Brugere & Co. CPA, PC

Brugere & Co. CPA, PC

Brugere & Co. CPA, PC - Much more than Taxes! Coordinating your estate/trust, cash- flow/retirement, investment oversight & tax planning. Because of client requests and the nature of the market and economy, we have expanded the scope of our oversight and guidance to be able to give you direction on decisions which can affect you financially.

We coordinate your estate/trust, cash-flow/retirement, investment oversight & tax planning!

Operating as usual

01/11/2021

www.ssa.gov

It's a good idea to check your social security statement even if you are not retiring because you have only 3 years to correct any error. Go to www.socialsecurity.gov/reviewyourstatement and sign in to your account (or create an account).

ssa.gov

[12/29/20]   The recent stimulus legislation included a provision that removes the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 and makes those meals fully deductible. Here are the details.

Without this change, the ordinary and necessary food and beverage expenses of operating your business are deductible. However, the deduction is limited to 50% of the otherwise allowable expense.

The new legislation adds an exception to the 50% limit for expenses for food or beverages provided by a restaurant. This rule applies to expenses paid or incurred in calendar years 2021 and 2022.

The use of the word "by" (rather than "in") a restaurant makes it clear that the new rule isn't limited to meals eaten on the restaurant's premises. Takeout and delivery meals provided by a restaurant are also fully deductible.

It's important to note that, other than lifting the 50% limit for restaurant meals, the legislation doesn't change the rules for deducting business meals.

If food or beverages are provided at an entertainment activity, either they must be purchased separately from the entertainment or their cost must be stated on a separate bill, invoice, or receipt. This is required because the entertainment, unlike the food and beverages, is nondeductible.

[12/22/20]   Last night, Congress passed a $2.3 trillion spending package, including $900 billion for a COVID relief package. The long deliberated relief package includes $600 “stimulus” checks for many adults, as well as a long list of programs and benefits for businesses and individuals.

But that’s just scratching the surface. As is expected with a 5,593 page package, there’s a lot of money going to a lot of different places. And some of this money, billions of dollars actually, is going to foreign aid, in a move that seems irresponsible to say the least.

Breitbart reports on some of the major foreign aid spending.

“$169,739,000 to Vietnam...$198,323,000 to Bangladesh...$130,265,000 to Nepal...$505,925,000 to Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Panama...$461,375,000 to Colombia,” and on and on it goes.

This may sound like a nice way to help other countries, but as Ron Paul once pointed out, “foreign aid is taking money from poor people in rich countries and giving it to rich people in poor countries.” What’s more, this is probably the worst time to be spending taxpayer dollars on initiatives that don’t help taxpayers.

This means $1.3 trillion to foreign countries, 0.9 trillion to US citizens. Shouldn't these be two separate bills?

[08/26/20]   Required Minimum Distributions (RMDs) are not required in 2020. If you received an RMD in 2020 you have until August 31 to return it and avoid having it included in your 2020 income.
My CAUTION - consider carefully if you are better off withdrawing form your IRA or retirement plan. If in doubt, you may return previous distributions and still make withdrawals by year end.
ALSO - if 70 1/2 or older in 2020, be careful not to confuse RMDs with QCDs (Qualified Charitable Distributions). Call me for clarification. (A questin via FaceBook Messenger will not reach me since I do not use Messenger).

[08/24/20]   So it won't be a surprise ... unemployment compensation is taxable. A Tax Projection will help you plan to have money available to pay the tax as needed.

[08/24/20]   IRS is working through a backlog of unprocessed mail including undeposited checks. I've had several people tell me that checks are uncashed from several months ago. The IRS asks that you not stop payment but they will not charge a fee for checks not honored.

[07/30/20]   For anyone which an IRA who turned age 70 1/2 in 2020 and older folks, seriously consider the Qualified Charitable Distribution (QCD). It can reduce your tax cost. Consult your tax adviser.

[07/20/20]   Stating the obvious, unless you have a valid extension, the filing deadline has passed.
Get your return in as soon as you are able.
If you are due a refund, there’s no penalty for filing late. Penalties and interest will begin to accrue on any remaining unpaid tax due as of July 16, 2020.

