Davis & Cleveland CPA's

IR-2020-280, December 29, 2020 WASHINGTON Today, the Internal Revenue Service and the Treasury Department will begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments earlier this year. The initial direct deposit payments may begin arriving as early as tonight for some and will continue into next week. Paper checks will...Continue reading

We are closed Monday 09/07/20 in honor of Labor Day. We have a drop box in the front door and the answering machine is on. 478-986-3100. Enjoy your holiday!

As of now, during the COVID-19 pandemic, we are operating shorted hours and our lobby is closed. We have a mail slot in the front door for your convenience and we offer curb service outside. Just call 478-986-3100 when you arrive. Hours are Monday - Friday 9am to 4pm. Thank you and be safe!

Department of Labor Update 1. Can I receive benefits if my employer sent me home because of COVID-19? If your employ sent you home due to a lack of work because of COVID-19 and is not paying you for your time off, you are eligible to receive unemployment benefits. Only workers who are not being paid or who are being paid for reduced hours due to COVID-19 are eligible to receive benefits. You...Continue reading

March 18, 2020 The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can't file by the April 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request a six-month extension to file thei...r return. This payment relief includes: Individuals: Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due. This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief. Corporations: For C Corporations, income tax payment deadlines are being automatically extended until July 15, 2020, for up to $10 million of their 2019 tax due. This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020. Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. If you file your tax return or request an extension of time to file by April 15, 2020, you will automatically avoid interest and penalties on the taxes paid by July 15. The IRS reminds individual taxpayers the easiest and fastest way to request a filing extension is to electronically file Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses must file Form 7004. This relief only applies to federal income tax (including tax on self-employment income) payments otherwise due April 15, 2020, not state tax payments or deposits or payments of any other type of federal tax. Taxpayers also will need to file income tax returns in 42 states plus the District of Columbia. State filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details.

What tax breaks can affect the timing of my refund? If you are claiming the Earned Income Tax Credit or the Additional Child Tax Credit, your refund is most likely going to be delayed. The IRS does not typically send out these refunds before mid-February, which means your refund will probably arrive in early March according to the IRS.

What is the IRS refund schedule? The IRS typically sends out refunds on a schedule. This schedule varies by the method you sent your return in, when you file, and what credits you claim. See an estimated schedule in the chart below. Filing method and refund delivery method How long it takes to receive your refund from the time your return is accepted E-file and direct deposit 1-3 weeks ... E-file and check 1 month Mail in return and direct deposit 3 weeks Mail in return and check 2 months See more

U.S. Department of Labor Issues Final Overtime Rule Today the U.S. Department of Labor announced a final rule to make 1.3 million American workers eligible for overtime pay under the Fair Labor Standards Act (FLSA). ...Continue reading

Taxpayers who claim the Earned Income Tax Credit or the Additional Child Tax Credit may experience a refund hold. According to the Protecting Americans from Tax Hikes (PATH) Act, the IRS cannot issue these refunds before mid-February. The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or debit cards starting February 27, 2019, if these taxpayers chose direct deposit and there are no other issues with their tax return. Where's My R...efund? on IRS.gov and the IRS2Go mobile app will be updated February 23 for the vast majority of early filers who claimed the Earned Income Tax Credit or the Additional Child Tax Credit. These taxpayers will not see a refund date on Where's My Refund? or through their software packages until then. The IRS, tax preparers and tax software will not have additional information on refund dates, so Where’s My Refund? remains the best way to check the status of a refund. Where’s My Refund? is only updated once daily, usually overnight, so checking it more often will not produce new or different results. Why is my refund being held? If you claim the EITC or ACTC on your tax return, the IRS cannot issue your refund before mid-February. The law requires the IRS to hold the entire refund even the portion not associated with the EITC or ACTC. Like previous years, some tax refunds may be held if there are questions about the tax return or the IRS needs more information. When will I get my refund? The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or debit cards starting February 27, 2019, if these taxpayers chose direct deposit and there are no other issues with their tax return. Why does it take so long for the funds to show up in my account? It takes additional time for refunds to be processed after leaving the IRS, and for financial institutions to accept and deposit them to bank accounts and products like debit cards. Also, many financial institutions do not process payments on weekends or holidays, which can affect when refunds reach taxpayers. For EITC and ACTC filers, the three-day holiday weekend involving President’s Day affects their refund timing. How do I check the status of my refund? Where's My Refund on IRS.gov and the IRS2Go mobile app remains the best way to check the status of a refund. Where’s My Refund will be updated with projected deposit dates for most early EITC and ACTC refund filers by February 23 so those filers will not see a refund date on Where's My Refund or through their software packages until then. The IRS, tax preparers and tax software will not have additional information on refund dates, so these filers should not contact or call about refunds before the end of February.

