Moore Refunds

Congratulations, Bill! Well-deserved.

Work is so rewarding when you get to partner with great clients.

What You Need to Know About Advance Child Tax Credit Payments (1)

Text copied directly from taxgirl (because she says exactly what I’ve been telling people)

“I have been asked a lot about opting out, which the IRS calls unenrolling.��

Why opt out? If you get too much credit via the advance payment, you may have to pay it back. THIS IS DIFFERENT FROM THE STIMULUS CHECKS.��

Here’s my take: If you don't need it and you're not sure if you're entitled to the full amount, opting out is smart. You won't lose the credit, so you can just get a bigger payout at tax time next year. But if you need it now, or if you're sure that you're entitled to the entire amount, take the payments now and reconcile at tax time. ��

There is a safe harbor for repayment that’s income-based. That basically means that if you get a little too much credit, the IRS will give you a break (you can find the formula here: https://news.bloombergtax.com/daily-tax-report/what-you-need-to-know-about-advance-child-tax-credit-payments). And yes, since it’s tax, it’s subject to a phaseout. With a phaseout, the benefit goes down as your income goes up.

You’re entitled all of what the IRS is calling “repayment protection amount” if your income is at or below $60,000 if you are married filing jointly (or if filing as a qualifying widow or widower), $50,000 if you are HOH, and $40,000 if you are single or married filing separately. You lose the protection if your income is at or above $120,000 if you are married filing jointly (or if filing as a qualifying widow or widower), $100,000 if you are HOH, and $80,000 if you are single or married filing separately. �

So when you’re thinking about opting out, keep those numbers in mind. Your situation may vary, so ask your tax pro for advice if you aren’t sure.

To unenroll, use the IRS portal here: https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

The deadline to unenroll is 3 days before the first Thursday of next month by 11:59 p.m. ET. You do not need to unenroll each month. BOTH spouses must enroll. If only one does, you’ll get half.
�
And if you unenroll and change your mind, you won’t be able to re-enroll until late September 2021.��

As before, PLEASE DO NOT POST QUESTIONS WITH PERSONAL INFORMATION IN THE COMMENTS OR MESSAGE OR EMAIL ME WITH PERSONAL INFORMATION. It is not secure.

What You Need to Know About Advance Child Tax Credit Payments (1) There’s an important tax change for families this summer—and it starts this week. As part of the American Rescue Plan, the IRS will begin sending advance child tax credit payments on July 15. Here’s what you need to know.

2021 Child Tax Credit and Advance Child Tax Credit Payments — Topic A: General Information | Internal Revenue Service

For those of you who claimed the Child Tax Credit on your 2020 tax return, advance payments of child tax credit for 2021 start this week. This is a somewhat complicated issue, but the following link might help answer some questions you may have.
https://www.irs.gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-topic-a-general-information

2021 Child Tax Credit and Advance Child Tax Credit Payments — Topic A: General Information | Internal Revenue Service Frequently asked questions about the Advance Child Tax Credit Payments in 2021 — Topic A: General Information

We may be tired but we’re smiling because it’s Tax Day! Time to go home and rest. Thanks for a great tax season, everyone! 💚

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Due to COVID-19, instead of in-person appointments, we are offering convenient information drop-off, phone consultations, and virtual appointments. Drop-off is available 24/7. Just label your information packet with your name and phone number and drop it through the convenient and safe drop slot.
We look forward to serving you! Thanks!

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Economic Impact Payments | Internal Revenue Service

*** Important information ***
Re: Economic Impact Payments

UPDATE 4-15-2020

The official IRS website (linked below) now gives both filers and non-filers the ability to check status and enter direct deposit information. From this link, you may take one of the two following options:

FILERS (those who are required to file tax returns), click the "Get My Payment" button.

NON-FILERS (meaning those who are not required to file tax returns and who do not receive Social Security), click the "Non-Filers: Enter Payment Info Here" button

https://www.irs.gov/coronavirus/economic-impact-payments

irs.gov We’re committed to helping you get your economic impact, or stimulus, payment as soon as possible. See if you are eligible for an Economic Impact Payment.

IRS (Finally!) Launches Registration Tool For Stimulus Checks

Thank you, taxgirl, for this timely and informative article!
The short version: The IRS has a portal for folks who don't need to file a tax return, so they can register and provide direct deposit information. There will soon be an additional portal on the IRS website that will allow folks who DO file tax returns to check their Economic Impact Payment status, and to provide direct deposit information if their payment has not yet been issued.

forbes.com Taxpayers who don’t usually file a tax return now have a new tool to get stimulus checks through the Treasury Department and the Internal Revenue Service (IRS).

We’ll keep updating our page as we learn more. You can also visit www.IRS.gov/coronavirus for more information and updates.

