SoEz Business Services LLC

SoEz Business Services LLC

Accounting, Bookkeeping, Payroll, Tax Services, IRS Audit Representation, Military Tax and Business. This page is created to provide clients and potential clients with information concerning our firm.

We do Bookkeeping, Payroll, Tax Services and IRS Audit Representation professionally at a reasonable and affordable price.

Operating as usual

10/11/2021

6-Month Filing & FBAR Extensions Deadline

For taxpayers who have extensions to file their 2020 returns, the filing due date for those returns is Friday, October 15, 2021.

The October 15 deadline to file under an extension applies to several common returns, including:

2020 INDIVIDUAL INCOME TAXES:

Most individual taxpayers who requested an extension to file their 2020 federal tax returns must file by October 15. However, additional extensions may be available to some taxpayers affected by recent disasters.

2020 CORPORATE INCOME TAXES:

The October 15 deadline also applies to C corporations that requested an extension to file their 2020 corporate income tax returns (Form 1120).

FOREIGN BANK ACCOUNT REPORT (FBAR):

Many U.S. taxpayers, including individuals and businesses, must file an annual report of their foreign bank and other financial accounts, called an FBAR. Typically, filing an FBAR is necessary if the total value of a taxpayer's foreign accounts exceeds $10,000 at any time during the calendar year. However, certain accounts, such as those held within a qualified IRA or other retirement plan, may not need to be reported. Most taxpayers who are required to file a 2020 FBAR and have not yet done so must file by October 15.

Remember that in general, an extension to file tax returns is NOT an extension to pay any tax due. Therefore, those who have not yet filed but expect to owe 2020 tax should estimate the amount they owe and pay that amount as soon as possible, even if they will not file their returns until October 15. Immediate payment will minimize any interest charges and late payment penalties.

6-Month Filing & FBAR Extensions Deadline

For taxpayers who have extensions to file their 2020 returns, the filing due date for those returns is Friday, October 15, 2021.

The October 15 deadline to file under an extension applies to several common returns, including:

2020 INDIVIDUAL INCOME TAXES:

Most individual taxpayers who requested an extension to file their 2020 federal tax returns must file by October 15. However, additional extensions may be available to some taxpayers affected by recent disasters.

2020 CORPORATE INCOME TAXES:

The October 15 deadline also applies to C corporations that requested an extension to file their 2020 corporate income tax returns (Form 1120).

FOREIGN BANK ACCOUNT REPORT (FBAR):

Many U.S. taxpayers, including individuals and businesses, must file an annual report of their foreign bank and other financial accounts, called an FBAR. Typically, filing an FBAR is necessary if the total value of a taxpayer's foreign accounts exceeds $10,000 at any time during the calendar year. However, certain accounts, such as those held within a qualified IRA or other retirement plan, may not need to be reported. Most taxpayers who are required to file a 2020 FBAR and have not yet done so must file by October 15.

Remember that in general, an extension to file tax returns is NOT an extension to pay any tax due. Therefore, those who have not yet filed but expect to owe 2020 tax should estimate the amount they owe and pay that amount as soon as possible, even if they will not file their returns until October 15. Immediate payment will minimize any interest charges and late payment penalties.

10/05/2021

Special Tax Benefits for Charitable Donations Extended Through 2021 – Did You Know?

The CARES Act of 2020 included provisions to make it easier for taxpayers to donate to charities. Congress and the IRS have extended these temporary rules through tax year 2021. One key rule raises the deduction limit for charitable contributions, while another allows taxpayers to deduct certain donations even if they don't itemize deductions on their tax returns.

Standard IRS rules limit the deduction that taxpayers who itemize deductions can claim for charitable donations to at most 60% of adjusted gross income (AGI). However, under the extended special rules, these taxpayers may elect to claim a deduction of up to 100% of their AGI for qualified monetary donations made during calendar year 2021.

Taxpayers who claim the standard deduction ordinarily cannot deduct any charitable donations on their tax returns. However, the special rules allow these taxpayers to claim a deduction of up to $300 (up to $600 for joint filers) for qualified monetary contributions made to charities in 2021. You may claim this deduction in addition to the standard deduction for your filing status.