04/11/2020

Welcome to Fillable Forms

Economic Impact Payment - From IRS web site

Most eligible U.S. taxpayers will automatically receive their Economic Impact Payments including:

- Individuals who filed a federal income tax for 2018 or 2019
- Individuals who receive Social Security retirement, disability (SSDI), or survivor benefits
- Individuals who receive Railroad Retirement benefits

Non-Filers can enter payment Info to provide additional information to receive the Economic Impact Payment?
If you are an eligible U.S. citizens or permanent residents who:
- Had gross income that did not exceed $12,200 ($24,400 for married couples) for 2019
- Were not otherwise required to file a federal income tax return for 2019, and didn't plan to

Then you can provide the necessary information to the IRS easily and quickly for no fee through Non-Filers: Enter Payment Info. The IRS will use this information to determine your eligibility and payment amount and send you an Economic Impact Payment. After providing this information you won’t need to take any additional action.

https://www.freefilefillableforms.com/#/fd/EconomicImpactPayment

freefilefillableforms.com Fillable Forms

[04/02/20]   From the IRS: April 1, 2020

WASHINGTON – The U.S. Department of the Treasury and the Internal Revenue Service today announced that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Payment. Instead, payments will be automatically deposited into their bank accounts.

“Social Security recipients who are not typically required to file a tax return do not need to take an action, and will receive their payment directly to their bank account,” said Secretary Steven T. Mnuchin.

The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate $1,200 Economic Impact Payments to Social Security recipients who did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits.

[04/01/20]   Information on the Federal Coronavirus Relief Bill (CARES Act) payment to come:

The IRS has stated that those who filed their taxes electronically and provided direct deposit information will get their money the fastest.

Treasury will be developing a web-based portal for individuals to provide their banking information to the IRS online. Taxpayers will be able to receive payments faster as opposed to waiting for checks in the mail

sba.gov 03/23/2020

SBA to Provide Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19) | The U.S. Small Business Administration | SBA.gov

If you are at the point of needing help, consider this:

https://www.sba.gov/about-sba/sba-newsroom/press-releases-media-advisories/sba-provide-disaster-assistance-loans-small-businesses-impacted-coronavirus-covid-19

sba.gov WASHINGTON – SBA Administrator Jovita Carranza issued the following statement today in response to the President’s address to the nation:

[01/25/20]   RMD age is now age 72. We can also make IRA contributions if working past age age 70 1/2. In the year you become age 70 1/2 you can make qualified charitable contributions from your IRA. HOWEVER, making an IRA after age 70 1/2 will make the QCD ineligible to the extent of the IRA make per above.

irs.gov 11/25/2019

Can I Deduct My Charitable Contributions? | Internal Revenue Service

You can use the Interactive Tax Assistant, "Can I Deduct my Charitable Contributions?" to help determine if a charitable contribution is deductible. https://www.irs.gov/help/ita/can-i-deduct-my-charitable-contributions

irs.gov Determine if your charitable contributions are deductible.

[11/01/19]   Unpaid payroll taxes do not go away and could be your obligation even if you are not the business owner!
Moral: Don't fall behind on payroll tax payments.

[11/01/19]   Tax Fraud Blotter -
Austin, Texas: Residents Michael and Cynthia Herman have been sentenced for a seven-year scheme to defraud the IRS.

Michael Herman was sentenced to 21 months in prison; Cynthia Herman was sentenced to five years of probation. In May, they were convicted of conspiring to defraud the U.S. by impeding and impairing the IRS and filing false 2010 and 2011 individual income tax returns. Michael Herman was also convicted of filing false 2010 through 2012 corporate returns.

The Hermans skimmed cash from three restaurants they owned by depositing only a portion of the cash receipts into their business accounts and reporting only those deposits on corporate and individual income tax returns. They also paid for personal expenses out of the business accounts, including repair of their swimming pool, utilities for their home and the salary of a household employee. The personal returns filed by the Hermans under-reported income and businesses’ corporate returns and falsely deducted personal expenses as business expenses.

