this permanent, again not sure he can do this without congressional approval. So, just a heads up if this does go through - please put some money aside for tax season - depending on your situation you could owe, or your refund would be way smaller.
Also - again if you have been receiving unemployment through out this Covid situation, I hope you had your taxes taken out!!! Both federal and state, it can make a big difference at tax time.
Regarding the stimulus checks that alot of people received - please write down how much you received and have it for tax time. They are not going to be taxed (at least at this point), but we will be required to report it on your taxes to reconcile it.
And last: Remember I have moved to hopefully our permanent home till we die, LOL! It is 552 E 2nd St., FDL and during not tax season I am not home all the time, so please call if you need to drop off something or need to speak with me!
Thank you and try and enjoy the rest of your summer!
[06/22/20] Heads up everyone! Kims accounting and tax service has moved. We are in our new house. Not too far from the old one. The new address is 552 E 2nd St. Fdl!!!!!
Good Morning, so here is some more information for you regarding the Economic Stimulus payments. The IRS is going to set up a page on their website in mid April, so if you need to change your address, or give them banking information for the Payments you can. Just keep checking their website www.irs.gov. Do not call them, and do not give any information to people that call you and say they are updating your information - it is a scam!
Also, for my business clients applying for the SBA help, it looks like if you work directly with your bank, it is an easier go of it. If you are self-employed and do not have any employees, you would use your Schedule C on your 1040 to give them information on your income and expenses.
Another note - if you are laid off and filing for unemployment, please, have fed and state withholding withheld, or it may hurt you come next year when we have to file your taxes.
These Economic stimulus payments as of now are not going to be taxed as income, however; we are going to have to reconcile them next year on your taxes, so please please keep a record of what you receive!!!! We will need it next year!
Thanks for all of your patience during this trying time. Stay safe and keep your hope alive, this will pass!
irs.gov Non-Filers: Enter Payment Info Here Get Coronavirus Tax Relief Get Info on Economic Impact Payments Get Your Refund Status Do Your Taxes for Free Get Your Tax Record View Your Account Make a Payment Forms and Instructions 1040 and Schedules 1-3 Individual Tax Return Other 1040 Schedules Information....
Good Morning, the days are flying by very fast. I am planning on getting everyone done that is in my office as of today by April 15th. The deadline has been extended to July 15th, however I really do not want to be doing taxes in July, haha!
On another note, there are many questions regarding the stimulus checks, I did get some information from one of my vendors that I get my tax books from. As I had posted before, they are planning on using either your 2019 tax return or the 2018 if you do not have the 19 filed yet. If you have banking information they will send your checks to your bank. If not, you will get it in the mail which could take a very long time! Apparently the IRS will mail a letter to each eligible person within 15 days of the payment. It will tell you how the payment is getting disbursed and will give a phone number to call if you have not got your payment. (Good luck with that, just sayin!)
The other issue is and this is important- we will have to put the payment on your 2020 tax return, to reconcile it, so with that being said, they are not going to tax you on it, and as of right now if you get too much, it looks like you are not going to have to pay it back. (that is as of now) . So, please, please write down how much you get so you have that information for next years taxes, please!
I know this is long, sorry, but for my self-employed, small business people - the SBA loan, grant etc. process looks like it is a sh*t show! I am sorry I do not have more advice for you, but it is changing everyday. There are good resources on the internet, some Facebook groups to join for information, but what I am seeing is they are changing guidelines daily, and to talk with your bankers to make sure you are applying for the correct loans, I am trying to keep up but with all the changes and being in the middle of tax season yet it is difficult.
Hang in there everyone!!!!
[03/27/20] Okay everyone there is a lot of information out there regarding the stimulus package and the checks. Please read the previous post to get the information needed. As of right now , there is not a lot of information from the actual IRS out yet. So what I know is this, they are going to send out the checks per your 2019 return if filed, if not filed they will refer to your 2018 return. Know that I am working as hard and as fast as I can to get everyone done.
