Lamber Accounting & Tax Services LLC

Issue Number: COVID Tax Tip 2020-44 ________________________________________ Questions about Economic Impact Payments The IRS is issuing Economic Impact Payments. These payments are being issued automatically for most individuals. However, some people who don’t usually file a tax return will need to submit basic information to the IRS to receive their payment....Continue reading

Tax planning includes determining filing status Single or married? Kids or no kids? These are just a couple of questions that will help someone determine their tax filing status. Taxpayers usually only think about their filing status when filing their returns. However, this is something to think about all year, especially if it changes. This tip is one in a series about tax planning. These tips focus on steps taxpayers can take now to help them down the road. Here are some th...ings about filing status that taxpayers should consider now: A taxpayer’s filing status is used to determine their: Filing requirements Standard deduction Eligibility for certain credits Correct amount of tax If more than one filing status applies to someone, they can use the Interactive Tax Assistant to help them choose the one that will result in the lowest amount of tax. Changes to family life may affect someone’s tax situation. These changes include: Marriage Divorce Birth of a new baby Adoption of a child Death Typically, a taxpayer’s status on December 31 applies to the entire year for tax purposes. For example, if someone gets married late in the year, for tax purposes they’re considered married for the entire year. See more

Economic impact payments: What you need to know Check IRS.gov for the latest information: No action needed by most people at this time IR-2020-61, March 30, 2020...Continue reading

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IRS confirms tax filing season to begin January 28 WASHINGTON Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled. We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to the taxpayers during this period, said IRS Commission...er Chuck Rettig. Congress directed the payment of all tax refunds through a permanent, indefinite appropriation (31 U.S.C. 1324), and the IRS has consistently been of the view that it has authority to pay refunds despite a lapse in annual appropriations. Although in 2011 the Office of Management and Budget (OMB) directed the IRS not to pay refunds during a lapse, OMB has reviewed the relevant law at Treasury’s request and concluded that IRS may pay tax refunds during a lapse. The IRS will be recalling a significant portion of its workforce, currently furloughed as part of the government shutdown, to work. Additional details for the IRS filing season will be included in an updated FY2019 Lapsed Appropriations Contingency Plan to be released publicly in the coming days. IRS employees have been hard at work over the past year to implement the biggest tax law changes the nation has seen in more than 30 years, said Rettig. As in past years, the IRS will begin accepting and processing individual tax returns once the filing season begins. For taxpayers who usually file early in the year and have all of the needed documentation, there is no need to wait to file. They should file when they are ready to submit a complete and accurate tax return. The filing deadline to submit 2018 tax returns is Monday, April 15, 2019 for most taxpayers. Because of the Patriots’ Day holiday on April 15 in Maine and Massachusetts and the Emancipation Day holiday on April 16 in the District of Columbia, taxpayers who live in Maine or Massachusetts have until April 17, 2019 to file their returns. Software companies and tax professionals will be accepting and preparing tax returns before Jan. 28 and then will submit the returns when the IRS systems open later this month. The IRS strongly encourages people to file their tax returns electronically to minimize errors and for faster refunds

Security Summit Partners highlight new password guidance, urge taxpayers and practitioners to protect all accounts IR-2018-241, December 4, 2018 WASHINGTON To help protect against cybercriminals stealing identities, the IRS, state tax agencies and the nation’s tax industry urged people to review new, stronger standards to protect the passwords of their online accounts. Every individual or tax practitioner who maintains any type of online accounts should use strong password...Continue reading

IRS opens 2019 tax filing season for individual filers on Jan. 27 WASHINGTON The Internal Revenue Service confirmed that the nation’s tax season will start for individual tax return filers on Monday, Jan. 27, 2020, when the tax agency will begin accepting and processing 2019 tax year returns. The deadline to file 2019 tax returns and pay any tax owed is Wednesday, April 15, 2020. More than 150 million individual tax returns for the 2019 tax year are expected to be filed, w...ith the vast majority of those coming before the traditional April tax deadline. As we enter the filing season, taxpayers should know that the dedicated workforce of the IRS stands ready to help, said IRS Commissioner Chuck Rettig. We encourage taxpayers to plan ahead and use the tools and information available on IRS.gov. The IRS and the nation's tax community are committed to making this another smooth filing season." The IRS set the Jan. 27 opening date to ensure the security and readiness of key tax processing systems and to address the potential impact of recent tax legislation on 2019 tax returns. While taxpayers may prepare returns through the IRS’ Free File program as well as many tax software companies and tax professionals before the start date, processing of those returns will begin after IRS systems open later this month. The IRS encourages everyone to consider filing electronically and choosing direct deposit, Rettig said. It’s fast, accurate and the best way to get your refund as quickly as possible. See more

