E.L.M Accounting, Payroll & Tax Services INC

We specialize in bookkeeping, accounting, tax, IRS resolution services. We also offer payroll svcs thru our partnership with ADP. We are accepting new clients.

We are able to meet via ZOOM, phone and in-person. Schedule a meeting with us soon!

Operating as usual

Timeline Photos 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.

Timeline Photos 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.

Timeline Photos 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

Timeline Photos 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

Timeline Photos 08/23/2021

Tracking Tips - Did You Know?

For those that work in summer or other jobs that include tipping, the IRS recommends keeping a tips diary so that tips can be accurately reported on your tax return, to your employer, and as proof of tip income.

The IRS provides a Form 4070A (https://www.irs.gov/pub/irs-prior/f4070a--2005.pdf) that can be used as a tip diary, or you can use a notebook to note down for the record:

- Cash tips you get directly from customers or from other employees.

- Tips from credit and debit card charge customers that your employer pays you.

- The value of any noncash tips you get, such as tickets, passes, or other items of value.

- The amount of tips you paid out to other employees through tip pools or tip splitting, or other arrangements, and the names of the employees to whom you paid the tips.

Tracking Tips - Did You Know?

For those that work in summer or other jobs that include tipping, the IRS recommends keeping a tips diary so that tips can be accurately reported on your tax return, to your employer, and as proof of tip income.

The IRS provides a Form 4070A (https://www.irs.gov/pub/irs-prior/f4070a--2005.pdf) that can be used as a tip diary, or you can use a notebook to note down for the record:

- Cash tips you get directly from customers or from other employees.

- Tips from credit and debit card charge customers that your employer pays you.

- The value of any noncash tips you get, such as tickets, passes, or other items of value.

- The amount of tips you paid out to other employees through tip pools or tip splitting, or other arrangements, and the names of the employees to whom you paid the tips.

Timeline Photos 08/18/2021

Some Taxpayers May Choose to Unenroll from 2021 Advance CTC – Did You Know?

Millions of U.S. households received their first advance payments of the 2021 Child Tax Credit (CTC) in July. While these payments will help many families, some taxpayers may come out better by unenrolling from the advance payment program. If the advance payments add up to more than your total credit for 2021, you may end up owing tax for the year.

In most cases, the IRS bases CTC advance payments on the taxpayer's 2020 federal tax return, or their 2019 return if their 2020 return has not been processed. Certain life changes during 2021 could reduce your CTC amount, or even make you ineligible for the credit. Therefore, you may wish to consider opting out of advance payments if any of the following occur:

- A qualifying child who lived with you in 2020 (or 2019) will not live with you for more than half of 2021.
- Your income increases significantly in 2021.
- Your filing status changes in 2021.
- You previously met the CTC residency requirement, but will not live in a U.S. state or D.C. for more than half of 2021. In this case, unenrollment may be required.

You can also choose to unenroll from advance payments simply because you want to receive your entire 2021 CTC when you file your tax return in the spring. To unenroll for any reason, use the IRS Advance CTC Update tool (link below).

Note that for married couples filing jointly, both spouses must unenroll from advance payments. If only one spouse opts out, the other will still receive monthly advance payments equal to half of the original payment amount calculated for the household.

IRS Advance CTC Portal to unenroll: https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

Some Taxpayers May Choose to Unenroll from 2021 Advance CTC – Did You Know?

Millions of U.S. households received their first advance payments of the 2021 Child Tax Credit (CTC) in July. While these payments will help many families, some taxpayers may come out better by unenrolling from the advance payment program. If the advance payments add up to more than your total credit for 2021, you may end up owing tax for the year.

In most cases, the IRS bases CTC advance payments on the taxpayer's 2020 federal tax return, or their 2019 return if their 2020 return has not been processed. Certain life changes during 2021 could reduce your CTC amount, or even make you ineligible for the credit. Therefore, you may wish to consider opting out of advance payments if any of the following occur:

- A qualifying child who lived with you in 2020 (or 2019) will not live with you for more than half of 2021.
- Your income increases significantly in 2021.
- Your filing status changes in 2021.
- You previously met the CTC residency requirement, but will not live in a U.S. state or D.C. for more than half of 2021. In this case, unenrollment may be required.

You can also choose to unenroll from advance payments simply because you want to receive your entire 2021 CTC when you file your tax return in the spring. To unenroll for any reason, use the IRS Advance CTC Update tool (link below).

Note that for married couples filing jointly, both spouses must unenroll from advance payments. If only one spouse opts out, the other will still receive monthly advance payments equal to half of the original payment amount calculated for the household.

IRS Advance CTC Portal to unenroll: https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

Timeline Photos 08/10/2021

IRS Warns Businesses About Tax Promoter Scams – Did You Know?

As part of the Dirty Dozen list of the worst tax scams of 2021, the IRS has issued multiple warnings to business taxpayers about tax promoters. These individuals and entities promise to help businesses claim large deductions and credits that will dramatically reduce their tax. Many tax promoters charge substantial fees for their “services,” which often involve schemes that violate IRS regulations.

