Friends Doin Taxes LLC

We are ready for the 16th season starting in January. Its been a whirlwind summer. Lots of cont education, travel and now moving to the new location.

Look forward to seeing you in the new Tax Season. We are ready for the 14th season starting in January. Finished the NTPI Fellows program and received some great education.

Temporarily closed

IRS releases its 2021 Progress Update detailing challenging year | Internal Revenue Service 02/05/2022

IRS releases its 2021 Progress Update detailing challenging year | Internal Revenue Service

Challenging to say the least.

IRS releases its 2021 Progress Update detailing challenging year | Internal Revenue Service IR-2022-07, January 7, 2022 — The Internal Revenue Service today released its 2021 annual report describing the agency’s work delivering taxpayer service and compliance efforts during the pandemic while highlighting efforts taken by IRS employees to help people during the year.

IRS updates FAQs for 2021 Child Tax Credit and Advance Child Tax Credit Payments | Internal Revenue Service 02/05/2022

IRS updates FAQs for 2021 Child Tax Credit and Advance Child Tax Credit Payments | Internal Revenue Service

Find your answers for Advance Child Tax credit!

IRS updates FAQs for 2021 Child Tax Credit and Advance Child Tax Credit Payments | Internal Revenue Service IR-2022-10, January 11, 2022 — The Internal Revenue Service today updated frequently asked questions (FAQs) for the 2021 Child Tax Credit and Advance Child Tax Credit to help eligible families properly claim the credit when they prepare and file their 2021 tax return.

Top 5 things to remember when filing income tax returns in 2022 | Internal Revenue Service 02/05/2022

Top 5 things to remember when filing income tax returns in 2022 | Internal Revenue Service

Be prepared!

Top 5 things to remember when filing income tax returns in 2022 | Internal Revenue Service IR-2022-16, January 20, 2022 — With filing season beginning January 24, the Internal Revenue Service reminded taxpayers about several key items to keep in mind when filing their federal income tax returns this year.

IRS warning: Scammers work year-round; stay vigilant | Internal Revenue Service 02/05/2022

IRS warning: Scammers work year-round; stay vigilant | Internal Revenue Service

Scammers are still working hard. Be prepared.

IRS warning: Scammers work year-round; stay vigilant | Internal Revenue Service IR-2022-25, February 3, 2022 — As the new year begins, the Internal Revenue Service reminds taxpayers to protect their personal and financial information throughout the year and watch out for IRS impersonation scams, along with other schemes, that try to trick people out of their hard-earned money...

EITC Awareness Day: Important changes mean more people qualify for credit that helps millions of Americans | Internal Revenue Service 02/05/2022

EITC Awareness Day: Important changes mean more people qualify for credit that helps millions of Americans | Internal Revenue Service

Earned income credit available to many seniors that are still working.

EITC Awareness Day: Important changes mean more people qualify for credit that helps millions of Americans | Internal Revenue Service IR-2022-20, January 28, 2022 — More people without children now qualify for the Earned Income Tax Credit (EITC), the federal government’s largest refundable tax credit for low- to moderate-income families.

Friends Doin Taxes LLC updated their business hours. 02/05/2022

Friends Doin Taxes LLC updated their business hours.

Friends Doin Taxes LLC updated their business hours.

Get Free Tax Prep Help 02/03/2022

Get Free Tax Prep Help

For all the seniors looking for a VITA site for help with their returns, I am posting a link of locations. Unfortunately there aren’t any too close.

https://irs.treasury.gov/freetaxprep/jsp/vita.jsp?zip=65065&lat=38.1280947&lng=-92.6685736&radius=50

Get Free Tax Prep Help

02/02/2022

We are currently closed due to weather. Depending on road conditions tomorrow we may be closed so please call us prior to driving in.

01/26/2022

Absolutely!

01/26/2022

Exactly! This is going to be another trying year. We are here to assist with all the new changes.

01/26/2022

No matter what company you decide to choose, remember to do your research!