Points to Keep in Mind When Choosing A Tax Preparer If you pay someone to prepare your tax return, the IRS urges you to choose that preparer wisely. Taxpayers are legally responsible for what’s on their tax return even if it is prepared by someone else. So, it is important to choose carefully when hiring an individual or firm to prepare your return. Most return preparers are professional, honest and provide excellent service to their clients. Here are a few points to keep in ...mind when choosing someone else to prepare your return: Check the person’s qualifications. Ask if the preparer is affiliated with a professional organization that provides its members with continuing education and resources and holds them to a code of ethics.New regulations require all paid tax return preparers including attorneys, CPAs and enrolled agents to apply for a Preparer Tax Identification Number even if they already have one before preparing any federal tax returns in 2011 and after. Check on the preparer’s history. Check to see if the preparer has a questionable history with the Better Business Bureau and check for any disciplinary actions and licensure status through the state boards of accountancy for certified public accountants; the state bar associations for attorneys; and the IRS Office of Professional Responsibility for enrolled agents. Find out about their service fees. Avoid preparers who base their fee on a percentage of your refund or those who claim they can obtain larger refunds than other preparers. Make sure the tax preparer is accessible.Make sure you will be able to contact the tax preparer after the return has been filed, even after the April due date, in case questions arise. Provide all records and receipts needed to prepare your return. Most reputable preparers will request to see your records and receipts and will ask you multiple questions to determine your total income and your qualifications for expenses, deductions and other items. Never sign a blank return. Avoid tax preparers that ask you to sign a blank tax form. Review the entire return before signing it.Before you sign your tax return, review it and ask questions. Make sure you understand everything and are comfortable with the accuracy of the return before you sign it. Make sure the preparer signs the form and includes their PTIN.A paid preparer must sign the return and include their PTIN as required by law. Although the preparer signs the return, you are responsible for the accuracy of every item on your return.The preparer must also give you a copy of the return.

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Georgia tax officials said that some 2017 refunds may be delayed due to fraud prevention efforts, a warning that comes after complaints this year that it took longer than usual to process income tax returns. Starting this year, all first-time Georgia income tax filers or taxpayers who have not filed here for at least five years will only be able to receive refunds in the form of a paper check and not by electronic transfer. The state won’t begin processing individual returns until Feb. 1, with officials saying it could take more than 90 days to issue a refund if one is due.

"The IRS will begin to release EITC/ACTC refunds starting Feb 15. However, the IRS cautions taxpayers that these refunds likely won't arrive in bank accounts or on debit cards until the week of Feb. 27," the IRS said in a statement. More than 28 million taxpayers claimed the EITC in 2015; another 20 million claimed the ACTC. EITC credits range from $3,300 for a family with one child up to $6,250 for one with three or more children. ACTC qualifies some taxpayers up to $1,000 p...er child. Other filers could see a slowdown in refunds as well as anti-identity theft measures are enacted. Taxpayers will still file on their normal schedule. The IRS will begin accepting electronic tax returns on Jan. 23. The filing deadline for 2016 returns is April 18, 2017 - three days later than normal - because April 15, 2017 falls on a Saturday and Emancipation Day, which is celebrated in Washington, D.C., is commemorated on Monday, April 17.

Attached is a value guide published by the Salvation Army to help you value your used item donations to charities. http://salvationarmysouth.org/valueguide-htm/

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