Here is a link to an article that discusses the recently passed relief bill. The house and the president still need to approve it. Hopefully it will help answer some questions regarding the relief checks and unemployment.
nytimes.com The Senate relief bill would send money to Americans and greatly expand unemployment coverage.
Good Morning! Okay, it looks like now they are extending the filing deadline 90 days to July 15th. We are still planning on getting everything filed by April 15th.
Note on where I am at, I apologize for being a bit delayed on processing, the computer crash got me behind and I am trying very hard to get all caught up.
On the information coming from the government regarding personal payments, business grants, etc. I do not know anymore information than you do! Right now it is all in the planning stages and has to be figured out. My guess is, they will use information from last years tax filings, not this year as not everyone has filed yet.
We are obviously still trying to practice social distancing, so please use the dropbox to drop off your taxes. It is on the side of the house by the driveway. If you are coming to pick up we are either taking your payment over the phone or having you leave your check with the signed documents we need. We are leaving that in the front door, not the side door. Any questions please feel free to call! Thanks and stay safe and healthy.
Good Morning, there is some confusion out in the news media right now. As of now we still have to file taxes by April15th! However, if you owe money to the federal you have an extension of 90 days to pay! That is where we are at right now.
On another note, we are trying to be responsible and do social distancing. So, if you need to drop off, please use the dropbox on the side of the house by the driveway. If you are picking up, we have a new procedure for that as well. When we call you we can take payment over the phone, and will leave your taxes in the front door in an envelope, and there are 2 forms you need to sign and leave back in the door, you can leave a check as well if you do not want to pay over the phone with a debit or credit card.
As always if you have questions, please feel free to call the office or email us! Thank you!
Just a note regarding what is going on with the coronavirus. If you are feeling ill please use our drop box on the side of the house instead of making an appointment to drop off. If your taxes are done and you need to pick up and are feeling ill please give us a call and we can take payment over the phone and mail your stuff back to you. Any questions, just give us a call. Thanks! Kim
[02/17/20] Good Morning, just a heads up for all my clients. I have had a major computer crash, I and my IT guy have been working all weekend to get me back up and running. We have to finish up this morning, I apologize for any delay in the processing of your returns. Please be patient, if you have any questions let me know. I am crossing my fingers I will be up an running again this afternoon! Thank you!
Good Morning! Tax Season has started. Just a few notes for everyone, this week I am still alone and do not have any helpers. Please be patient I will return phone calls, etc. Also, again my husband works nights so if you don't have an appointment please make sure someone is in the office before you come over and ring the doorbell! He needs his sleep poor guy! I appreciate it.
Thankfully there has not been too many tax changes this year. If something has changed and it pertains to your taxes I will let you know. See you all soon!
[11/13/19] Hi everyone! It has been awhile. Tax season is going to be here before you know it. If you are one of my small businesses please start getting your stuff ready. If anyone has any questions let me know. I am starting to do my education for the new tax year. Wow this year went fast! Have a Happy Thanksgiving !
[06/26/19] I believe summer is finally here! Yay! If you have any questions about filling out the new W-4 when the IRS releases it please call! With the tax tables the way they are now, claiming less is better. They have lowered the tables quite a bit, so they are taking less out of your checks. You want to make sure you are covered and don't get a nasty surprise come next tax season. Enjoy your summer!
[04/11/19] Good Morning, the office will be closed today till 4 PM. Sarah and Heather will be here between 4 and 6 to answer calls and set up appts. Chris and I have a family having surgery today in Madison, so we will be gone all day.
[03/29/19] Good morning, just a few things! We are getting close to the deadline, yikes! I am working hard to get everyone done, sorry for the wait time. As we get closer we have set the date for drop offs to be done by tax day. If your taxes are in and all information is here by April 6th, we should get them done before the 15th. If we get them after then they may be extended. Thank you for all the referrals this year and for your patience!