01/26/2022

Friends Doin Taxes LLC is so sorry to hear of the passing of Randy Alexander CPA. Randy was one of the good guys in the tax profession. And I know he will be missed in the Lake Area. Thoughts and prayers for his family.

01/18/2022

MAKE SURE TO ASK YOUR TAX PROFESSIONAL ABOUT THIS CREDIT!!

Credits for Sick Leave and Family Leave
for Certain Self-Employed Individuals
What’s New for self-employed as well as a partner in a partnership.
Extension of credits through March 31, 2021. The
qualified sick and family leave equivalent credits that apply
beginning April 1, 2020, were extended to include the period
January 1, 2021, through March 31, 2021. The limitations
that apply when figuring these credits apply to the period
April 1, 2020, through March 31, 2021. Use Parts I and II to
figure these credits.
New credits for leave between April 1, 2021, and September 30, 2021. New qualified sick and family leave
equivalent credits apply to the period April 1, 2021, through
September 30, 2021. These credits are independent of those
that apply to the period April 1, 2020, through March 31,
2021. Use Parts III and IV to figure these credits.
How much is the credit for Form 7202?
Form 7202 is broken down into two portions: qualified sick leave and qualified family leave for self-employed individuals.

1. The “qualified sick leave" equivalent amount is the lesser of the following:

100% of the average daily self-employment income
$511
Taxpayer can elect to use 2020 self-employment income to calculate average daily self-employment income
The maximum number of days that this credit can be taken is 10 (minus any days already claimed in 2020) during the first benefit period and 10 during the second benefit period.
2. The “qualified family leave" equivalent amount is the lesser of the following:

67% of the average daily self-employment income
$200
As with sick leave, Taxpayer can elect to use 2020 self-employment income to calculate average daily self-employment income
The maximum number of days that this credit can be taken is 50 (minus any days already claimed in 2020) during the first benefit and 60 during the second benefit period.

Photos from Friends Doin Taxes LLC's post 01/13/2022

Set up instructions for the new id me account at the IRS. I highly recommend both Taxpayer and spouse set up these accounts to verify information on your IRS transcripts and the amounts paid for stimulus and advanced child tax credit. Let us know if you need any assistance. A huge thank you for another tax professional that compiled this step by step information.

Friends Doin Taxes LLC updated their business hours. 01/12/2022

Friends Doin Taxes LLC updated their business hours.

Friends Doin Taxes LLC updated their business hours.

01/12/2022

Did You Know
Reduced staffing and increased automated audits at the IRS (Now over 5 million annually) make anyone susceptible to receiving an inquiry or audit

01/12/2022

Preparer Guarantee Version 1 - Content:

With the IRS expected to receive up to $80 billion to enhance their enforcement efforts, it’s reasonable to be a little anxious about your 1040 tax return this year.

Fortunately, we partner with Protection Plus, the industry-leading tax audit defense service so you have the option to include these benefits with your return:

1,000,000 Tax Audit Defense ™
Legal Services
$2,500 Tax Preparation Guarantee*
Ask us about adding Protection Plus today!

01/12/2022

Worry-free Beach Dog- Caption:

The IRS sends out over 200 million notices every year. Through our partnership with Protection Plus, you have access to add their $1 Million Tax Audit Defense ™ program. If you receive a notice, our team at Protection Plus will provide up to $1,000,000 of services to find a resolution.

01/12/2022

Breathe Easy Version 2 - Caption:

When you file your 1040 tax return with us, you'll have access to tax audit defense and legal services through our partnership with Protection Plus.

So, breathe easy. We've got you covered.

01/12/2022

$1 Million Tax Audit Defense ™ - Caption:

Do you know what to do after receiving a tax notice from the IRS? We partner with Protection Plus, the leading tax audit defense experts, who will provide up to $1,000,000 of services to find a resolution. Ask how you can include Protection Plus with your 1040 return.