Only monetary contributions qualify for these special tax benefits. Monetary contributions include donations to qualifying charities made by cash, check, digital payment or credit card, as well as by paying unreimbursed expenses while doing volunteer work. Donations of goods, property (including virtual currency) or labor do not qualify for these temporary deduction rules.

The extended special rules are set to expire at the end of 2021. A tax professional can help you plan your charitable giving for the rest of the year to take advantage of the available tax benefits. The IRS search tool for nonprofit organizations (link below) can help you find eligible charities that accept qualifying monetary contributions.

IRS Nonprofit Search: https://www.irs.gov/charities-non-profits/search-for-tax-exempt-organizations

Special Tax Benefits for Charitable Donations Extended Through 2021 – Did You Know?

The CARES Act of 2020 included provisions to make it easier for taxpayers to donate to charities. Congress and the IRS have extended these temporary rules through tax year 2021. One key rule raises the deduction limit for charitable contributions, while another allows taxpayers to deduct certain donations even if they don't itemize deductions on their tax returns.

Standard IRS rules limit the deduction that taxpayers who itemize deductions can claim for charitable donations to at most 60% of adjusted gross income (AGI). However, under the extended special rules, these taxpayers may elect to claim a deduction of up to 100% of their AGI for qualified monetary donations made during calendar year 2021.

Taxpayers who claim the standard deduction ordinarily cannot deduct any charitable donations on their tax returns. However, the special rules allow these taxpayers to claim a deduction of up to $300 (up to $600 for joint filers) for qualified monetary contributions made to charities in 2021. You may claim this deduction in addition to the standard deduction for your filing status.

Only monetary contributions qualify for these special tax benefits. Monetary contributions include donations to qualifying charities made by cash, check, digital payment or credit card, as well as by paying unreimbursed expenses while doing volunteer work. Donations of goods, property (including virtual currency) or labor do not qualify for these temporary deduction rules.

The extended special rules are set to expire at the end of 2021. A tax professional can help you plan your charitable giving for the rest of the year to take advantage of the available tax benefits. The IRS search tool for nonprofit organizations (link below) can help you find eligible charities that accept qualifying monetary contributions.

IRS Nonprofit Search: https://www.irs.gov/charities-non-profits/search-for-tax-exempt-organizations

09/29/2021

IRS Working with Three Collection Agencies Beginning Fall 2021

The IRS sometimes refers taxpayer accounts to private collection agencies (PCAs). These agencies may contact affected taxpayers directly about their tax debts. To protect taxpayers from collection scams, the IRS publishes information about the PCAs that are currently under contract with the federal government. Beginning September 23, 2021, the three PCAs with official IRS authorization for tax account collections are:

CBE Group, based in Waterloo, Iowa (phone 800-910-5837)
Coast Professional, Inc., based in Albion, New York (phone 888-928-0510)
ConServe, based in Fairport, New York (phone 844-853-4875)

The IRS always sends a letter to taxpayers to inform them that their accounts have been referred to a PCA, showing the name and contact info of the PCA. If the PCA listed does not appear on the above list, the letter may be fraudulent and the taxpayer should call the IRS for more information. The PCA will also send a letter confirming that it has received the IRS referral. Both of these letters have detailed information to help taxpayers verify that any future calls or notices from the PCA are legitimate.

PCAs under contract with the IRS are authorized to discuss payment options with taxpayers, but NOT to take enforcement actions like imposing a lien or levy. Taxpayers should always make payments only to the IRS or U.S. Treasury. A representative of an authorized PCA will never ask a taxpayer to make a payment directly to the PCA. The IRS advises taxpayers who receive suspicious calls from someone claiming to represent a PCA to end the calls, and instead call the PCA listed on their IRS notice directly.

