Smart Accounting & Tax Solutions Inc

Smart Accounting & Tax Solutions Inc

Smart Accounting & Tax Solutions, Inc is a full-service tax and accounting firm for individual and Businesses.

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2021 child tax credit calculator: See if you'll get $500, $3,000 or $3,600 per kid 05/05/2021

2021 child tax credit calculator: See if you'll get $500, $3,000 or $3,600 per kid

2021 child tax credit calculator: See if you'll get $500, $3,000 or $3,600 per kid Use CNET's child tax credit calculator to find out how much money you'll get each month and in total.

Where's my tax refund? Americans face delays as IRS holds nearly 30M tax returns for manual processing 04/24/2021

Where's my tax refund? Americans face delays as IRS holds nearly 30M tax returns for manual processing

Where's my tax refund? Americans face delays as IRS holds nearly 30M tax returns for manual processing The Internal Revenue Service is holding 29 million returns for manual processing, contributing to longer refund delays for many Americans.

04/23/2021

The IRS has acknowledged that there’s been a delay in Form 1040 balance due, Form 1040-X amended, and Form 1040-ES estimated tax payment requests submitted via modernized e-file. The issue has been resolved, and pending payments are being processed. The taxpayer's account will be credited with the original requested payment date(s). Taxpayers should not re-submit these payments. If a taxpayer re-submitted a payment request due to the delay in processing, they may cancel the request by calling 888-353-4537. Cancellation requests must be received no later than 11:59 p.m. Eastern Time, at least two business days prior to the scheduled payment date.

The IRS has acknowledged that there’s been a delay in Form 1040 balance due, Form 1040-X amended, and Form 1040-ES estimated tax payment requests submitted via modernized e-file. The issue has been resolved, and pending payments are being processed. The taxpayer's account will be credited with the original requested payment date(s). Taxpayers should not re-submit these payments. If a taxpayer re-submitted a payment request due to the delay in processing, they may cancel the request by calling 888-353-4537. Cancellation requests must be received no later than 11:59 p.m. Eastern Time, at least two business days prior to the scheduled payment date.

04/08/2021

IRS will recalculate taxes on 2020 unemployment benefits and start issuing refunds in May

Normally, any unemployment compensation someone receives is taxable. However, a recent law change allows some recipients to not pay tax on some 2020 unemployment compensation.

The IRS will automatically refund money to eligible people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan. These refunds are expected to begin in May and continue into the summer.

IRS will recalculate taxes on 2020 unemployment benefits and start issuing refunds in May

Normally, any unemployment compensation someone receives is taxable. However, a recent law change allows some recipients to not pay tax on some 2020 unemployment compensation.

The IRS will automatically refund money to eligible people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan. These refunds are expected to begin in May and continue into the summer.

[03/16/21]   Updated 03/16/2021

Please be advised that it is unclear how the IRS or the states will handle this change in treatment of unemployment compensation for taxpayers who have already filed their 2020 returns.

Consequently, we strongly recommend that you delay filing amended returns pertaining to these changes until the IRS and the states release official guidance, as doing so now may require you to make additional adjustments later.

[03/13/21]   The IRS has informed NATP that it's reviewing implementation plans for the newly enacted American Rescue Plan Act of 2021. Additional information about a new round of economic impact payments, the expanded child tax credit, including advance payments, and other tax provisions will be made available as soon as possible.

The IRS strongly urges taxpayers not to file amended returns related to the new legislative provisions or take other unnecessary steps at this time.

The IRS will provide taxpayers with additional guidance on those provisions that could affect their 2020 tax return, including the retroactive provision that makes the first $10,200 of 2020 unemployment benefits nontaxable. For those who haven't filed yet, the IRS will provide a worksheet for paper filers and work with software industry to update current tax software so that taxpayers can determine how to report their unemployment income on their 2020 tax return. For those who received unemployment benefits last year and have already filed their 2020 tax return, the IRS emphasizes they should not file an amended return at this time, until the IRS issues additional guidance.

Also, the IRS has released IR-2021-54, which notes that the third economic impact payment will begin to be deposited over the next week. The third round of stimulus payments, those authorized by the 2021 American Rescue Plan Act, differs from the earlier payments in several respects:

The third stimulus payment will be larger for most people. Most families will get $1,400 per person, including all dependents claimed on their tax return. Typically, this means a single person with no dependents will get $1,400, while a family of four (married couple with two dependents) will get $5,600.
Unlike the first two payments, the third stimulus payment is not restricted to children under 17. Eligible families will get a payment based on all of their qualifying dependents claimed on their return, including older relatives like college students, adults with disabilities, parents and grandparents

When will I get my 2020 tax refund? Possible dates and IRS tracking tools 03/04/2021

When will I get my 2020 tax refund? Possible dates and IRS tracking tools

When will I get my 2020 tax refund? Possible dates and IRS tracking tools For some, filing a tax return is a dreaded time of the year -- but others look at tax season as the time to collect the money they overpaid throughout the year. And when you file your 2020 tax return this year, you'll get not only a refund but also your missing stimulus check money you claimed as a....