Attention: We will be closed today! We have a family emergency to attend to in Madison, will be gone all day.
Thank You! We will get back to everyone tomorrow.
[02/09/19] Just a reminder the address is 606 E 2nd St. FDL!
[01/23/19] Hi everybody, just another update on refunds and the shutdown. Even though some IRS employees have been called back, some are now calling in sick, etc. Please do not plan on refunds going out normally this year. Until the shutdown ends there is no way to tell what will happen.
bloomberg.com The Internal Revenue Service will issue refunds to taxpayers even if the U.S. government shutdown extends into the filing season, a decision that may reduce political pressure on Congress and President Donald Trump to reach a deal to reopen the federal government.
msn.com Taxpayers who file early in the tax season might not receive their refunds in a timely manner because of the partial government shutdown that began on December 22, according to the Wall Street Journal.
[12/16/18] Hey everybody, I have just finished sending out the tax letter for 2019. I have emailed people that I have emails for and the letters will go in the mail tomorrow. If you do not get one, let me know and I can get one out to you! It is going to be an interesting tax season that is for sure. I wish you all a Merry Christmas and Happy New Year!
[11/21/18] Happy Thanksgiving from our house to yours!
[09/24/18] Attention, attention: We have moved to 606 E. 2nd St., FDL. We will be there full tiime starting Wed. Sept. 26th!
Hey everybody! If you have a chance to take a minute and VOTE, our beloved Kim Pieper is on the accountant list!!
fonddulacreporter.secondstreetapp.com Voting is now open for the 2018 Best Of Fond du Lac! It’s time to cast your vote and make sure all of your favorites win! Vote today for the best restaurants, entertainment, services, and more in the 2018 Best Of Fond du Lac!
The IRS just released it's new "simple postcard form". But it is not so simple, they have moved many of the lines off, and moved them to another schedule!
The new tax code is really not simplified, as usual, see previous post for some of the more important rule changes. We will continue to keep everyone updated as things evolve:
You can do your taxes on a form the size of a postcard,” Speaker Paul Ryan said. Rep. Kevin Brady of Texas boasted the same thing, as did Rep. Steve Scalise of Louisiana. It was the great promise of last year’s major tax overhaul: simplifying tax forms so much that taxpayers will be able to file their returns on a postcard.
But only 9% of Americans filed on paper this year.
“I don’t know why the postcard is some type of a symbol of simplicity,” says CPA Sheila Brandenberg. “There’s nothing simple about this form.”
A new draft of the 1040 form — the main form you submit to the IRS when filing your taxes — was released this week, and more than half of the 78 line items have been lopped off. But they haven’t totally gone away. They’ve just been moved to six different worksheets known as schedules. Self-employment tax, alternative minimum tax, taxable state and local refunds, and student loan interest have all moved off the 1040 and onto a new worksheet.
Source: Associated Press
Source: Associated Press
“If you itemized your deductions in the prior year, and you got a back refund from the state of New York, you would have to report that as a taxable refund,” Brandenberg says. “Well, that line is no longer on the 1040, that is on Schedule 1 now.”
What does this mean for you? Probably not much, if you’re like the 91% of taxpayers who file electronically. One small issue you might run into is the cost of your tax return preparation; Brandenberg says it’s likely to increase to make up for work that will be required to update the software’s back-end.
“One thing that might have been simpler [would have been] for the IRS to expand the number of taxpayers that can actually file free.”
Currently, in order to Free File, you must earn less than $66,000 a year. The IRS does offer free fillable forms for all income levels, but they don’t offer any of the ease-of-use features the for-profit softwares do.
According to the New York Times, this new form is meant to replace not only the 1040, but also the 1040A and the 1040EZ. These two forms were already simplified or shorter versions of the main 1040 form.
“I’m really hopeful there are going to be a lot of people who stand up and say this does not make sense, this does not serve the taxpayer, it’s more confusing,” said Brandenberg. “I’m hoping this is not what the 2018 tax return looks like.”
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