01/10/2022

irs.treasury.gov

If you are new to the area, you may find all the reliable information you need at this link. https://irs.treasury.gov/rpo/rpo.jsf

I never try to sway anyone on which professional service to choose, but please do your diligence. Don't always depend on social media to make your decision.

Remember your preparer has every bit of your personal and financial information they would need for identity theft.

It all starts with trust. Trust your gut..Trust your instinct..Trust yourself.

irs.treasury.gov

Tips to help taxpayers choose a reputable tax return preparer | Internal Revenue Service 01/10/2022

Tips to help taxpayers choose a reputable tax return preparer | Internal Revenue Service

Choose wisely!

Tips to help taxpayers choose a reputable tax return preparer | Internal Revenue Service Tax Tip 2021-185, December 14, 2021 — As taxpayers get ready to file their 2022 tax return, they may be considering hiring a tax return preparer. The IRS reminds taxpayers to choose a tax return preparer wisely.

IRS issues standard mileage rates for 2022 | Internal Revenue Service 01/10/2022

IRS issues standard mileage rates for 2022 | Internal Revenue Service

NEW RATES FOR 2022!

IRS issues standard mileage rates for 2022 | Internal Revenue Service IR-2021-251, December 17, 2021 — The Internal Revenue Service today issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

IRS reminder to many: Make final 2021 quarterly tax payment by Jan. 18; avoid surprise tax bill, possible penalty | Internal Revenue Service 01/10/2022

IRS reminder to many: Make final 2021 quarterly tax payment by Jan. 18; avoid surprise tax bill, possible penalty | Internal Revenue Service

IRS reminder to many: Make final 2021 quarterly tax payment by Jan. 18; avoid surprise tax bill, possible penalty | Internal Revenue Service IR-2022-03, January 5, 2022 — The IRS urges taxpayers to check into their options to avoid being subject to estimated tax penalties, which apply when someone underpays their taxes.

IRS-CI counts down the top 10 cases of 2021 | Internal Revenue Service 01/10/2022

IRS-CI counts down the top 10 cases of 2021 | Internal Revenue Service

IRS-CI counts down the top 10 cases of 2021

Check out number 8. Please do your diligence on finding a reputable preparer.

IRS-CI counts down the top 10 cases of 2021 | Internal Revenue Service IR-2022-04, January 7, 2022 — Internal Revenue Service Criminal Investigation (IRS-CI) began counting down the top 10 cases for calendar year 2021 on its Twitter account on January 3.

IRS releases its 2021 Progress Update detailing challenging year | Internal Revenue Service 01/10/2022

IRS releases its 2021 Progress Update detailing challenging year | Internal Revenue Service

IRS releases its 2021 Progress Update detailing challenging year

IRS releases its 2021 Progress Update detailing challenging year | Internal Revenue Service IR-2022-07, January 7, 2022 — The Internal Revenue Service today released its 2021 annual report describing the agency’s work delivering taxpayer service and compliance efforts during the pandemic while highlighting efforts taken by IRS employees to help people during the year.

Mark the calendar: Important backup withholding deadlines | Internal Revenue Service 01/10/2022

Mark the calendar: Important backup withholding deadlines | Internal Revenue Service

What is backup withholding?
The person or business paying the taxpayer doesn't generally withhold taxes from certain payments. They don't do this because it's assumed the taxpayer will report and pay taxes on this income when they file their federal tax return. There are, however, situations when the payer is required to withhold a certain percentage of tax to make sure the IRS receives the tax due on this income. This is what's known as backup withholding. If a payer does backup withholding, they are required to deposit that withholding on those payments with the IRS.

Mark the calendar: Important backup withholding deadlines | Internal Revenue Service Tax Tip 2022-05, January 10, 2022 — Some businesses and other payers take backup withholding from payments they made to certain people. These entities should remember their upcoming filing deadlines.