Lamber Accounting & Tax Services is focused on helping small business owners, entrepreneurs and individuals be organized and more financially responsible. It’s main focus is to develop, organize and maintain accounting records for people that are always on the go; while helping families and individuals understand how money works and planning for their future. The motto says it all - ‘Taking care of your accounting and tax service needs, one book and family at a time’

IRS: Make a tax payment now, avoid a tax-time surprise WASHINGTON Taxpayers who paid too little tax during 2019 can still avoid a tax-time surprise by making a quarterly estimated tax payment now, directly to the Internal Revenue Service. The deadline for making a payment for the fourth quarter of 2019 is Wednesday, January 15, 2020. Income taxes are pay-as-you-go. This means that by law, taxpayers are required to pay most of their tax during the year as income is received. ...Continue reading

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IRS provides additional day to file and pay for taxpayers through Wednesday, April 18; IRS processing systems back online IR-2018-100, April 17, 2018 WASHINGTON The Internal Revenue Service announced today that it is providing taxpayers an additional day to file and pay their taxes following system issues that surfaced early on the April 17 tax deadline. Individuals and businesses with a filing or payment due date of April 17 will now have until midnight on Wednesday, April... 18. Taxpayers do not need to do anything to receive this extra time. The IRS encountered system issues Tuesday morning. Throughout the system outage, taxpayers were still able to file their tax returns electronically through their software providers and Free File. Taxpayers using paper to file and pay their taxes at the deadline were not affected by the system issue. This is the busiest tax day of the year, and the IRS apologizes for the inconvenience this system issue caused for taxpayers, said Acting IRS Commissioner David Kautter. The IRS appreciates everyone’s patience during this period. The extra time will help taxpayers affected by this situation. The IRS advised taxpayers to continue to file their taxes as normal Tuesday evening whether electronically or on paper. See more

IR-2019-191, November 26, 2019 WASHINGTON As tax filing season approaches, the Internal Revenue Service cautions taxpayers not to rely on receiving their refund by a certain date, especially when making major purchases or paying bills. Some tax returns may require additional review and those refunds may take longer. Many factors affect refund timing...Continue reading

These Tax Credits Can Mean a Refund for Individual Taxpayers IRS Tax Tip 2018-16, January 31, 2018 Taxpayers who are not required to file a tax return may want to do so. They might be eligible for a tax refund and don’t even know it. Some taxpayers might qualify for a tax credit that can result in money in their pocket. Taxpayers need to file a 2017 tax return to claim these credits. Here is information about four tax credits that can mean a refund for eligible taxpayers: Ear...ned Income Tax Credit. A taxpayer who worked and earned less than $53,930 last year could receive the EITC as a tax refund. They must qualify for the credit, and may do so with or without a qualifying child. They may be eligible for up to $6,318. Taxpayers can use the 2017 EITC Assistant tool to find out if they qualify. Premium Tax Credit.Taxpayers who chose to have advance payments of the premium tax credit sent directly to their insurer during 2017 must file a federal tax return to reconcile any advance payments with the allowable premium tax credit. In addition, taxpayers who enrolled in health insurance through the Health Insurance Marketplace in 2017 and did not receive the benefit of advance credit payments may be eligible to claim the premium tax credit when they file. They can use the Interactive Tax Assistant to see if they qualify for this credit. Additional Child Tax Credit. If a taxpayer has at least one child that qualifies for the Child Tax Credit, they might be eligible for the ACTC. This credit is for certain individuals who get less than the full amount of the child tax credit. American Opportunity Tax Credit. To claim the AOTC, the taxpayer, their spouse or their dependent must have been a student who was enrolled at least half time for one academic period. The credit is available for four years of post-secondary education. It can be worth up to $2,500 per eligible student. Even if the taxpayer doesn’t owe any taxes, they may still qualify. They are required to have Form 1098-T, Tuition Statement, to be eligible for an education benefit. Students receive this form from the school they attended. There are exceptions for some students. Taxpayers should complete Form 8863, Education Credits, and file it with their tax return. By law, the IRS is required to hold EITC and Additional Child Tax Credit refunds until mid-February even the portion not associated with the EITC or ACTC. The IRS expects the earliest of these refunds to be available in taxpayer bank accounts or debit cards starting February 27, 2018, if these taxpayers choose direct deposit and there are no other issues with their tax return. See more

The filing deadline for extension filers is almost here!!! It’s almost herethe filing deadline for taxpayers who requested an extension to file their 2018 tax return. This year’s deadline is Tuesday, October 15. Even though time before the extension deadline is dwindling, there’s still time for taxpayers to file a complete and accurate return. Taxpayers should remember they don’t have to wait until October 15 to file. They can file whenever they are ready. Taxpayers who did not request an extension and have yet to file a 2018 tax return can generally avoid additional penalties and interest by filing the return as soon as possible and paying the amount owed.