Eugene S Thrower Sr. TSS Enterprises, Tax Service Specialist

As Holidays Approach, IRS Reminds Taxpayers of Refund Delays in 2017 WASHINGTON As the holidays approach, the Internal Revenue Service today reminded taxpayers... to remember that a new law requires the IRS to hold refunds until mid-February in 2017 for people claiming the Earned Income Tax Credit or the Additional Child Tax Credit. In addition, new identity theft and refund fraud safeguards put in place by the IRS and the states may mean some tax returns and refunds face additional review. Some Refunds Delayed in 2017 Beginning in 2017, a new law approved by Congress requires the IRS to hold refunds on tax returns claiming the EITC or the ACTC until mid-February. The IRS must hold the entire refund even the portion not associated with the EITC and ACTC -- until at least Feb. 15. This change helps ensure that taxpayers get the refund they are owed by giving the agency more time to help detect and prevent fraud.

The Oct. 15 deadline for extension filers is almost here The October 15 filing deadline for taxpayers who requested an extension to file their 2019 tax return is quickly approaching. Taxpayers should remember they can file whenever they’re ready and don’t have to wait until Thursday, Oct 15.

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Once again I'm calling on all prayer warriors. A dear friend of mine has just been diagnosed with stage 4 breast cancer. Of course she and the family is very concerned. I/we/she is in need of prayer. We all know that prayer works. I called on you all last year for my daughter and she is doing fine. I'm calling on you once again for Lisa "Taz" Dickson-Brown. The doctors have a plan of chemo and radiation. But I believe that in much prayer is much power. Some of you know... people that have gone through this sickness. The family needs prayer. Please, give it. The doctor team treating her, is in need of prayer. Please give it. This is serious. She/they need you. On another note. Some of you know Merle Dickson. We work together and she is a dear friend and always on the Glorious Kingdom Wednesday night Bible study, Lisa is her oldest daughter. Pray and pray again. See more

Relief for taxpayers affected by COVID-19 who take distributions or loans from retirement plans The CARES Act provides that qualified individuals may treat as coronavirus-related distributions up to $100,000 in distributions made from their eligible retirement plans (including IRAs) between Jan. 1 and Dec. 30, 2020. A coronavirus-related distribution is not subject to the 10% additional tax that otherwise generally applies to distributions made before an individual reaches age 59 . In addition, a coronavirus-related distribution can be included in income in equal installments over a three-year period, and an individual has three years to repay a coronavirus-related distribution to a plan or IRA and undo the tax consequences of the distribution.

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Who Am I? Riddle The following riddle was written by a woman in California over 100 years ago in the late 1800s. Hint: The answer appears only four times in it’s various forms in the Authorized King James Bible. Don’t type the answer. If you think you know the answer, message me. God made Adam out of dust, But thought it best to make me first: So I was made before the man, According to God’s holy plan. My whole body God made complete, without arms or hands or feet.... My ways and acts did God control, But in my body he placed no soul. A living being I became, And Adam gave to me a name. Then from his presence I withdrew, For this man Adam I never knew. All my Maker’s laws I do obey, And from these laws I never stray. Thousands of me go in fear, But seldom on the earth appear. Later, for a purpose God did see, He placed a living soul in me. But that soul of mine God had to claim, And from me He took it back again. And when this soul from me had fled, I was the same as when first made: Without arms, legs, feet, or soul, I travel on from pole to pole. My labors are from day to night, And to men I once furnished light. Thousands of people both young and old, Did by my death bright lights behold. No right or wrong can I conceive, The Bible and its teachings I can’t believe The fear of death doesn’t trouble me, Pure happiness I will never see. And up in Heaven I can never go, Nor in the grave or Hell below. So get your Bible and read with care, you’ll find my name recorded there. HAVE FUN! See more

Are the Economic Stimulus Checks taxable? While the above metric is fairly straightforward, the CARES Act’s use of the Internal Revenue Service’s (IRS) tax infrastructure to facilitate these payments has caused substantial confusion. That’s because legally the payment is considered a tax credit advanced to the recipient from the (future) 2020 tax return that is, the return the recipient will file in 2021. This has led some to believe that the payment either needs to be paid... back in full in 2020, or that the payment is considered taxable income, or that the payment counts against one’s 2020 tax refund. None of these conclusions, however, is true. That’s because another provision written into the law dictates that recipients of the economic impact payment will be credited as if they had paid the government back. This makes the payment a non-taxable fund that does not affect future returns. What’s technically happening is that the person is due a 2020 stimulus rebate ‘credit’ but that’s reduced by what they received as an advance credit this year, so it exactly cancels out,.. That just prevents duplicate refunds there’s no practical impact on their 2020 tax refund.

Avoid the rush: Track tax refunds using the ‘Where’s My Refund?’ tool at IRS.gov WASHINGTON Offering time-saving alternatives to a telephone call, the Internal Revenue Service reminds taxpayers they can get fast answers to their refund questions by using the Where’s My Refund? tool available on IRS.gov and through the IRS2Go app. The IRS issues nine out of 10 refunds in less than 21 days, and the fastest way to get a refund is to file electronically and choose direct deposit. The time around Presidents Day is a peak period for telephone calls to the IRS, resulting in longer than normal hold times for callers.

1. IRS kicks off 2020 tax filing season The IRS successfully opened the 2020 tax filing season this week as the agency began accepting and processing federal tax returns for tax year 2019. More than 150 million individual tax returns for the 2019 tax year are expected to be filed, with the vast majority of those coming before the April 15 tax deadline. "The IRS workforce has worked for nearly a year to prepare for the opening of tax season," IRS Commissioner Chuck Rettig said. "Our dedicated employees are committed to help taxpayers, process tax returns and serve the nation not just through the April 15 tax deadline but throughout the year."

IRS Opens E-filing on January 27 We know your clients are curious: "When will the IRS start accepting returns?" The Internal Revenue Service confirmed in early January that tax season will start for individual tax return filers on Monday, January 27, 2020, when the tax agency will begin accepting and processing 2019 tax year returns.