Tax Resource LLC.

Friends, we look forward to seeing everyone for this wonderful tax season. YES I AM HERE IN MICHIGAN. First day IRS starts accepting E filed returns is on Monday 01/26. Please call/text to schedule your appointment for the week of 01/26 or later. Also, bring school, medical letter showing kids lived with you and your Summer/Winter property tax statements. Thank you.

Make $400,000 and Never Filed Your Taxes? The IRS Will Be in Touch. The agency has started sending out notices to individuals who made $400,000 or more and failed to file returns between 2017 and 2021.

We look forward to seeing everyone during tax season. Please don't forget to make an appointment :)

HOW TO PAY YOUR SBA EIDL LOAN PAYMENT AND QULIFY FOR THE ECONIMIC HARDSHIP IF YOU NEED IT:

- First you need your loan # (not application #). This would be shown on your loan documents. If you can't find it, you can call SBA line at 1-833-853-5638 and select options: 1,2,6 to reach an agent and get your loan number, payment amount and due date.

- Once you have your loan #, login to the following link to create an account and you can set up either a one-time payment or monthly reoccurring payment. https://www.pay.gov/public/form/start/3723407

- If unable to pay monthly SBA loan payment, there's an economic hardship program and it's automatic by clicking on the economic hardship box using your CAFS application using the following link:

account.https://caweb.sba.gov/cls/dsp_login.cfm.

- The economic hardship will reduce your SBA loan payment to only 10% of the monthly loan payment amount for 6 months. After this period, your loan amount will go back to it's original payment amount. But, the loan payments will balloon (get bigger) toward the end of loan term (usually 30 years later) to make up the reduced loan payments at the beginning.

- CONTACT OUR OFFICE IF YOU NEED HELP WITH THE SETUP.

Send a message to learn more

To help struggling taxpayers affected by the COVID-19 pandemic, the Internal Revenue is waiving 2019 & 2020 non-filing penalties to Business & Individual taxpayers. An estimated 1.2$ billion will also be refunded to those who filed late and were charged. To qualify for the relief, these returns must be filed by September 30, 2022 or end of this month. SO HURRY UP & FILE!.

John McAfee Indicted for Tax Evasion Cybersecurity pioneer and crypto promoter John McAfee can now add another title to his job description: defendant.

Find out more about the Lifetime Learning Credit, which can help with education costs.

Find out more: https://www.irs.gov/credits-deductions/individuals/llc

Unemployed Michigan workers to receive additional $900 payment as new unemployment funds open up The newest round of unemployment money will soon be paid out to eligible unemployed workers in Michigan who will receive $300.

Michigan unemployed who qualify (must receive at least $100 of benefits to qualify before taxes) will get $900 of back pay retroactive form August 1st. The $900 is for the first 3 weeks of August.

Unemployed Michigan workers to receive additional $900 payment as new unemployment funds open up The newest round of unemployment money will soon be paid out to eligible unemployed workers in Michigan who will receive $300.

TO REACH MICHIGAN UNEMPLOYMENT OFFICE & SPEAK TO SOMEONE DIAL:
1866-500-0017 AND SELECT OPTIONS 3,3,3,3. TRY MULTIPLE TIMES THEN YOU'LL BE ASKED TO HOLD.

Governor Whitmer has accepted the $300 extra unemployment benefits. So now, the $600 has been replaced by the $300 and will be retroactive from August 1st. It takes time for that $300 to hit bank account so be patient. KEEP CERTIFYING FOR WEEKLY BENEFITS. These benefits will more likely not last 6 weeks until congress agrees on additional funding until December. Now, if you are working and reporting earnings, you have to get $100 in state benefits to get that Federal $300 weekly.

PLEASE MAKE SURE TO REPORT FOREIGN HELD BANK ACCOUNTS THAT ARE $10,000 OR MORE. THIS DOES NOT APPLY TO FOREIGN HELD REAL ESTATE OR RETIREMENT ACCOUNTS. A person who is required to file an FBAR and fails to properly file may be subject to a civil penalty not to exceed $10,000 per violation. If there is reasonable cause for the failure and the
balance in the account is properly reported, no penalty will be imposed. A person who willfully fails to report an account or account identifying information may be subject to a civil monetary penalty equal to the greater of $100,000 or 50 percent of the balance in the account at the time of
the violation. See 31 U.S.C. section 5321(a)(5). Willful violations may also be subject to criminal penalties under 31 U.S.C. section 5322(a), 31 U.S.C. section 5322(b), or 18 U.S.C. section 1001.