As if the coronavirus isn’t scary enough, we caution you to stay alert and be wary of phone calls or emails regarding stimulus checks! There are so many scammers out there, and they will tell you anything to get your information.
Remember: the IRS will not contact you by phone or email.

Coronavirus Tax Relief | Internal Revenue Service

Relevant information from the IRS regarding tax relief, deadlines, and the stimulus package.

irs.gov To explain the tax relief for those affected by coronavirus.

We're getting quite a few questions about the 2020 Stimulus Package, and we're happy to answer them as best we can. So far, we still have no official statement from the IRS regarding how the stimulus affects or is affected by individual tax returns. However, we want to help you understand as much as we know.
As always, we encourage our Franklin community and customers to call us with any questions or concerns. We love y'all - please stay safe. (828)369-1945

Here's our quick little FAQ:

Q: How much of a stimulus payment can I expect?

A: Individuals with AGI of $75,000 or less: $1,200
Married couples with AGI of $150,000 or less: $2,400
Head of Household with AGI of $112,500 or less: $1.200

For each qualifying child in the household: $500
(same guidelines as child tax credit)

Income Phaseout: Stimulus is reduced by $5 for every $100 of AGI over the limit described above.

Complete Phaseout (no stimulus):
Single individuals: $99,000
Married couples: $198,000
Head of Household: $136,500

Q: Should I file a tax return even if I don't really need to, so that the government will send me the stimulus check?

A: We have not gotten any official information related to tax returns - but here's our initial assessment:
There is no need, for most people, to file a tax return solely to "claim" the stimulus payment.
Stimulus payments will be based on income, pulled from 2018 or 2019 tax returns OR from Social Security Administration records.

Update April 1, 9pm:
We have official information now, such as it is.
Of course, it’s more complicated than a simple yes or no. If you usually don’t file, but you draw Social Security benefits, you’re ok. If you are not typically required to file, and don’t draw Social Security, you will likely need to file what they’re calling a “simple tax return”.

Q: Will the stimulus itself need to be reported on my tax return next year?

A: No. The stimulus is not considered income.

It's still tax season, and we're still working! We're putting some measures in place to keep ourselves, our clients, and our community as safe and healthy as possible. With that in mind, we're facilitating no-contact tax information transfers, physically and digitally.

For physical drop-off and pick up, we have a slot in the door and though we're still working on streamlining the process, it is operational. (Coming soon: intercom and larger drop box!)

Please do not email tax information, but call the office and ask for Emily - I'm happy to walk you through the process of exchanging files digitally.

Your business is important to us, and so is your health! Please stay safe, wash your hands, and call us! 828-369-1945

Since this post is still circulating, I'm editing to give the most updated information at the top. Here's what you need to know.
Per our update on March 20, 2020:

The IRS has officially extended the deadline for filing and paying your 2019 federal taxes for 90 days, so you now have until July 15, to file your tax return and make any necessary payments. If you need longer, you can still file an extension, which as far as we know, will extend the deadline of time to FILE until October 15, 2020. Payments will still be due on July 15, 2020.
Don’t worry - we can handle this. Don’t panic. Stay safe. Call us. 828-369-1945.
https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020

UPDATE (re: State deadlines) March 23, 2020:
North Carolina has moved the state income tax filing deadline to July 15, 2020, with no late filing or late payment penalties, but as of now, interest on the amount due will start to accrue after April 15, 2020 (that change requires a vote from the General Assembly).
South Carolina Department of Revenue has moved their state income tax filing deadline to July 15, 2020.
https://files.nc.gov/ncdor/documents/files/2020-3-24-Frequently-Asked-Questions-COVID.pdf

To keep up with various state tax deadlines, use the following link:
https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf

Thank you everyone for all the great referrals we've been getting. It's so encouraging to find out that we have so many satisfied customers who will recommend us to their friends. We've got just a little more than 3 weeks left of tax season, and I know we're going to make it!

IRS Return Preparer Office

Phone scams remain a major threat to taxpayers. Here’s what you should know.

https://www.irs.gov/newsroom/irs-be-vigilant-against-phone-scams-annual-dirty-dozen-list-continues

Tax Season 2018 has started, and we are thrilled to welcome Sandi to the Moore Refunds team! Come see us, y’all!

Oxford Dictionaries

That mid-April deadline is looming!

Why do today that which could be put off till tomorrow..?

Thank you, Macon County, for voting us best Accounting Service in 2017!
Call 828-369-1945 to make an appointment. We’re looking forward to serving you in 2018!

