The Rascon CPA Firm PLLC is a firm founded by Melissa Rascon, CPA located in the heart of The Woodlands and in Humble, TX off I-59 and 1960.
The Rascon CPA Firm PLLC is a firm founded by Melissa Rascon, CPA located in the heart of The Woodlands. Melissa is a highly experienced Tax Professional with seventeen years of experience in both public accounting and industry, and is dedicated to providing top quality tax planning, compliance, and consultation services for individuals and small and medium sized companies for both domestic and in
Operating as usual
The IRS also encourages taxpayers to file electronically. While a person can choose direct deposit whether they file their taxes on paper or electronically, a taxpayer who e-files will typically see their refund in less than 21 days. Taxpayers can track their refund using "Where’s My Refund?" on IRS.gov or by downloading the IRS2Go mobile app.
“Where’s My Refund?” is updated once daily, usually overnight, so there’s no reason to check more than once per day or call the IRS to get information about a refund.
Taxpayers can check “Where’s My Refund?” within 24 hours after the IRS has received their e-filed return or four weeks after receipt of a mailed paper return. “Where’s My Refund?” has a tracker that displays progress through three stages:
(1) Return Received,
(2) Refund Approved, and
(3) Refund Sent.
Whether through IRS Free File or commercially available software, electronic filing vastly reduces tax return errors, as the tax software does the calculations, flags common errors and prompts taxpayers for missing information.
Happy New Year y'all!! Make it prosperous!
We wish everyone a very Merry Christmas.
Adjusting how much tax is withheld from your paycheck will likely now take longer — except for working married couples — thanks to a new Form W-4 released this week from the Internal Revenue Service.
The new form is longer and gets rid of allowances that you could claim for yourself and other family members. Instead, it asks for more precise information that may require a second look at last year’s taxes. The changes to the form better reflect the Tax Cuts and Jobs Act (TCJA) tax law that went into effect in 2018.
money.yahoo.com Adjusting how much tax is withheld from your paycheck will likely now take longer — except for working married couples — thanks to a new Form W-4 released this week from the Internal Revenue Service.
Retirement Contribution Changes for 2020
The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $19,000 to $19,500.
The catch-up contribution limit for employees aged 50 and over who participate in these plans is increased from $6,000 to $6,500.
The limitation regarding SIMPLE retirement accounts for 2020 is increased to $13,500, up from $13,000 for 2019.
The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs and to claim the Saver’s Credit all increased for 2020.
Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. If during the year either the taxpayer or his or her spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income. (If neither the taxpayer nor his or her spouse is covered by a retirement plan at work, the phase-outs of the deduction do not apply.)
Click the link below for more information!
Congratulations Washington Nationals. 👍🏽
It is not the ending we were hoping for. But we are not crying because it ended. We are smiling because it happened. Til next season Astros! 🧡💙🧡💙
Good luck Stros. We are Houston Proud! 🧡💙🧡💙
Game 7, here for it.
Astros!! Bring it home!
Happy Birthday Dad. I miss you beyond words.
Come celebrate the last day of the 2019 Tax Season at the Grand Opening of Toasted Yolk Cafe in The Woodlands on East Shore Drive off Grogan's Mill Rd near The Woodlands Parkway. They are giving free donuts!!
The Toasted Yolk Cafe will open in The Woodlands on April 15! Subscribe to the Yolk Club for a chance to win a $100 gift card to be used during our grand opening week: http://eepurl.com/glYj7n
This is a story we hear all too often, and it is one that small businesses cannot afford. It is worth the cost to hire an independent CPA firm to put a second set of eyes to the accounting cycle of your business, and implement internal controls around significant points that will maintain security around the company’s cash flow. Don’t play games with your company’s future. You’ve earned it!
It almost took the company out of business,” Cory Johnson said.
One co-owner left in 2017 because of losses incurred. These same losses lead to two full-time employees being laid off, including one man whose wife was close to giving birth.
“We felt horrible having to let him go,” Jennifer Johnson said.
The bulk of the money she owes has been paid, according to the case’s prosecutor, Montgomery County Assistant District Attorney Joel Daniels.
yourconroenews.com Jennifer Marie LaBarge, 47, pleaded guilty to aggregated theft and was sentenced to 180 days in jail and received 10 years probation.
Hello Everyone! The IRS has issued new guidance on the new tax law for the deduction of Meals & Entertainment. Click the link below to learn more!