IRS Working with Three Collection Agencies Beginning Fall 2021

The IRS sometimes refers taxpayer accounts to private collection agencies (PCAs). These agencies may contact affected taxpayers directly about their tax debts. To protect taxpayers from collection scams, the IRS publishes information about the PCAs that are currently under contract with the federal government. Beginning September 23, 2021, the three PCAs with official IRS authorization for tax account collections are:

CBE Group, based in Waterloo, Iowa (phone 800-910-5837)
Coast Professional, Inc., based in Albion, New York (phone 888-928-0510)
ConServe, based in Fairport, New York (phone 844-853-4875)

The IRS always sends a letter to taxpayers to inform them that their accounts have been referred to a PCA, showing the name and contact info of the PCA. If the PCA listed does not appear on the above list, the letter may be fraudulent and the taxpayer should call the IRS for more information. The PCA will also send a letter confirming that it has received the IRS referral. Both of these letters have detailed information to help taxpayers verify that any future calls or notices from the PCA are legitimate.

PCAs under contract with the IRS are authorized to discuss payment options with taxpayers, but NOT to take enforcement actions like imposing a lien or levy. Taxpayers should always make payments only to the IRS or U.S. Treasury. A representative of an authorized PCA will never ask a taxpayer to make a payment directly to the PCA. The IRS advises taxpayers who receive suspicious calls from someone claiming to represent a PCA to end the calls, and instead call the PCA listed on their IRS notice directly.

09/20/2021

Home Testing for COVID Is an FSA & HSA Eligible Expense – Did You Know?

The IRS recently reminded taxpayers that home testing for COVID-19 (coronavirus) is a qualified medical expense for various medical spending and savings accounts. The cost of home testing may be paid or reimbursed with tax-protected funds from an eligible account. Specifically, you may use a health flexible spending arrangement (FSA), health savings account (HSA) or certain other cafeteria plans to pay or receive reimbursement for testing expenses.

Other COVID-related eligible medical expenses include the cost of personal protective equipment (PPE) like masks, hand sanitizer and sanitizing wipes. The equipment must be used primarily to prevent or reduce the spread of coronavirus in order to qualify for FSA, HSA or other medical cafeteria plan reimbursement.

You can maximize the tax benefits of your FSA or HSA by making expenditures or accepting reimbursements at well-chosen times. A tax advisor can help you formulate the best strategy for using your account.

Home Testing for COVID Is an FSA & HSA Eligible Expense – Did You Know?

The IRS recently reminded taxpayers that home testing for COVID-19 (coronavirus) is a qualified medical expense for various medical spending and savings accounts. The cost of home testing may be paid or reimbursed with tax-protected funds from an eligible account. Specifically, you may use a health flexible spending arrangement (FSA), health savings account (HSA) or certain other cafeteria plans to pay or receive reimbursement for testing expenses.

Other COVID-related eligible medical expenses include the cost of personal protective equipment (PPE) like masks, hand sanitizer and sanitizing wipes. The equipment must be used primarily to prevent or reduce the spread of coronavirus in order to qualify for FSA, HSA or other medical cafeteria plan reimbursement.

You can maximize the tax benefits of your FSA or HSA by making expenditures or accepting reimbursements at well-chosen times. A tax advisor can help you formulate the best strategy for using your account.

09/13/2021

Quarterly Estimated Tax Payments - Reminder

If you are making quarterly estimated tax payments to the IRS, the due date for the June 1 - August 31 quarter of the year is September 15, 2021.

For payments made using IRS Direct Pay, you can make payments until 8PM EST, and for payments using a credit or debit card, payments can be made up to midnight on the due date.

Quarterly Estimated Tax Payments - Reminder

If you are making quarterly estimated tax payments to the IRS, the due date for the June 1 - August 31 quarter of the year is September 15, 2021.

For payments made using IRS Direct Pay, you can make payments until 8PM EST, and for payments using a credit or debit card, payments can be made up to midnight on the due date.

09/08/2021

IRS Announces New Tax Relief for Those Affected by Disasters

The IRS has announced filing and payment deadline extensions for taxpayers affected by Hurricane Ida and the California wildfires. These tax relief measures include a later due date for taxpayers who requested a 6-month extension for their 2020 tax returns, and an extension for estimated tax payments. Some affected taxpayers may also qualify for a waiver of penalties. If you receive an IRS penalty notice but may qualify for disaster penalty relief, you can call the number on the notice to ask about an abatement.