They were also ordered to pay $157,719 in restitution, and Michael Herman was ordered to serve three years of supervised release.

[11/01/19]   Who hasn't gotten these calls!

Copied From Accounting Today:
The Internal Revenue Service is cautioning taxpayers and tax professionals to beware of a new twist on an old scam in which fraudsters call up victims and threaten to cancel their Social Security number if they don’t pay their taxes.

“In the latest twist on a scam related to Social Security numbers, scammers claim to be able to suspend or cancel the victim’s SSN,” said the IRS in an email to tax professionals Thursday. “It’s yet another attempt by con artists to frighten people into returning ‘robocall’ voicemails. Scammers may mention overdue taxes in addition to threatening to cancel the person’s SSN. If taxpayers receive a call threatening to suspend their SSN for an unpaid tax bill, they should just hang up. Make no mistake…it’s a scam.”

The IRS warned taxpayers not to provide sensitive personal or financial information over the phone unless they’re positive they know the caller is legitimate. When in doubt, they should hang up the phone.

[09/26/19]   From the IRS -
Taxpayers should beware of property lien scam
With scam artists hard at work all year, taxpayers should watch for new versions of tax-related scams. One such scam involves fake property liens. It threatens taxpayers with a tax bill from a fictional government agency.
Here are some details about the property lien scam that will help taxpayers recognize it:
• This scheme involves a letter threatening an IRS lien or levy.
• The scammer mails the letter to a taxpayer.
• The lien or levy is based on bogus overdue taxes owed to a non-existent agency.
• The non-existent agencies might have a legitimate-sounding name like the “Bureau of Tax Enforcement.” There is no such agency.
• This scam may also reference the IRS to confuse potential victims into thinking the letter is from a real agency.

brugere.com 09/16/2019

St. Louis, MO CPA Firm | News Page | Brugere & Co. CPA, PC

Scam Alert: Watch out for IRS Impersonation Emails
Taxpayers should be aware that a new IRS impersonation scam email campaign is making the rounds. This latest scheme is yet another reminder that tax scams are a year-round business for thieves and taxpayers should be on guard at all times.

This latest scam uses dozens of compromised websites and web addresses that pose as IRS.gov. By infecting computers with malware, these scammers may be able to gain control of the taxpayer's computer or secretly download software that tracks every keystroke, eventually giving them passwords to sensitive accounts such as financial accounts.

The email subject line may vary, but recent examples use the phrase "Automatic Income Tax Reminder" or "Electronic Tax Return Reminder." The body of the email contains links that show an IRS.gov-like website with details pretending to be about the taxpayer's refund, electronic return or tax account.

In addition, the emails contain a "temporary password" or "one-time password" to "access" the files to submit the refund. But when taxpayers try to access these, it turns out to be a malicious file.

While much progress has been made by the IRS in the fight against stolen identity refund fraud, the battle against phishing emails and harassing phone calls remains ongoing and affects taxpayers of all incomes.

Remember: the IRS does not send unsolicited emails and never emails taxpayers about the status of refunds. Nor does it 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.

The IRS also doesn't call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail a bill to any taxpayer who owes taxes.

Questions? Help is just a phone call away.

https://www.brugere.com/newsletter.php?date=092019#5

brugere.com Brugere & Co. CPA, PC is a tax, accounting and trust/estate tax advising firm located in St. Louis, MO. Helping you keep more of YOUR money!

[09/11/19]   From the IRS
Two education credits help taxpayers with college costs
With school back in session, parents and students should look into tax credits that can help with the cost of higher education. They do this by reducing the amount of tax someone owes on their tax return. If the credit reduces tax to less than zero, the taxpayer may get a refund.
Taxpayers who pay for higher education in 2019 can see these tax savings when they file their tax returns next year. If taxpayers, their spouses or their dependents take post-high school coursework, they may be eligible for a tax benefit.
There are two credits available to help taxpayers offset the costs of higher education. The American opportunity tax credit and the lifetime learning credit may reduce the amount of income tax owed. Taxpayers use Form 8863, Education Credits, to claim the credits.
To be eligible to claim the American opportunity tax credit, or the lifetime learning credit, a taxpayer or a dependent must have received a Form 1098-T from an eligible educational institution.
The American opportunity tax credit is:
• Worth a maximum benefit up to $2,500 per eligible student.
• Only for the first four years at an eligible college or vocational school.
• For students pursuing a degree or other recognized education credential.
• Partially refundable. This means if the credit brings the amount of tax owed to zero, 40 percent of any remaining amount of the credit, up to $1,000, is refundable.