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Don't Fall For Last Minute Tax Refund & Phishing Scams

The IRS will never:

Call to demand immediate payment over the phone, nor will the agency call about taxes owed without first having mailed you several bills.
Call or email you to verify your identity by asking for personal and financial information.
Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
Require you to use a specific payment method for your taxes, such as a prepaid debit card.
Ask for credit or debit card numbers over the phone or email.
Threaten to immediately bring in local police or other law-enforcement groups to have you arrested for not paying.

forbes.com With the tax deadline just one month away, the Internal Revenue Service (IRS) is warning taxpayers and tax professionals about a round of phishing scams.

You Spring Forward For Daylight Saving Time Because Of Energy Policy, Not Farmers

forbes.com Daylight Saving Time (DST) is the second Sunday in March. But that's not always been the case. Here's what you need to know about we ended up with the modern day schedule - and its link to energy & tax policy.

Moore Refunds

We hit the ground running this morning and we're off to a good start. Call us to set up an appointment, or just stop by.
828-369-1945

Moore Refunds

Cowee Pottery School

It's that time of year! Consider giving to the Cowee Pottery School. We are a non-profit organization making the art of pottery available to people of all ages and abilities. www.coweepotteryschool.org

IRS Return Preparer Office

Don’t be fooled by scammers. Stay safe and be informed. Take a look at some of the most recent IRS-related scams.

Report Phishing and Online Scams

Several of our clients have experienced threatening phone calls from someone claiming to be from the IRS.

The IRS will never:
Call to demand immediate payment, nor will the agency call about taxes owed without first having mailed you a bill.

Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.

Require you to use a specific payment method for your taxes, such as a prepaid debit card.

Ask for credit or debit card numbers over the phone.

Threaten to bring in local police or other law-enforcement groups to have you arrested for not paying.

If you get one of these phone calls, or an email, don't give them any information. The following link has information to help protect yourself from this and other scams.

irs.gov The IRS doesn't initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. This includes requests for PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts.

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Looking For Your Tax Refund? Here's What You Need To Know.

forbes.com Looking for your tax refund? Here's what you need to know.

It's that time again! We're offering even more options this year to get your refund back quickly. Call us or come in when you get your tax forms. We look forward to see you! :)

828-369-1945

When To Expect Your Forms W-2, 1099 & More In 2016 (And What To Do If Your Tax Forms Are Late)

And when you do get your tax forms, you know what to do!

(828)369-1945

forbes.com Looking for your tax forms? If you haven't yet received a form W-2 or 1099, here's a list of when those forms are due and what to do if you haven't received yours by the due date.

Did You Claim The EITC For 2014? IRS May Have A Question (Or Two) For You.

If you get a love letter from the IRS, remember your first step is always to call Moore Refunds!

forbes.com Did you claim the Earned Income Tax Credit (EITC) on your 2014 tax return? If so, be sure to check your mail: the Internal Revenue Service (IRS) may want to hear from you.

Macon County Sheriff's Office

***Scam Alert***

The MCSO is not assisting the IRS...

The MCSO does not collect IRS debts...

The MCSO or any of our employees WILL NOT call you if you owe the IRS.

If anyone from the IRS calls you hang up and DO NOT give them any information.

If the IRS CALLS YOU tell the caller you'll be happy to bring your check book and meet with them at Sheriff Holland's office. Advise the person from the IRS that only then will you talk to them! Tell them the Sheriff would REALLY like to meet with them! This should be considered a SCAM... Today someone also called the Sheriff claiming to be employed by the Macon County Sheriff's Office and working for the IRS. EPIC FAILURE in that SCAM!

This alert comes after numerous calls today to Sheriff Holland from concerned citizens. WE ASSURE YOU IT IS A SCAM. Again, simply hang up on caller and let your friends and family know to beware of such scam... Especially the vulnerable elderly who these people target.

THANK YOU

Despite Complaints, Past Failures & Opportunities For Fraud, Congress Pushes Private Tax Collection

"Just think of the opportunity that outsourcing tax collections - especially by phone - creates for scammers."

forbes.com Those who fail to learn from history are doomed to repeat it. - Winston Churchill Sometimes it feels like the government does this best. Failed policies are often recycled - often many times - in some sort of desperate attempt to make them work. Or to spend taxpayer [...]

IRS Phone Scam Ringleader Gets 14-Year Sentence

A few of our clients were called this year as part of this or similar scams. Be wary - the IRS will not ask for payment over the phone, or threaten taxpayers with police action.

"Taxpayers who have been targeted by the scam can report the incident to the Treasury Inspector General for Tax Administration at www.tigta.gov and clicking on the IRS Impersonation Scam Reporting tab in the upper right corner, or call the TIGTA hotline at 1-800-366-4484."

accountingtoday.com A scammer who organized a scheme in which taxpayers were threatened with calls purporting to come from the Internal Revenue Service demanding payment for back taxes has been sentenced to 14 years in prison.