Some tax promoter scams deal with the Research and Experimentation Credit, commonly called the Research & Development or R&D Credit. Promoters often mislead business owners into believing that they can claim sizable R&D Credits with relatively little effort. In reality, to legally claim this credit, a business must demonstrate that a designated research activity satisfies a long list of IRS requirements. In addition, the progress of qualified research activities, and all associated expenses, must be thoroughly documented over a period of time.

Similarly, while conservation easements can provide legitimate tax deductions, tax promoters often peddle bogus “syndicated easements” based on phony partnerships. The IRS rejects many of these arrangements, and has recently stepped up enforcement of conservation easement rules. Tax promoters also push “micro-captive” insurance scams, pension plans that abuse international tax treaties, and shady methods to improperly defer capital gains on property sales.

The IRS recently created a new Office of Promoter Investigations (OPI) to crack down on these and similar scams. Importantly, the OPI is authorized to pursue action against not only promoters, but also any businesses that participate in the scams. In general, if a tax-reducing scheme sounds too good to be true, it usually is. To protect your enterprise, check with a business tax professional about the rules and regulations before claiming any of these deductions or credits.

IRS Warns Businesses About Tax Promoter Scams – Did You Know?

As part of the Dirty Dozen list of the worst tax scams of 2021, the IRS has issued multiple warnings to business taxpayers about tax promoters. These individuals and entities promise to help businesses claim large deductions and credits that will dramatically reduce their tax. Many tax promoters charge substantial fees for their “services,” which often involve schemes that violate IRS regulations.

Some tax promoter scams deal with the Research and Experimentation Credit, commonly called the Research & Development or R&D Credit. Promoters often mislead business owners into believing that they can claim sizable R&D Credits with relatively little effort. In reality, to legally claim this credit, a business must demonstrate that a designated research activity satisfies a long list of IRS requirements. In addition, the progress of qualified research activities, and all associated expenses, must be thoroughly documented over a period of time.

Similarly, while conservation easements can provide legitimate tax deductions, tax promoters often peddle bogus “syndicated easements” based on phony partnerships. The IRS rejects many of these arrangements, and has recently stepped up enforcement of conservation easement rules. Tax promoters also push “micro-captive” insurance scams, pension plans that abuse international tax treaties, and shady methods to improperly defer capital gains on property sales.

The IRS recently created a new Office of Promoter Investigations (OPI) to crack down on these and similar scams. Importantly, the OPI is authorized to pursue action against not only promoters, but also any businesses that participate in the scams. In general, if a tax-reducing scheme sounds too good to be true, it usually is. To protect your enterprise, check with a business tax professional about the rules and regulations before claiming any of these deductions or credits.

Telephone

Address


10474 Armstrong Street STE 206
Fairfax, VA
22030

Opening Hours

Monday 9am - 7pm
Tuesday 9am - 7pm
Wednesday 9am - 7pm
Thursday 9am - 7pm
Friday 10am - 7pm
Saturday 10am - 6pm
Other Tax preparation in Fairfax (show all)
Intellisource Financial Services CPA Intellisource Financial Services CPA
11208 Waples Mill Road, Suite 109
Fairfax, 22030

Intellisource Financial Services offers customized accounting and tax services for small businesses in Northern Virginia.

H&R Block H&R Block
10334 Main St
Fairfax, 22030

LOVERA TAXES & ACCOUNTING SERVICES, LLC LOVERA TAXES & ACCOUNTING SERVICES, LLC
8303 Arlington Blvd
Fairfax, 22031

You can trust in Lovera Taxes, We put all our experience for many years to your service. You will be in professional hands.

Jackson Hewitt Tax Service - Northern Virginia Jackson Hewitt Tax Service - Northern Virginia
3049 Nutley St
Fairfax, 22031

Jackson Hewitt, Tax Service in Fairfax, Warrenton and Culpeper Virginia

Thompson Greenspon Thompson Greenspon
4035 Ridge Top Rd Ste 700
Fairfax, 22030

Metro DC CPA firm and a trusted name in audit, accounting, tax, and advisory services for businesses and individuals.

Aiken & Company, PC, CPAs Aiken & Company, PC, CPAs
3975 University Dr, Ste 200
Fairfax, 22030

H&R Block H&R Block
11725 Lee Hwy
Fairfax, 22030

Homes Lowry Horn & Johnson Homes Lowry Horn & Johnson
3998 Fair Ridge Dr Ste 360
Fairfax, 22033

We provide a wide range of accounting, audit, tax, and consulting solutions to help businesses and individuals achieve business potential and financial goals.

TH TAX Services INC TH TAX Services INC
11350 Random Hills Rd, Ste 800
Fairfax, 22030

TH Tax Services is a full service Northern Virginia accounting firm specializing in both corporate and personal taxes.

BSB - CPAs and Business Advisors BSB - CPAs and Business Advisors
4114 Legato Road
Fairfax, 22033

We are a CPA firm founded in 1978 based in Fairfax VA. Our mission: to provide expert, customer-oriented accounting and tax services to small businesses and individuals.

Tax Seguro & Services Inc. Tax Seguro & Services Inc.
10505 West Dr
Fairfax, 22030

TAXSS Inc. es una compania amigable que convierte el proceso complicado y costoso de la declaración de impuestos, en un proceso fácil y accesible para todos!!

Jackson Hewitt Tax Service Jackson Hewitt Tax Service
3049 Nutley Street
Fairfax, 22031