Biden Changes PPP Loan to Make It Easier for Smaller and Minority Owned Businesses to Get Funding 02/25/2021

Biden Changes PPP Loan to Make It Easier for Smaller and Minority Owned Businesses to Get Funding

Biden Changes PPP Loan to Make It Easier for Smaller and Minority Owned Businesses to Get Funding The PPP loan has been instrumental in helping many businesses get the funding they needed during the coronavirus pandemic, but others struggled to get approved. This was especially true for smaller businesses that required loans that were so small, many lenders didn’t think it was worth their time...

02/15/2021

We provide tax preparation services for businesses, non-profits, and individuals. Contact us anytime to make an appointment.

We provide tax preparation services for businesses, non-profits, and individuals. Contact us anytime to make an appointment.

02/13/2021

#taxseason2021🤑

#taxseason2021🤑

Photos from Smart Accounting & Tax Solutions Inc's post 01/25/2021

MORE CREDITS ARE COMING FOR LOW-INCOME TAXPAYERS

The maximum credit amounts are based on whether the taxpayer can claim a child for the credit and the number of children claimed:
Zero children: $538
One child: $3,584
Two children: $5,920
Three or more children: $6,660

01/25/2021

New this tax season
There's a new rule to help people impacted by a job loss or change in income in 2020. taxpayers can use their2019 earned income to figure your EITC if their 2019 earned income was more than their 2020 earned income. The same is true for the additional child tax credit. For details call us (703) 776-0176

New this tax season
There's a new rule to help people impacted by a job loss or change in income in 2020. taxpayers can use their2019 earned income to figure your EITC if their 2019 earned income was more than their 2020 earned income. The same is true for the additional child tax credit. For details call us (703) 776-0176

01/25/2021

2020 income limits

Those who are working and earn less than these amounts may qualify for the EITC:

Married filing jointly:

Zero children: $21,710
One child: $47,646
Two children: $53,330
Three or more children: $56,844
Head of household and single:

Zero children: $15,820
One child: $41,756
Two children: $47,440
Three or more children: $50,954
Taxpayers who are married filing separately can’t claim EITC.

2020 income limits

Those who are working and earn less than these amounts may qualify for the EITC:

Married filing jointly:

Zero children: $21,710
One child: $47,646
Two children: $53,330
Three or more children: $56,844
Head of household and single:

Zero children: $15,820
One child: $41,756
Two children: $47,440
Three or more children: $50,954
Taxpayers who are married filing separately can’t claim EITC.

01/25/2021

The maximum credit amounts are based on whether the taxpayer can claim a child for the credit and the number of children claimed:
Zero children: $538
One child: $3,584
Two children: $5,920
Three or more children: $6,660

The maximum credit amounts are based on whether the taxpayer can claim a child for the credit and the number of children claimed:
Zero children: $538
One child: $3,584
Two children: $5,920
Three or more children: $6,660

Did you lose the IRS letter you need to claim missing stimulus money? We can help 01/24/2021

Did you lose the IRS letter you need to claim missing stimulus money? We can help

Did you lose the IRS letter you need to claim missing stimulus money? We can help The IRS has a plan in place if you're still missing your stimulus money -- either the first round of payments for $1,200 or the second stimulus check for $600: You claim the amount you qualify for as a "Recovery Rebate Credit" when you file your federal taxes during the upcoming tax season.

Democrats working on legislation to provide $3,000 payments per child amid pandemic 01/24/2021

Democrats working on legislation to provide $3,000 payments per child amid pandemic

Democrats working on legislation to provide $3,000 payments per child amid pandemic House Democrats are working on legislation proposed by President Joe Biden to expand the existing child tax credit, directing the IRS to send recurring monthly payments to American families, a source familiar with the matter confirmed to CNN.

[01/22/21]   All taxpayers have fundamental rights when they’re interacting with the IRS. These rights apply all year long, not just during tax season. The Taxpayer Bill of Rights presents these rights in 10 categories.

Here’s an overview of these rights and links to details about each one:

The right to be informed Taxpayers have the right to know what is required to comply with the tax laws.
The right to quality service Taxpayers have the right to receive prompt, courteous, and professional assistance when working with the IRS and the freedom to speak to a supervisor about inadequate service.
The right to pay no more than the correct amount of Tax Taxpayers have the right to pay only the amount of tax legally due, including interest and penalties.
The right to challenge the IRS’s position and be heard Taxpayers have the right to object to formal IRS actions or proposed actions and provide justification with additional documentation.
The right to appeal an IRS Decision in an independent forum Taxpayers are entitled to a fair and impartial administrative appeal of most IRS decisions, including certain penalties.
The right to finality Taxpayers have the right to know the maximum amount of time they have to challenge an IRS position and the maximum amount of time the IRS must audit a particular tax year or collect a tax debt.
The right to privacy Taxpayers have the right to expect that any IRS inquiry, examination or enforcement action will comply with the law and be no more intrusive than necessary.
The right to confidentiality Taxpayers have the right to expect that their tax information will remain confidential.
The right to retain representation Taxpayers have the right to retain an authorized representative of their choice to represent them in their interactions with the IRS.
The right to a fair and just tax system Taxpayers have the right to expect fairness from the tax system. This includes considering all facts and circumstances that might affect their liabilities, ability to pay or provide information timely.

