Do You Have Questions?
Last tax season was very challenging with reviews and long delays, here is how you can avoid delays this upcoming tax season. Please read questions bellow and if you can not find your answer, please send us your question, we will answer you as soon as possible.
FAQ
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As a Marketplace Insurance recipient, how do I avoid a delay of my refund?
Answer: All recipients must receive a 1095 A form for the marketplace. If you do not receive a form, it is not wise to file until you receive one. Your refund will be delayed until the supporting for 8936 is filed reporting the benefit and premium paid.
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If I have moved in the last 12 months, what should I do?
Answer: Any change of address should be reported to the IRS prior to filing your taxes and your tax professional should be notified at the time of service so the appropriate form can be completed along with your tax return. Failure to update your address, may cause a mismatch of information causing your tax return to be delayed with fraud suspicions.
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What is the IRS looking for when claiming EIC?
Answer: The IRS is verifying income on all W-2’s and other reported income matches the employer’s wage documents. The IRS is also verifying the dependent(s) being claimed meets the dependent test. Click Here For Child Dependent Text
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I did not get my refund until July 2016 and I am a full-time student. Why did this happen?
Answer: The IRS has decided to have stricter review guidelines to verify any educational credit. The IRS must receive proof of the 1098-T form issued by the qualified educational institution to release the educational credit. The educational credit information is not updated completely until July of each year.
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I have been a victim of fraud. What should I do?
Answer: Once fraud is reported to the IRS, the taxpayer must filing using a IRS issued PIN each year.
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I am self- employed and claiming a loss by form Schedule C, will this be an issue?
Answer: You must have proof of income and expenses to support the loss. Failure to provide the documents will result in difficulty resolving any possible audit in addition to an inaccuracy penalty of up to $2500. . Our firm standards, requires a year end profit and loss statement. If this is not provided, we may complete the profit and loss statement on the taxpayer’s behalf if the supporting expenses and proof of income is verified.
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I received a letter from the IRS stating I owe money due to missing reported income, do I really owe the amount in the letter?
Answer: No, majority of the time the letter is received, it does not account for exemptions and deductions that could possibly reduce the tax liability. You should provide a copy of any IRS or state correspondence immediately to your tax professional for immediate resolution. Many forms have response deadlines.
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What should I bring when I am getting my taxes prepared?
Answer: You should bring a current state or government issued ID and social security cards for each adult. For each dependent social security cards, birth certificates, and proof of residency should be brought to your appointment to ensure all criteria is satisfied for any Child Tax or EIC credit.
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Tax Stimulus Payment
To receive a stimulus payment, you must have filed your individual tax return for the past two years. If you have an outstanding tax year in 2018 or 2019, you must file your 2020 tax return to receive your second stimulus payment if it has not been received. If you do not have taxable income you may file a zero dollar return and check the box for EIP payment.To Find Out How Much You Are Entitled To: https://www.washingtonpost.com/graphics/business/coronavirus-stimulus-check-calculator/?itid=lk_interstitial_manual_5If you did not receive the 1st round of Stimulus Payment, you may be eligible for the Recovery Rebate Credit.