01/09/2022

See this envelope? It's smaller than a business size letter. See how on the top it says, "Important Tax Document Enclosed"? This is what the envelope for the IRS letter 6419 comes in. It's really important that you have this letter if you're claiming children on your tax return. If you are married and filing jointly - each spouse will get one of these letters. You'll have to include the information for both spouses on the return. Don't throw this away! And don't panic when you see IRS on the envelope. If you don't have this information, it can really hold up your refund!

12/25/2021

Merry Christmas to all of our clients. Wishing you all safe travels and many blessings in 2022!
We truly appreciate all of your loyalty and support.

12/25/2021

A BIG THANK YOU to all of our clients for your loyalty and support, we truly appreciate each and everyone of you!

Wishing you a very Merry Christmas and many blessings in 2022!

Address Changes | Internal Revenue Service 12/14/2021

Address Changes | Internal Revenue Service

BIG REMINDER FOR THE UPCOMING SEASON!!!!!

IRS will be sending two letters in January.
You may receive one or both.
The first letter is 6475 which is the Economic Impact Payment. If you received the third stimulus check for 1400 each, you should receive this letter. Please Please keep this letter and bring it in with all tax docs.
The second letter is 6419 for the Advanced Child Tax credit. We will also need this letter to verify the amount of credit you received.

If we don't have a letter we will have you set up an account.
This is the link if you would like to get it set up in advance.
https://www.irs.gov/payments/your-online-account

We will not prepare any returns without verification of the Stimulus and the advanced Child Credit.

Also, the IRS do not know of address changes unless you have sent them a change of address. If you are no longer at the address you were when filing the 2020 returns please go to this link and get the address changed. https://www.irs.gov/faqs/irs-procedures/address-changes/address-changes

Address Changes | Internal Revenue Service How do I notify the IRS my address has changed?

Your Online Account | Internal Revenue Service 12/07/2021

Your Online Account | Internal Revenue Service

All of my taxpayers must sign up for an account with the IRS, so we may request Tax information or file for a Power of Attorney. Lets get proactive and have that account set up prior to needing it.
Please follow the link. Each taxpayer and spouse will have to have an account.
https://www.irs.gov/payments/your-online-account

Your Online Account | Internal Revenue Service Get instructions on your online account. Review the amount you owe, balance for each tax year and payment history.

Secure Access: How to Register for Certain Online Self-Help Tools | Internal Revenue Service 12/07/2021

Secure Access: How to Register for Certain Online Self-Help Tools | Internal Revenue Service

Be ready to file your return and have all amounts of Advanced Child Tax credit and stimulus amounts received. Do yourself a favor and set up an account with the IRS to have access to all your information.
View tax account information online
Taxpayers can access their account online to view the amount owed, payment plan information, payment history, scheduled and pending payments, digital copies of select notices and key information from their most recent tax return as originally filed.

Individuals can also check the amounts of Economic Impact Payments through their online account. This can help accurately calculate any Recovery Rebate Credit on a 2020 tax return.

For questions about how to create an account or how to reset the username or password, see IRS.gov/secureaccess.

Secure Access: How to Register for Certain Online Self-Help Tools | Internal Revenue Service Find out how to register with Secure Access to use IRS self-help tax tools like Get Transcript, Get an IP PIN, e-Services and View Your Account.

12/07/2021

Understand how to report large cash transactions
FS-2021-03, February 2021
When to file. File Form 8300 by the
15th day after the date the cash was
received. If that date falls on a Saturday,
Sunday, or legal holiday, file the form on
the next business day.
Where to file. File the form with the
Internal Revenue Service, Detroit
Computing Center, P.O. Box 32621,
Detroit, Ml 48232.

Although many cash transactions are legitimate, the government can often trace illegal activities through payments reported on complete, accurate Forms 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business PDF. Here are facts on who must file the form, what they must report and how to report it.

Who must file
Generally, any person in a trade or business who receives more than $10,000 in cash in a single transaction or in related transactions must file a Form 8300. By law, a "person" is an individual, company, corporation, partnership, association, trust or estate. For example, dealers in jewelry, furniture, boats, aircraft or automobiles; pawnbrokers; attorneys; real estate brokers; insurance companies and travel agencies are among those who typically need to file Form 8300.