IRS Issues Stimulus Warning About Prepaid Debit Cards 01/18/2021

IRS Issues Stimulus Warning About Prepaid Debit Cards

IRS Warning

IRS Issues Stimulus Warning About Prepaid Debit Cards As millions of stimulus payments are starting to arrive, many are surprised about how they're getting their money. The U.S. Treasury Department started sending out cards to about eight million Americans last week. What may be confusing is some people who got paper checks for the first stimulus payme...

01/17/2021

We are open and ready to help you file your taxes. We will submit your returns as soon as the IRS open to get efile for Individual returns. Efile will be submitted right way for businesses returns as IRS opened it last January 8th. Call us today for appointment 703-776-0176

We are open and ready to help you file your taxes. We will submit your returns as soon as the IRS open to get efile for Individual returns. Efile will be submitted right way for businesses returns as IRS opened it last January 8th. Call us today for appointment 703-776-0176

01/17/2021

Tax Filing Season Not Extended

At this time, the IRS delay for accepting returns on February 12, 2020 does not change the due dates for any tax returns.

Individual tax returns are still due on April 15, 2021.

Cause of the Delay

The IRS issued the following statement:

“The Feb. 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the Dec. 27 tax law changes that provided a second round of Economic Impact Payments and other benefits.

This programming work is critical to ensuring IRS systems run smoothly. If filing season were opened without the correct programming in place, then there could be a delay in issuing refunds to taxpayers. These changes ensure that eligible people will receive any remaining stimulus money as a Recovery Rebate Credit when they file their 2020 tax return.”

Tax Filing Season Not Extended

At this time, the IRS delay for accepting returns on February 12, 2020 does not change the due dates for any tax returns.

Individual tax returns are still due on April 15, 2021.

Cause of the Delay

The IRS issued the following statement:

“The Feb. 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the Dec. 27 tax law changes that provided a second round of Economic Impact Payments and other benefits.

This programming work is critical to ensuring IRS systems run smoothly. If filing season were opened without the correct programming in place, then there could be a delay in issuing refunds to taxpayers. These changes ensure that eligible people will receive any remaining stimulus money as a Recovery Rebate Credit when they file their 2020 tax return.”

01/17/2021

Delayed Refunds

Anyone expecting to file their 2020 individual tax return as soon as they receive their W-2s should not expect their refund any time soon.

The IRS encourages taxpayers to use third-party processors such as TurboTax and TaxAct to file their returns as soon as possible. However, these third-party processors cannot submit the tax return to the IRS until February 12, 2021.

The first scheduled date for IRS direct deposits after February 12, 2021 is February 26, 2021. Returns electronically filed with direct deposit and no other issues will receive their refunds beginning February 26, 2021 and weekly thereafter.

Taxpayers claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) can expect to wait until the first week of March before the IRS begins releasing their refunds because returns claiming these credits receive extra scrutiny. The delay is mandated by the PATH Act to allow additional time to stop fraudulent refund claims based on the EITC, ACTC, and identity theft.

Delayed Refunds

Anyone expecting to file their 2020 individual tax return as soon as they receive their W-2s should not expect their refund any time soon.

The IRS encourages taxpayers to use third-party processors such as TurboTax and TaxAct to file their returns as soon as possible. However, these third-party processors cannot submit the tax return to the IRS until February 12, 2021.

The first scheduled date for IRS direct deposits after February 12, 2021 is February 26, 2021. Returns electronically filed with direct deposit and no other issues will receive their refunds beginning February 26, 2021 and weekly thereafter.

Taxpayers claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) can expect to wait until the first week of March before the IRS begins releasing their refunds because returns claiming these credits receive extra scrutiny. The delay is mandated by the PATH Act to allow additional time to stop fraudulent refund claims based on the EITC, ACTC, and identity theft.

If you received unemployment benefits you could owe taxes 01/16/2021

If you received unemployment benefits you could owe taxes

If you received unemployment benefits you could owe taxes EDINBURG, Texas (KVEO) — Tax season is just around the corner and for those who received unemployment benefits, you could be in for a big surprise. Those checks are taxable, so how much could you owe?. In a recent survey by Jackson Hewitt, 39 percent didn’t know unemployment checks are...

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101 E Holly Ave, Ste 15
Sterling, VA
20164

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Monday 10:00 - 06:00
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Saturday 11:00 - 17:00
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