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Announcement Regarding April 15 Tax Filing Deadline
Because the deadline falls on Monday, we will be unable to schedule tax appointments that day. We will be filing extensions that day. When we electronically file a tax return, it takes 24-48 hours to receive the acknowledgement of acceptance or rejection notice from the federal and state governments. Should a return REJECT for any…
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IRS Revises EIN Application Process
WASHINGTON — As part of its ongoing security review, the Internal Revenue Service announced today that starting May 13 only individuals with tax identification numbers may request an Employer Identification Number (EIN) as the “responsible party” on the application. An EIN is a nine-digit tax identification number assigned to sole proprietors, corporations, partnerships, estates, trusts,…
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Democratic Republic of the Congo, Cuba, Iraq, and Nicaragua added to the list of waiver countries
Revenue Procedure 2019-15 provides a waiver for the time requirements for individuals electing to exclude their foreign earned income who must leave a foreign country because of war, civil unrest, or similar adverse conditions in that country. Rev. Proc. 2019-15 adds the Democratic Republic of the Congo, Cuba, Iraq, and Nicaragua to the list of…
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Taxpayer Bill of Rights outlines rights for all taxpayers
Every taxpayer has rights when dealing with the IRS. The Taxpayer Bill of Rights takes these rights from the tax code and groups them into 10 categories. To help taxpayers interacting with the IRS understand their rights, the agency outlines them in Publication 1, Your Rights as a Taxpayer. Here are the first five rights…
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Be Prepared for your Tax Appointment
Message to New Clients – It is to your great advantage to be prepared to answer the agent’s questions during the interview process. For example, when the agent asks “how much out-of-pocket medical expense did you have last year?” You should be able to answer $3,192 or whatever dollar amount. Do not pull out a…
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Foreign Account Tax Compliance Act
FATCA refers to the Foreign Account Tax Compliance Act that requires reporting on specified foreign accounts by U.S. taxpayers and foreign financial institutions. In general, federal law requires U.S. citizens to report worldwide income, including income from foreign trusts and foreign bank and securities accounts. The Foreign Account Tax Compliance Act (FATCA), which was passed…
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Scheduling Your Appointment Online
Many of our clients find it more convenient than calling and having a conversation. The client can cancel, change their mind, change to a different date and time or simply stop and come back to it later if they need to. Online Appointment Scheduler Schedule appointment In addition to the many benefits to the client,…
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Three Weeks till Filing Deadline
The filing deadline for individuals was March 1 in 1913 (the first year of a federal income tax), and was changed to March 15 in 1918 and again to April 15 in 1955. Two years later, Al LaGrone founded the firm in 1957 in Arab, Alabama. We have been helping taxpayers every year for the…
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IRS expands penalty waiver for those whose tax withholding and estimated tax payments fell short in 2018; key threshold lowered to 80 percent
WASHINGTON — The Internal Revenue Service today provided additional expanded penalty relief to taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is lowering to 80 percent the threshold required to qualify for this relief. Under the relief originally announced…