In general, the IRS offers various forms of relief to taxpayers in regions covered by federal disaster declarations. Relief programs include providing free transcripts of past tax returns to those whose records have been damaged or lost. To learn about federal tax relief measures in your region, visit the IRS Around the Nation webpage (link below) and click on your state.

The IRS also reminds taxpayers of steps they can take to prepare for a disaster before it strikes. They include scanning paper records to create digital copies that can be stored in the cloud or on USB drives, and photographing rooms to document important belongings. If you or your loved ones have been affected by a disaster, a tax professional can help you determine your IRS relief rights.

IRS Around the Nation Resource Page: https://www.irs.gov/newsroom/around-the-nation

IRS Announces New Tax Relief for Those Affected by Disasters

The IRS has announced filing and payment deadline extensions for taxpayers affected by Hurricane Ida and the California wildfires. These tax relief measures include a later due date for taxpayers who requested a 6-month extension for their 2020 tax returns, and an extension for estimated tax payments. Some affected taxpayers may also qualify for a waiver of penalties. If you receive an IRS penalty notice but may qualify for disaster penalty relief, you can call the number on the notice to ask about an abatement.

In general, the IRS offers various forms of relief to taxpayers in regions covered by federal disaster declarations. Relief programs include providing free transcripts of past tax returns to those whose records have been damaged or lost. To learn about federal tax relief measures in your region, visit the IRS Around the Nation webpage (link below) and click on your state.

The IRS also reminds taxpayers of steps they can take to prepare for a disaster before it strikes. They include scanning paper records to create digital copies that can be stored in the cloud or on USB drives, and photographing rooms to document important belongings. If you or your loved ones have been affected by a disaster, a tax professional can help you determine your IRS relief rights.

IRS Around the Nation Resource Page: https://www.irs.gov/newsroom/around-the-nation

08/30/2021

IRS Opens Address Change Portal for Advance CTC Payments – Did You Know?

The IRS recently added a new address change feature to the 2021 Child Tax Credit (CTC) Update Portal (link below). This tool allows families who are receiving advance payments of the 2021 CTC to update the mailing address that the IRS has on file. It is especially important for families who get their advance CTC payments by paper check to update their address information. Otherwise, checks may be delayed or even returned to the IRS by the post office.

Households that receive their advance payments by direct deposit should also use the portal to report mailing address changes as soon as possible. The IRS will use the updated address information to mail important tax documents, including Letter 6419 in January. If you receive advance CTC payments, you will need this letter to complete your 2021 tax return and claim any remaining credit amount you are owed. For many taxpayers, the advance payments will only total about 50% of their allowed credit.

You can also use the 2021 Child Tax Credit Update Portal to switch from paper check to direct deposit payments, change your direct deposit account information or opt out of advance payments for the rest of the year. The IRS will take changes reported by August 30 into account for the round of payments being sent on September 15. Changes reported after that date will affect the October 15, November 15 and/or December 15 payments.

IRS Child Tax Credit Update Portal: https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

IRS Opens Address Change Portal for Advance CTC Payments – Did You Know?

The IRS recently added a new address change feature to the 2021 Child Tax Credit (CTC) Update Portal (link below). This tool allows families who are receiving advance payments of the 2021 CTC to update the mailing address that the IRS has on file. It is especially important for families who get their advance CTC payments by paper check to update their address information. Otherwise, checks may be delayed or even returned to the IRS by the post office.

Households that receive their advance payments by direct deposit should also use the portal to report mailing address changes as soon as possible. The IRS will use the updated address information to mail important tax documents, including Letter 6419 in January. If you receive advance CTC payments, you will need this letter to complete your 2021 tax return and claim any remaining credit amount you are owed. For many taxpayers, the advance payments will only total about 50% of their allowed credit.

You can also use the 2021 Child Tax Credit Update Portal to switch from paper check to direct deposit payments, change your direct deposit account information or opt out of advance payments for the rest of the year. The IRS will take changes reported by August 30 into account for the round of payments being sent on September 15. Changes reported after that date will affect the October 15, November 15 and/or December 15 payments.

IRS Child Tax Credit Update Portal: https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

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10560 Main St
Fairfax, VA
22030

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Thursday 9:30am - 9pm
Friday 9am - 8pm
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Sunday 12pm - 8pm
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