Under this notice, taxpayers may deduct 50% of an otherwise allowable business meal expense if:
•The expense is an ordinary and necessary expense under §162(a) paid or incurred during the taxable year in carrying on any trade or business;
•The expense is not lavish or extravagant under the circumstances;
•The taxpayer, or an employee of the taxpayer, is present at the furnishing of the food or beverages;
•The food and beverages are provided to a current or potential business customer, client, consultant, or similar business contact; and
•In the case of food and beverages provided during or at an entertainment activity, the food and beverages are purchased separately from the entertainment, or the cost of the food and beverages is stated separately from the cost of the entertainment on one or more bills, invoices, or receipts. The entertainment disallowance rule may not be circumvented through inflating the amount charged for food and beverages.
rasconcpafirm.com This notice provides transitional guidance on the deductibility of expenses for certain business meals under §274 of the Internal Revenue Code. Section 274 was amended by the Tax Cuts and Jobs Act, Pub. L. No. 115-97, §13304, 131 Stat. 2054, 2123 (2017) (the Act). As amended by the Act, §274 gene...
Happy Monday! Let's have a productive week!
#TheRasconCPAFirm #TheRasconCPAFirmHumbleTX #TheRasconCPAFirmTheWoodlandsTX #mondaymotivation
Happy Friday everyone! You can’t move forward in the right direction, with the right energy if you are not focused. #TheRasconCPAFirm #TheRasconCPAFirmHumbleTX #TheRasconCPAFirmTheWoodlaandsTX #Taxes #Accountant #Focused #Goals #FinancialFreedom
The American Institute of CPAs is asking the Internal Revenue Service and the Treasury Department for additional penalty relief for taxpayers who didn’t get around to adjusting their withholding and estimated tax payments last year after the changes in the Tax Cuts and Jobs Act.
The IRS agreed last month to provide penalty relief in response to requests from the AICPA, as well as the National Conference of CPA Practitioners, and probably more importantly, leaders of the Senate Finance Committee. But the AICPA feels the relief didn’t go far enough. Click below for more information!
#TheRasconCPAFirm #TheRasconCPAFirmHumbleTX #TheRasconCPAFirmTheWoodlaandsTX #Taxes #Accountant
accountingtoday.com The American Institute of CPAs is asking the IRS and the Treasury for additional relief for taxpayers who didn't adjust their withholdings last year for the Tax Cuts and Jobs Act.
#TheRasconCPAFirm #TheRasconCPAFirmHumbleTX #TheRasconCPAFirmTheWoodlaandsTX #Taxes #Accountant
Click Link to read more!
#TheRasconCPAFirm #TheRasconCPAFirmHumbleTX #TheRasconCPAFirmTheWoodlaandsTX
Last week the IRS released Notice 2019-07
This notice contains a proposed revenue procedure that provides for a safe harbor under which a rental real estate enterprise will be treated as a trade or business solely for purposes of the 199A deduction.
To qualify for treatment as a trade or business under this safe harbor, the rental real estate enterprise must satisfy the requirements of the proposed revenue procedure. If an enterprise fails to satisfy these requirements, the rental real estate enterprise may still be treated as a trade or business for purposes of section 199A if the enterprise otherwise meets the definition of trade or business in the IRS Treasury Regs.
Click below to learn more!
#TheRascomCPAFirm #TheRasconCPAFirmHumbleTX #TheRasconCPAFirmTheWoodlaandsTX #199A #SafeHabor #RentalRealEstate
rasconcpafirm.com This notice contains a proposed revenue procedure that provides for a safe harbor under which a rental real estate enterprise will be treated as a trade or business solely for purposes of section 199A of the Internal Revenue Code (the Code) and §§ 1.199A-1 through 1.199A-6 of the Income Tax Regula...
Don’t you just love Friday’s? ♥️ Have a great day y’all. 😊
#TheRascomCPAFirm #TheRasconCPAFirmHumbleTX #TheRasconCPAFirmTheWoodlaandsTX #Happy
❕➡️The Rascon CPA Firm New Location: Humble, Texas!!! ⬅️❕
The Woodlands, Texas
#TheRascomCPAFirm #NewLocation #TheRasconCPAFirmHumbleTX #TheRasconCPAFirmTheWoodlaandsTX
❗❗Must Be Filed Today ❗❗
❗❗ 1099-MISC NEC & W-2/W-3 CANNOT BE EXTENDED ❗❗
#TheRascomCPAFirm #TexasCPAFirm #Jan31DueDate #MustBeFiled
🎉CELEBRATING FIVE YEARS 🎉
At The Rascon CPA Firm, we help you stay focused. Staying focused on your business helps you succeed. Staying focused on what you do best can help take your business to the next level.
#TheRascomCPAFirm #fiveyearanniversary #CPAFirmTheWoodlands #CPAFrmHumble #TexasCPAFirm
The Internal Revenue Service successfully opened the 2019 tax-filing season today as the agency started accepting and processing federal tax returns for tax year 2018. Despite the major tax law changes made by the Tax Cuts and Jobs Act, the IRS was able to open this year’s tax-filing season one day earlier than the 2018 tax-filing season.
More than 150 million individual tax returns for the 2018 tax year are expected to be filed, with the vast majority of those coming before the April tax deadline. Through mid-day Monday, the IRS had already received several million tax returns during the busy opening hours.
