Kim R Coyle CPA & Associates

Issue Number: COVID Tax Tip 2021-69 What someone should do if they missed the May 17 deadline to file and pay taxes ... The federal income tax deadline has passed for most individual taxpayers. However, some haven’t filed their 2020 tax returns or paid their tax due. If an individual taxpayer is owed a refund, there’s no penalty for filing late. On the other hand, tax owed and not paid by May 17, 2021 is subject to penalties and interest. Anyone who didn't file and owes tax should file a return as soon as they can and pay as much as they can to reduce penalties and interest. Electronic filing options, including IRS Free File, are still available on IRS.gov through October 15, 2021, to prepare and file returns electronically. Taxpayers should then review their payment options. The IRS has information for taxpayers who can't pay taxes they owe. Some taxpayers may have extra time to file their tax returns and pay any taxes due. This includes some disaster victims, taxpayers living overseas, certain military service members and eligible support personnel in combat zones. Filing soon is very important because the late-filing and late-payment penalties on unpaid taxes add up quickly. However, in some cases, a taxpayer filing after the deadline may qualify for penalty relief. For those charged a penalty, they may contact the IRS by calling the number on their notice and explain why they couldn't file and pay on time. Taxpayers who have a history of filing and paying on time often qualify for administrative penalty relief. A taxpayer usually qualifies if they have filed and paid timely for the past three years and meet other requirements. For details, taxpayers should visit the first-time penalty abatement page on IRS.gov. State filing and payment deadlines may be different from the federal deadline. A list of state tax division websites is available through the Federation of Tax Administrators. Share this tip on social media -- #IRSTaxTip: What someone should do if they missed the May 17 deadline to file and pay taxes. https://go.usa.gov/xHH6m Back to Top

https://www.usatoday.com//questions-taxes-stim/5093869001/

Issue Number: Tax Tip 2021-56 Taxpayers shouldn’t believe these myths about federal tax refunds Now that many taxpayers have filed their federal tax returns, they're eager for details about their refund. When it comes to refunds, there are several common myths that can mislead taxpayers....Continue reading

https://www.kiplinger.com//t048-s001-10-worst-t/index.html

Ok, that had to be the most stressful tax season ever. Covid has affected my clients and myself quite a bit. Folks clocks seem to be off. I need a big "please excuse the mess sign" but I think we managed to help and do a lot of good. If you still have not filed .. If you have a refund there will be NO PENALTIES. If you owe there may be penalties. If you still cannot file due to records etc. SEND A PAYMENT that will save you some money.... Thank you to all our clients . As always wonderful to learn what you all have been up to the past year. I am going to be busy this year end implementing some new things . More video services and paperless document processing. Questions or comments are welcome. in the meantime enjoy the pictures. Kim Coyle CPA

Most taxpayers who requested an extension to file must file today Today is the filing extension deadline. Most taxpayers who requested an extension of time to file their 2019 tax return must file today. Those filing today who also owe taxes should pay as much as possible to reduce interest and penalties. The extension of time to file is not an extension to pay. Taxes must be paid on the original due date to avoid any penalty and interest charges.... Here are a few resources on IRS.gov to help last-minute filers: Filing for individuals This page includes a link to IRS Free File, which is available through today. IRS e-file is easy, safe and the most accurate way to file taxes. Paying taxes Taxpayers should visit IRS.gov/payments to choose a payment option. They can pay online, by phone or with their mobile device and the IRS2Go app. Viewing account Information Individual taxpayers can visit IRS.gov/account to view their taxes owed, payment history and key information from their most current tax return as originally filed. There are some groups who still have time to file. Members of the military and others serving in combat zones typically have until at least 180 days after they leave the combat zone to both file returns and pay any taxes due. Taxpayers in federally-declared disaster areas who already had valid extensions may have more time to file.

The deadline for extended tax returns is in 3 days. October 15th.

EXTENDED DEADLINES FAST APPROACHING - https://mailchi.mp/677/extensions-deadline-fast-approaching

