CBAS-Tax & Financial Services

Let’s discuss this IRS letter that’s been sent out to 11 million tax payers saying their 2020 return has math errors. They are receiving these notices due to the stimulus payments. You should have had to put in how much of the stimulus payments you received (example): if you were single the first payment was 1200 and the second payment for single was 600 some of you didn’t know how much you received or didn’t want to check or find to verify the correct amount that you received so you said you received the full amount or/ random number or that you didn’t get anything. If you made over a certain amount you didn’t receive it or you received the stimulus in your bank account, debit card or by check so if you didn’t remember how much you received thinking if you say you didn’t get it you would received another stimulus and this here is what caused the errors. I stressed all year make sure you’re doing this correctly. So note the IRS is sending out these notices, importantly the issue with receiving this notice is the time frame to respond is 60 days there will be no second or third notice which is highly unfair especially if you’ve moved the postal services are not accurate mail being withheld etc., if you don’t respond you are telling them that you agree with the changes. The problem with this letter is that it’s going into collections immediately meaning if you don’t respond within 60 days it’s going to collections, once It goes into collections you’re dealing with levies, garnishments, etc., Please please understand what this means for you if you’ve received this IRS notice.

TheCBASFirm

Heartbreaking stories emerge as millions await tax refunds or stimulus payments from IRS

Important Information:

To all tax payers that have not to this date received their tax refunds, this is unfair in unprecedented times that we are going through.
Please read below:

Heartbreaking stories emerge as millions await tax refunds or stimulus payments from IRS Thousands like Misty Long are still waiting for tax refunds for unpaid stimulus or overpaid unemployment benefits. What's next for the IRS?

Issues with Where’s My Refund
Currently the Where’s My Refund tool is telling some users, in error, that they have entered their information incorrectly. We (IRS) are working to resolve this issue and will update this message once the issue is corrected.

IRS Update to Unemployment Compensation Exclusion:

The IRS has issued updated instructions regarding the unemployment
compensation exclusion. The Unemployment Compensation Exclusion Worksheet
(for Schedule 1, line 8) was revised to now exclude unemployment benefit
exclusion amounts when determining modified adjusted gross income (MAGI).
The update will be on software version 2021.26.
The IRS has also clarified that amount of unemployment benefits excluded from
income will not be included in MAGI when determining the following deductions:
-Excluded interest from saving bonds (Form 8815)
-Employer provided adoption benefits (from Form W-2) excluded from income
(Form 8839)
-IRA deduction reported on line 19, Schedule 1
-Student loan interest deduction reported on line 20, Schedule 1
-Tuition and fees deduction reported on line 21, Schedule 1
-Passive activity loss limitation allowances (Form 8582)
For returns that have been started but haven’t yet filed, a verify may be
generated by the software to direct users to refresh calculations where
needed.
For those who received unemployment benefits last year and have already filed
their 2020 tax return with the exclusion, the IRS emphasizes they should not
file an amended return for this. The IRS has stated an amended return is not
necessary, as the IRS will figure and send the refund.

Thank you,
TheCBASFirm

IRS tax refund status: 12 million returns trapped in logjam, should be fixed 'by summer'

Updated news if you have not received your federal tax refund and it’s been well over 21 days this is could be the reason why for some taxpayers.

IRS tax refund status: 12 million returns trapped in logjam, should be fixed 'by summer' "We would hope to be through this backlog by the summer," IRS Commissioner Charles Rettig said.

UPDATE ON 3RD STIMULUS PAYMENT:

IRS indicates payments will not be issued to TPG

The first stimulus payments are expected to reach taxpayers' bank accounts by March 17, and the IRS expects to deliver most stimulus payments within the next 3 weeks.

The IRS will issue the 3rd stimulus payment to the same bank account used for a taxpayer's 2nd stimulus payment. Unbanked taxpayers may receive their 3rd stimulus payment by paper check mailed to the last known address on file with the IRS, or on an Economic Impact Payment Card which is a prepaid debit card issued by US Treasury.

The IRS Get My Payment tool is scheduled to be updated on March 15. The tool will provide EIP status, but will not give taxpayers the ability to update their bank account information.

TPG does not have any visibility into the status, amount or timing of EIP stimulus payments. We are unable to answer any questions regarding these payments. Your clients are advised to visit the IRS Economic Impact Payments page for more information.

Santa Barbara TPG

Update:
Stimulus payments have been posting to Navy Federal accounts after 6pm today and most accounts will be deposited tonight and through out the weekend-following weeks All stimulus payments are bypassing Santa Barbara bank and are going straight to all clients accounts directly.

Thank you,
TheCBASFirm

Good Morning, A lot of clients are getting their Federal refund in 3-5 days. I'm responding quickly as I see them come through. I will be updating everyone as I receive updates.

Thank you,
TheCBASFirm

Considering a 401(k) Withdrawal Because of COVID-19? Here Are 3 Rules to Know

Just friendly read reminders when filing taxes and you had to withdraw from for 401k plan due to the COVID-19.......