The lifetime learning credit is:
• Worth a maximum benefit up to $2,000 per tax return, per year, no matter how many students qualify.
• Available for all years of postsecondary education and for courses to acquire or improve job skills.
• Available for an unlimited number of tax years.

[08/03/19]   Got a call from my mother today. She got a phone call from someone who asked her to verify if a certain number was her SSN. Good job by her, she did not fall for the trick! No need to confirm or deny on the phone and, like mom, do not provide your actual SSN!

[07/26/19]   Scam ALERT- I just got a robo call from my own cell number! The recording said my {correctly named my provider} account was suspended. Same scam, new twist.

[07/16/19]   Getting married? Plan for your change in tax status. It could make a difference if you wait until next year.

[07/11/19]   Scam: Got a call from a guy saying he is with ATT and I can save money with an upgrade on my business line. We did not provide ANY information and called ATT to see if it was true ... It was not. When you get any call, unless you know the person calling you, do not provide information. You can follow up with a call using the phone number on your phone bill (or other company). 😠

[07/08/19]   Caution - Tax scams! (from the IRS)

The SSN scheme
• The latest twist includes scammers claiming to be able to suspend or cancel the victim’s Social Security number. This scam is similar to and often associated with the IRS impersonation scam.
• It is yet another attempt by con artists to frighten taxpayers into returning robocall voicemails.
• Scammers may mention overdue taxes in addition to threatening to cancel the taxpayer’s SSN.

Fake tax agency
• This scheme involves a letter threatening an IRS lien or levy.
• The scammer mails the letter to the taxpayer.
• The lien or levy is based on bogus overdue taxes owed to a non-existent agency.
• The fake agency is called the “Bureau of Tax Enforcement.” There is no such agency.

• The lien notification scam also likely references the IRS to confuse potential victims into thinking the letter is from a legitimate agency

[05/30/19]   Taxpayers should include tax plans in their wedding plans.

Couples getting married this year know there are a lot of details in planning a wedding. Along with the cake and gift registry, their first tax return as a married couple should be on their checklist. The IRS has tips and tools to help newlyweds consider how marriage may affect their taxes.

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Much more than Taxes!
Coordinating your estate/trust, cash- flow/retirement, investment & tax planning.

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10016 Office Center Ave, Ste 102
St. Louis, MO
63128

General information

Core Services include: Coordinating your estate/trust, cash-flow/retirement, investment & tax planning! Corporation and LLCs - We prepare tax returns and assist clients with accounting. Many of my clients use QuickBooks. Some clients only need help with year end adjustments and income tax returns. I visit other clients more frequently through the year as needed, even weekly or bi-weekly. I can help clients set up a corporation or LLC and guide them in keeping track of income and expenses. We prepare payroll tax returns for clients who write their own paychecks. Individual income tax returns - I help people with tax reporting. I prefer to file electronically when possible. Nothing is transmitted until the client gives permission. Taxes are only getting more complicated! I call it "complification", what we really need is simplification! Trusts - I prepare trust and estate tax returns. I help trustees with their duties and can serve as trustee as well. When the time comes for distributions under the trust, I advise making distributions through the year rather than waiting until everything is collected. Hold back enough to pay all expenses plus some as a cushion. Multiple distributions lets beneficiaries decide how to manage the money and reduces the decisions required of the trustee. Estates - Talk with us! We can help you understand your situation and help you resolve questions and challenges. Charitable remainder trusts, charitable lead trusts and private foundations - We assist trustees and "administer" trusts and foundations by making an accounting, preparing the tax returns and calculate necessary beneficiary distributions for the trustee to pay. To accomplish this, we work with the trustee's investment adviser.
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