How people can reconstruct records lost in a natural disaster Reconstructing records after a disaster is important for several reasons including insurance reimbursement and taxes. Most importantly, records can help people prove their disaster-related losses. More accurately estimated losses can help people get more recovery assistance like loans or grants. Whether it’s personal or business property that has been lost or destroyed, here are some steps that can help people reco...nstruct important records. Tax records Get free tax return transcripts immediately using the Get Transcript on IRS.gov or through the IRS2Go app. Order transcripts by calling 800-908-9946 and following the prompts. Financial statements People can gather past statements from their credit card company or bank. These records may be available online. People can also contact their bank to get paper copies of these statements. Property records To get documents related to property, homeowners can contact the title company, escrow company or bank that handled the purchase of their home or other property. Taxpayers who made home improvements can get in touch with the contractors who did the work and ask for statements to verify the work and cost. They can also get written descriptions from friends and relatives who saw the house before and after any improvements. For inherited property, taxpayers can check court records for probate values. If a trust or estate existed, taxpayers can contact the attorney who handled the trust. When no other records are available, people should check the county assessor's office for old records that might address the value of the property. Car owners can research the current fair-market value for most vehicles. Resources are available online and at most libraries. These include Kelley's Blue Book, the National Automobile Dealers Association and Edmunds. More Information: Publication 547, Casualties, Disasters and Thefts Publication 584, Casualty, Disaster and Theft Loss Workbook Publication 584-B, Business Casualty, Disaster and Theft Loss Workbook Publication 976, Disaster Relief Small Business Administration DisasterAssistance.gov Share this tip on social media -- #IRSTaxTip: How people can reconstruct records lost in a natural disaster. https://go.usa.gov/xGpEq

Six tips for people starting a new business Understanding the tax responsibilities that come with starting a business venture can save taxpayers money and help set them up for success. IRS.gov has the resources and answers to help people through the process of starting a new business. Here are six tips for new business owners.... Choose a business structure. The form of business determines which income tax return a business taxpayer needs to file. The most common business structures are: Sole proprietorship: An unincorporated business owned by an individual. There’s no distinction between the taxpayer and their business. Partnership: An unincorporated business with ownership shared between two or more people. Corporation: Also known as a C corporation. It’s a separate entity owned by shareholders. S Corporation: A corporation that elects to pass corporate income, losses, deductions and credits through to the shareholders. Limited Liability Company: A business structure allowed by state statute. Choose a tax year. A tax year is an annual accounting period for keeping records and reporting income and expenses. A new business owner must choose either: Calendar year: 12 consecutive months beginning January 1 and ending December 31. Fiscal year: 12 consecutive months ending on the last day of any month except December. Apply for an employer identification number. An EIN is also called a federal tax identification number. It’s used to identify a business. Most businesses need one of these numbers. It’s important for a business with an EIN to keep the business mailing address, location and responsible party up to date. IRS regulations require EIN holders to report changes in the responsible party within 60 days. They do this by completing Form 8822-B, Change of Address or Responsible Party and mailing it to the address on the form. Have all employees complete these forms: Form I-9, Employment Eligibility Verification U.S. Citizenship and Immigration Services Form W-4, Employee’s Withholding Allowance Certificate Pay business taxes. The form of business determines what taxes must be paid and how to pay them. Visit state’s website. Prospective business owners should visit their state's website for info about state requirements.

Deadlines to register for an Economic Impact Payment are just around the corner Federal benefit recipients who don’t normally have a filing requirement but do have qualifying children must register by Wednesday, Sept. 30 to receive a $500 catch-up payment per child. Other non-filers have until Thursday, Oct. 15 to register for their Economic Impact Payment. Anyone using the Non-Filers tool can speed up the arrival of their payment by choosing to receive it by direct deposit. ...Those who don’t choose direct deposit will get a check. The deadline to claim a $500 payment for a qualifying child is Wednesday, Sept. 30, 2020. The deadline applies to individuals who didn't receive $500 per qualifying child earlier this year when they received their own automatic Economic Impact Payment and who receive: Social Security retirement Survivor or disability benefits Supplemental Security Income (SSI) Railroad Retirement benefits Veterans Affairs Compensation Veterans Affairs Compensation and Pension (C&P) benefits Federal benefit recipients can use the Non-Filers: Enter Payment Info Here tool to get a catch-up payment for a qualifying child if they have NOT done one of the following: already used the Non-Filers tool to provide information about their qualifying child or filed their 2019 or 2018 federal tax return Anyone who filed or plans to file a 2018 or 2019 tax return should NOT use this tool and should file their tax return by the Oct. 15, 2020 deadline. People who’ve already used the Non-Filers tool to provide info on children don’t need to do anything else. The IRS will automatically make a payment to them in October. Thursday, Oct. 15, 2020 is the registration deadline to get an Economic Impact Payment this year. Eligible individuals with little or no income who are not required to file a tax return may still qualify to receive an Economic Impact Payment this year, if they use the Non-Filers: Enter Payment Info Here tool by Oct. 15, 2020. Anyone who misses either of these deadlines will need to wait until next year and claim the payment as a credit on their 2020 federal income tax return. More Information Economic Impact Payment eligibility FAQs Share this tip on social media -- #IRSTaxTip: Deadlines to register for an Economic Impact Payment are just around the corner.