Considering a 401(k) Withdrawal Because of COVID-19? Here Are 3 Rules to Know Some of them make withdrawals easier.

Here’s the Average IRS Tax Refund Amount by State

Here is the break down of why so many taxpayers are wondering why their refunds have decreased tremendously.

Here’s the Average IRS Tax Refund Amount by State Generally, the sooner you file your taxes, the sooner you'll see your refund in the bank (and it reduces the chances of tax fraud). The amount that you receive -- if any -- depends on a number of...

IRS delays start of tax filing season to Feb. 12

Updated information on Tax filling start date. IRS started accepting Business Tax filing January 8,2021.

IRS delays start of tax filing season to Feb. 12 The IRS will begin receiving 2020 income tax returns on Feb. 12.

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CBAS-Tax & Financial Services's cover photo

TaxPass

Happy Monday,

If you’re old client or new client and trying to get your documents over here is my secure link that you can download and apply all your information/documents. I will get them processed for you and return phone calls. If you need any help please feel free to contact (678) 789-2278.

Thank you,
TheCBASFirm

iphone users:
https://itunes.apple.com/us/app/taxpass/id1256036789?ls=1&mt=8

Android users:
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Update on Stimulus payments!

Haven't received your second stimulus yet? IRS says don't call

Updated information on 2nd round stimulus...

finance.yahoo.com Those who closed bank accounts might have trouble getting second stimulus checks quickly. But a glitch could be fixed by filing a 2020 tax return.

It’s Tax Time!!!

Update....

Tax time is less than 1 month away... Individual & Business owners prepare your documents now!!! This will be one of the busiest times of the year because of COVID-19. This will be a Virtual Tax year/ mask are required for in office visits, no guest accompanied.

Thanks,
The CBAS Firm

IRS To Mail 50,000 Wrongly Withheld Stimulus Checks Next Month

Did your 1st stimulus check ever arrived? If not it’s on the way!!

forbes.com IRS to mail 50,000 stimulus checks next month. Here's why.

Good Afternoon, There are still people who have not received their taxes due to Covid-19. I know that this is difficult and some taxes have been in the processing stage for over 2 months now. The IRS is not answering phone lines for anyone. At this time we must wait it out, we cant do anything about it right now unless it changes from the processing stage. I will keep everyone updated when I receive information.

Thank you,
TheCBASFirm

🔈Update!!🔊

Good afternoon everyone, I’m attaching a photo below of what you should get in your email from your bank about the COVID-19 Stimulus checks. They will not come directly from me, only directly from IRS to your bank. However you filed your taxes will be how you received your stimulus, meaning whatever bank account you had on your return this year or last year (if you didn’t file this year) this is where your stimulus will be deposited. If you did cash advance or Walmart money card your refund will be mailed to your address on file with the IRS. If you have any questions about your stimulus you can contact the IRS directly.
Thank you

CBAS Tax & Financial Services | Better Business Bureau® Profile

Well.... Its official... #BBB I come highly RECOMMENDED all over!

bbb.org BBB accredited since 3/30/2020. Financial Services in Dunwoody, GA. See BBB rating, reviews, complaints, request a quote & more.

First round 18 days deleted 12 inquiries (all) 💁🏽 #credit #deletions #results

Good evening, All clients that submitted documents from last Friday- today will be finalized tonight and early morning before 10am. Please look for electronic signature via email or SMS message.

Thanks,
TheCBASFirm

Good evening, due to the COVID-9 Coronavirus outbreak, TheCBASFirm will be virtual until further notice. Please if you have scheduled in-office appointments they will be reschedule with one of the many virtual access that are available. If you have any questions or concerns please contact directly.

Thanks,
TheCBASFirm

If you’re calling in response to the IRS PATH ACT, anyone that filed late December, January early February your refund is set to deposit tomorrow Wednesday February 26. I know you’re all calling to reconfirm but right now the bank is still in high volume from all the refunds, I’ll update everyone after 7pm.

Thanks,
TheCBASFirm

If you're my client and you filed in late December/ Early January/ and before February 10th your refund is schedule for deposit February 26.

Thanks
TheCBASFirm

These high-income taxpayers are getting a visit from the IRS

I'm here to keep you up-to-date... High income tax payers/ business owners with gross income over 100k, please understand the IRS is coming to get you in compliance!

cnbc.com Knock, knock. It's the IRS. The taxman is planning on in-person visits to individual taxpayers who haven't filed their income tax returns for prior years. So far, the agency expects to make 800 house calls, with more to come.

The IRS won't ask you to report 'Fortnite' V-Bucks on tax returns

This is for the gamers!

engadget.com The agency's overall approach to in-game currency isn't clear, though.

In season and peak season dates...

TaxPass

Multiple ways to file your taxes with us, our most popular is the downloadable TaxApp
⬇⬇⬇

iphone users:

https://itunes.apple.com/us/app/taxpass/id1256036789?ls=1&mt=8

Android users:

https://play.google.com/store/apps/details?id=com.crosslinktax.taxlink&hl=en

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