Tax-exempt organizations are also "persons" and may need to report certain transactions. A tax-exempt organization doesn't have to file Form 8300 for a charitable cash contribution. However, under a separate requirement, a donor often must obtain a written acknowledgement of the contribution from the organization. The organization must report noncharitable cash payments on Form 8300. For example, an exempt organization that receives more than $10,000 in cash for renting part of its building must report the transaction. See Publication 526, Charitable Contributions, for details

What's cash
For Form 8300 reporting, cash includes coins and currency of the United States or any foreign country. It's also cash equivalents that include cashier's checks (sometimes called a treasurer's check or bank check), bank drafts, traveler's checks or money orders with a face amount of $10,000 or less that a person receives for:

A designated reporting transaction or
Any transaction in which the person knows the payer is trying to avoid the reporting requirement.
Note that money orders and cashiers checks under $10,000, when used in combination with other forms of cash for a single transaction that exceeds $10,000, is defined as cash for Form 8300 reporting purposes.

A designated reporting transaction is the retail sale of tangible personal property that's generally suited for personal use, expected to last at least one year and has a sales price of more than $10,000. Examples are sales of automobiles, jewelry, mobile homes and furniture.

A designated reporting transaction is also the sale of a collectible, such as a work of art, rug, antique, metal, stamp or coin. It's also the sale of travel and entertainment, if the total price of all items for the same trip or entertainment event is more than $10,000.

Note that under a separate reporting requirement, banks and other financial institutions report cash purchases of cashier's checks, treasurer's checks and/or bank checks, bank drafts, traveler's checks and money orders with a face value of more than $10,000 by filing currency transaction reports.

Reporting cash payments
A person must file Form 8300 if they receive cash of more than $10,000 from the same payer or agent:

In one lump sum.
In two or more related payments within 24 hours. For example, a 24-hour period is 11 a.m. Tuesday to 11 a.m. Wednesday.
As part of a single transaction or two or more related transactions within a 12 month period
Examples of reporting situations:
Marijuana-related businesses
These businesses must report cash receipts greater than $10,000, in a single transaction and/or related transactions. See the Frequently Asked Questions for more information about the Marijuana Industry.

New or used automobile dealers
If a husband and wife purchased two vehicles at one time from the same dealer, and the dealer received a total of $10,200 in cash, the dealer can view the transaction as a single transaction or two related transactions. Either way, the dealer needs to file only one Form 8300.

A dealership doesn't file Form 8300 if a customer pays with a $7,000 wire transfer and a $4,000 cashier check. A wire transfer isn't cash.
A customer purchases a vehicle for $9,000 cash. Within 12 months, the customer pays the dealership cash of $1,500 for accessories for that vehicle. The dealer doesn't need to file Form 8300 unless the accessories purchase was related to the original vehicle purchase.
Taxi company
When lease payments made in cash by a taxi driver to a taxi company within a 12-month period exceed $10,000 in total, the taxi company needs to file Form 8300. Then, if the company receives more than $10,000 cash in additional payments from the driver, the company must file another Form 8300.

Landlords
This 12-month period also applies to landlords who need to file Form 8300 once they've received more than $10,000 in cash for a lease during the year. If a person uses a dwelling unit as a home and rents it less than 15 days during the year, its primary function isn't considered rental in a trade or business, so they don't need to report a cash receipt of more than $10,000.

Bail-bonding agent
A bail-bonding agent must file Form 8300 when they receive more than $10,000 in cash from a person. This applies to payments from persons who have been arrested or anticipate arrest. The agent needs to file the form even though they haven't provided a service when they received the cash.

Colleges and universities
Colleges and universities must file Form 8300 if they receive more than $10,000 in cash in one or more transactions within 12 months. A Form 8300 exception applies for government entities but not for educational entities.