AB 3088 - Must Provide Notice to Tenants by September 30, 2020 All housing providers are required to serve this notice prior to September 30, 2020 if you want to collect rent that is past due during the protected time period. IF YOU FAIL TO PROVIDE THIS NOTICE COVID-19 TENANT RELIEF ACT of 2020 TO YOUR TENANTS ON OR BEFORE SEPTEMBER 30, 2020, WHO OWE RENT DUE BETWEEN MARCH 1, 2020 AND JANUARY 31, 2021, YOU MAY NOT BE ABLE TO EVICT YOUR TENANT OR RECOVER RENT PAYMENTS THAT ...ARE OWED. This notice should also accompany all 15-day Notices to Pay Rent or Move Out. Please do not be confused: some attorneys are recommending using four separate forms as recommended by the California State Department of Real Estate. These forms can be viewed at: www.LandlordTenant.DRE.CA.Gov/Landlord/forms.html. They are available in six different languages. For the four FREE AOA AB 3088 Forms, click HERE. Other attorneys have put the two different 15-day forms into one larger form. AOA recommends using the four forms as displayed on our website or the official California State website. Either way may work as advised by different attorneys. Should you have any questions, we are here to help. CONTACT US FOR MORE INFORMATION Pat Swanson, Executive Vice President Direct: 949 724 5564 Lic #: 01382974 [email protected] Liam Skelly, Senior Associate Direct: 949 724 5524 Lic #: 02039422 [email protected] Ryan Bybee, Associate Direct: 949 724 5597 Lic #: 02012725 [email protected] Michael Bouras, Associate Direct: 949 724 5574 Lic #: 01986753 [email protected] www.swanson-apts.com Facebook Instagram LinkedIn Copyright 2020 Colliers International | Information herein has been obtained from sources deemed reliable, however its accuracy cannot be guaranteed. The user is required to conduct their own due diligence and verification. All rights reserved. View as Webpage Colliers International | 3 Park Plaza, Suite 1200, Irvine, CA 92614 Unsubscribe [email protected] Update Profile | Our Privacy Policy | About our service provider Sent by [email protected]

24 Days to file your extended personal and C corporation tax returns. Make an appointment now. Kim Coyle

Free IRS2Go app puts information at taxpayers’ fingertips Taxpayers can get quick access to popular IRS tools by using IRS2Go on their mobile device. The mobile app is available and free to download on any iOS or Android device. The app is available in both English and Spanish. People can use it to check their refund, make a payment, find free tax filing help and get helpful tax tips: Refunds. Taxpayers can check the status of their federal tax refund within 24 hours after th...e IRS receives an e-filed return. It takes about four weeks to check on a refund if the taxpayer mails a paper tax return. Payments. The app offers quick access to mobile-friendly payment options. IRS Direct Pay gives taxpayers a secure way to pay from their bank account. A debit or credit card payment allows taxpayers to make a payment through an approved payment processor. Tax filing help. Eligible taxpayers can find free tax software using the Free File tool within IRS2Go. They can use this software to quickly prepare and file their taxes and get their refund Tips. Taxpayers can use IRS2Go to access IRS accounts on social media, including links to helpful YouTube videos and the IRS Twitter accounts. Taxpayers can also sign up to receive IRS Tax Tips by email. IRS2Go is available to download from Google Play, the Apple App Store or the Amazon Appstore. Share this tip on social media -- #IRSTaxTip: Free IRS2Go app puts information at taxpayers’ fingertips. https://go.usa.gov/xGKtK

All taxpayers have the right to be informed When something happens to a taxpayer’s account, that taxpayer has the right to be informed about the activity. In fact, this right is one of ten outlined in the Taxpayer Bill of Rights. The right to be informed is at the top of the list. This means taxpayers have the right to:... Know what they need to do to comply with the tax laws. Have clear explanations of the laws and IRS procedures in all forms, instructions, publications, notices and correspondence. Be informed of IRS decisions about their tax accounts. Receive clear explanations of the outcomes of IRS decisions. To make sure taxpayers are informed, the IRS will: Include within certain notices any amount of the tax, interest and certain penalties the taxpayer owes. Explain why the taxpayer owes any taxes. Explain the specific reasons why it denied a refund claim. Post information on IRS.gov to help taxpayers understand their IRS notice or letter. Send a letter when the agency assesses a tax. That letter must include: Information on how the taxpayer can appeal the decision. An explanation of the entire process from audit through collection. Details on how the Taxpayer Advocate Service can help. Send an annual statement to taxpayers who enter into a payment plan. The statement will include how much the taxpayer: Owes at the beginning of the year. Paid during the year. Still owes at the end of the year. Make forms and publications available on IRS.gov. Use social media to provide helpful tax information to a wide audience of taxpayers.

Scooby says: Oh no need to file taxes and your books aren't done? File an estimate and amend it later to avoid late payment penalties.... Write estimate on the front page and do your best. We are not taking new clients but existing clients should contact us now!! Kim Coyle CPA