“The IRS will be doing everything it can to have a smooth filing season,” IRS Commissioner Chuck Rettig said. “Taxpayers can minimize errors and speed refunds by using e-file and IRS Free File along with direct deposit.”
The IRS expects the first refunds to go out in the first week of February and many refunds to be paid by mid- to late February like previous years. The IRS reminds taxpayers to check “Where’s My Refund?" for updates. Demand on IRS phones during the early weeks of tax season is traditionally heavy, so taxpayers are encouraged to use IRS.gov to find answers before they call.
irs.gov IR-2019-07, January 28, 2019 ― The RS successfully opened the 2019 tax-filing season today as the agency started accepting and processing federal tax returns for tax year 2018.
Do you know what today is? It is the first filing day of tax season! Welcome aboard!!
There is great news for the Q4 estimated tax payments for your individual 2018 tax returns!
The IRS recently released Notice 2019-11 to provide a waiver for the underpayment penalty related to the fourth quarter tax payments due Jan 15th 2019.
This waiver applies to individuals who have federal withholding and estimated tax payments that total to at least 85% of their tax liability calculated on their 2018 tax returns. This applies to all taxpayers, no matter what level of income you earn. The general rule is paying in at least 90% for lower income taxpayers and 110% for higher income taxpayers who have adjusted gross income over $150k.
Click the article below to learn more!
rasconcpafirm.com On January 16th the IRS released Notice 2019-11 to provide a waiver for the underpayment penalty related to the fourth quarter estimated tax payments due January 15th 2019 for certain individuals who would otherwise be required to make.
The state of Texas' Comptroller's office is offering a Texas Tax Amnesty Program for delinquent filings and payments of taxes.
Eligible taxpayers include those who:
•Did not file for periods before Jan. 1, 2018; or
•underreported taxes or fees due for any reason, such as erroneously claiming credits or deductions.
The Texas Tax Amnesty Program will, under certain circumstances, provide delinquent taxpayers with relief from penalties and interest on tax due.
Tax amnesty applies to periods prior to Jan. 1, 2018, and only includes liabilities that have not been previously reported to the Comptroller's office.
It does not apply to accounts which have been certified to the Office of the Attorney General; accounts which are presently in litigation; periods that are currently under audit or for which a notice of audit has been issued; or accounts that have been reduced to judgment.
comptroller.texas.gov texas tax amnesty program
Congratulations Houston Astros!! You my boys...are some kind of ball players. ♥️
The moment. #EarnedHistory
We would like to wish everyone a Happy Good Friday. Please spend it in peace with family and friends.
Are you spending more time on your books than on your business?
We can help! Call us at (832) 482-4611.
When servicing our clients we take our role very seriously and always work to ensure great quality service so they can focus on achieving their goals.
Listen to what a few of our clients had to say about their experience with us!
youtube.com Listen to our clients describe their experience with The Rascon CPA firm.
What was once the world's biggest smartphone maker is now out of the phone manufacturing business altogether. Since 2009, its market share has fallen from 20% to just .1%.
But Blackberry is looking to stage a comeback, just not with smartphones. Blackberry has been quietly ramping up its self-driving car software efforts to compete with the likes of Apple down the line.
businessinsider.com Blackberry is trying to get a slice of the self-driving car industry with its QNX Operating System.
Amazon just announced an attractive upgrade to its existing rewards credit card — but it's for Prime members only.
Are you interested in expanding your business to Mexico?
The State of Texas Mexico Office invites Texas companies interested in expanding their market through exports, to join them at Expo Manufactura, Latin America’s leading trade show for manufacturing technology. Expo Manufactura is four trade shows in one, with industry specific pavilions to position Texas businesses in front of key decision-makers.
#RasconCPA #ExpandingYourBusiness #Mexico
expomanufactura.com.mx Manufactura 2017
Happy New Year everyone!
In 2016 Melissa Rascon made her mark both in The Woodlands, Oak Ridge, and Conroe area, as well as in Houston by getting involved in many facets of the community. So much so that she put this video together to share some of her experiences with you.
From attending new business grand openings, to many community events that give to charity, to getting involved in political campaigns for the first time to support candidates she sincerely believes in and supports, Melissa made her way around the Houston Metropolitan area, met many people and formed many friendships and business partners.
We expect 2017 to be a great year with the much anticipated passage of the largest Tax Reform Bill since 1986. This year starts off with the Super Bowl happening right here in Houston. We believe this will be the kick off a very prosperous year for everyone. We encourage everyone to stay focused and get involved in your community!
In 2017 Melissa decided to focus her community efforts on two specific causes near to her heart -- Child S*x Trafficking and Animal Cruelty.
Because Melissa is very passionate about giving back to the community, we will be doing something different this year and sharing events on our FB page that are happening in the Houston area for various charities, particularly around the causes the firm will be supporting.
We wish you a great 2017!
#MakingADifference #AchievingGoals #TouchingLives #TaxReform #RasconCPA
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