Contractors
Contractors must file Form 8300 if they receive cash of more than $10,000 for building, renovating, remodeling, landscaping and painting.

When to file Form 8300
A person must file Form 8300 within 15 days after the date the person received the cash. If a person receives multiple payments toward a single transaction or two or more related transactions, the person should file Form 8300 when the total amount paid exceeds $10,000. Each time payments aggregate more than $10,000, the person must file another Form 8300.

How to file
A person can file Form 8300 electronically using the Financial Crimes Enforcement Network's BSA E-Filing System. Those who file many forms may find the batch e-filing option helpful. E-filing is free, quick and secure. Filers will receive an electronic acknowledgement of each submission.

Those who prefer to mail Form 8300 can send it to Internal Revenue Service, Detroit Federal Building, P.O. Box 32621, Detroit, MI 48232. Filers can confirm the IRS received the form by sending it via certified mail with return receipt requested or by calling the IRS Bank Secrecy Act Helpline in Detroit at 866-270-0733.

Taxpayer identification number
Form 8300 requires the taxpayer identification number (TIN) of the payer using cash. If they refuse to provide it, the person should inform the payer that the IRS may assess a penalty.

If the person is unable to obtain the payer's TIN, the they should file Form 8300 anyway and include an explanation why the form doesn't have the TIN. The person should keep records showing they requested the payer's TIN and provide the records to the IRS upon request.

Informing customers about Form 8300 filing
A Form 8300 filer must give each party named on the form written notice by January 31 of the year following the transaction that they filed Form 8300 to report the payer's cash transaction. The government doesn't offer a specific format for the payer's statement, but it must:

Be a single statement aggregating the value of the prior year's total reportable transactions.
Include the name, address and phone number of the person filing the Form 8300.
Inform the payer that the person is reporting the payments to the IRS.
A person can give a payer who only had one transaction during the year a copy of the invoice or Form 8300 as notification if it has the required information. The government doesn't recommend using a copy of Form 8300 because of sensitive information on the form, such as the TIN of the person filing the Form 8300.

A person may voluntarily file Form 8300 to report a suspicious transaction below $10,000. In this situation, the person doesn't let the customer know about the report. The law prohibits a person from informing a payer that it marked the suspicious transaction box on the Form 8300.

More information:
Publication 1544, Reporting Cash Payments of Over $10,000
IRS Form 8300 Reference Guide
Guidance for the Insurance Industry on Filing Form 8300
Form 8300 and Reporting Cash Payments of Over $10,000
FAQs for Indian Tribal Governments regarding Non-Casino Cash Transactions Over $10,000 - Form 8300
Video - How to Complete Form 8300, Part I, Part II

Our Story

We are finally moved in to our new location. Looking forward to serving all of our clients from it. The address is 4075 Osage Beach Pkwy Ste 100 Osage Beach MO 65065. Across the street from McDonalds, in the lower level under Tom Loraine and Pikes Chiropractic!

Passing the Enrolled Agent exam was the highlight of my twenty-six year career, I really felt I was done after that accomplishment. Then a friend convinced me I needed to look into the NTPI Fellows program. I completed the program and received some great education, starting in June and finishing in November of 2017.

The NTPI fellows program, prepares you for audits and continued education on representation of clients before the IRS.

We are looking forward to the 2020 year. Helping to educate, prepare and support our clients is the highlight of our year. Please let us know if you have any questions...there are no questions too small or too dumb.

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Telephone

Address


4075 Osage Beach Parkway Ste 100
Osage Beach, MO
65065

General information

We are in the off season hours until January 3rd, 2018. Hours will be changed after January 1st, 2018 We have free consultations. Our main objective is customer service and we will do all we can to give you quick responses.

Opening Hours

Monday 9:30am - 5:30pm
Tuesday 9:30am - 5pm
Wednesday 9:30am - 5:30pm
Thursday 9:30am - 5:30pm
Friday 9:30am - 5:30pm
Saturday 9am - 12pm

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