Basics & Beyond Tax Flash January 2020
Happy New Year and Welcome to 2020! We hope your holiday included joyful moments and a few days of rest, as we look toward the 2020 filing seasons and the challenges it may present. As with what has become a normal occurrence, Congress passed late legislation in the form of an extender bill, “Taxpayer Certainty […]
2019 Basics & Beyond Tax Blast- December 2019
Happy Holidays! As we approach the end of the year, Basic and Beyond, our staff and instructors thank you all, for your support of our programs this year. We wish you all a wonderful holiday season and we look forward to serving you in 2020. Our December Newsletter is filled with up to date information […]
Basics & Beyond Tax Flash November 2019
November 2019 Issues The newsletter is extra-long this month, a lot is happening as we approach a new filing season in 2020. We have been requested to discuss the New Form W-4 more in depth. We have discussed some of the changes in previous newsletters. It immediately became evident that in order to address your […]
Basics & Beyond Tax Flash October 2019
October 2019 Issues Issue 1: 2019 Tax Season Cut-Off Dates for E-File Form 1040 Last date for transmitting returns on extension from Form 4868 – October 15, 2019 Last date for re-transmitting rejected late or returns on extension from Form 4868 – October 20, 2019 Issue 2: Error in Calculation on Schedule Tax Worksheet for […]
2019 Basics & Beyond Tax Blast- September 2019
Issue 1: Individuals with Significant Tax Debt Should Act Promptly to Avoid Revocation of Passports Clients should resolve their significant tax debts to avoid putting their passports in jeopardy. They should contact the IRS now to avoid delays in their travel plans later. Under the Fixing America’s Surface Transportation (FAST) Act, the IRS notifies the […]
Basics & Beyond Tax Blast-August 2019
Congratulations to AJ Reynolds for being selected to speak at the National Association of Tax Professionals in Chicago last month! August 2019 Issues Issue 1: Tax Security 2.0 “Taxes. Security. Together.” Checklist Leaders from the IRS, state tax agencies and the tax industry today called on tax professionals nationwide to take time this summer to […]
2019 Basics & Beyond Tax Blast- July 2019
July 2019 Issues Issue 1: Tax Court Approves IRS Denial of Installment Plan Request IRS has made great strides in the installment agreements arena with both individuals and business entities. The criteria has been modified, numerous times, and is much less strict then several years ago, but in entering an installment agreement the client must […]
Basics & Beyond TAX Flash June 2019
Guidance has slowed down considerably over the last few weeks. We are still expecting additional guidance on QBI and its effect on cooperatives, and IRS announced future proposed regulations to clarify certain aspects of the centralized partnership audit regime. The IRS released the Data Book for 2018 showing range of tax data including audits, collection […]
Basics & Beyond TAX Flash May 2019
After working for the IRS for 27 years, we would all prepare for the three seasons; tax season, notice season and education season. Audits happen all year long and most of IRS education takes place, when there is a budget, throughout the year. As for us the tax professional, most education begins in June and […]
Basics & Beyond TAX Flash April 2019
Key Issues for Practitioners We are now knee deep in the middle of tax season. As of this writing, we are unsure how fast refunds are being issued and how far behind IRS is with correspondence. Many requests came in to discuss some key issues related to the Qualified Business Income Deduction. For those who […]
