Welsh Income Tax & Bookkeeping Service

A shout out to two of the clients I had in the office today, Gabe and Karen. I think they’re the only two still coming in who go back to the year my dad started the practice in 1960. I was proud to interview them today. Last year they gave me a copy of the tax return my dad prepared for them for the 1961 income tax season. It’s signed and dated by dad March 27th 1962, seven months before President Kennedy’s Cuban Missile Crises; and he got them a $66.00 refund. Bless their hearts.

Will they extend the tax season deadline of July 15th, again? Me and an important client are looking for clues, but nothing definite has been announced yet. I suspect we'll get the final decision by July 1st.

July 15th isn't that far off now, so that cute girl in my cover photo left a message on my office door, complete with artwork, reminding clients that the pandemic isn't over yet.

Hmm, yeah, that could be me. Well, today is historically Tax Day, but of course that’s been extended now. Just a reminder, the official day to have your income tax returns filed without interest or penalties is July 15th, 2020. Stay safe, and I’ll keep you updated with any important tax information. (Vintage picture from Fine Art America)

We’re still up and running, filing tax returns is considered an essential business, but we’ve had an understandable number of rescheduled appointments. Clients can send their information in to our email, which is available to anyone with a tax question. We’re still seeing clients in the office, but obliging by social distancing rules, unlike my mom behind the desk recruiting a couple of bobbysoxers during World War Two. Gawd, she was only a kid! Here is our email address. [email protected]

It's official now; everybody has until July 15th to file their income tax returns. This will give tax filers a little breathing space, and allow us here to prioritize more refunds only returns. https://www.cnbc.com//ccoronavirus-mnuchin-says-irs-will-m

Many Americans assume that the income tax extension bill passed this week will give them extra time to file their returns. It does not; it only gives taxpayers who will owe an income tax on April 15th three extra months to pay their balance due. Tax returns are still required to be filed by April 15th or an extension form must be filed. The proposed bill in this article will rectify that, and I think it makes more sense. https://thehill.com//488463-senators-offer-bill-to-extend-

Well, in the midst of all of the panic we'll still have a green carnation for all the pretty lasses who come in the office tomorrow and lots of corny Irish jokes. "What do they call lawn chairs in Ireland?" "Patty O'Furniture."

The latest news is that there is a good possibility that the Internal Revenue Service may extend the April 15th income tax deadline for 2020 due to concerns over the coronavirus While we always welcome an extension to the filing season here, we wish it would be under different circumstances; such as issues like the fact that for at least the last five years the IRS has delayed income tax filing for most of January without extending the deadline closing the filing gap from three and a half months to two and a half months to file returns. https://www.forbes.com//congress-asks-irs-for-update-as-/

A Valentine's Day chocolate for those who come in the office tomorrow who are in love; and even for those like me who haven't been in years.

Now there was a client with income tax problems! I would hate to have been the one to tell him that he was being audited. Check out my link here for a story I did on my San Francisco history website about Al Capone's visit to SF. https://sfinfilm.com/2017/02/14/for-st-valentines-day/

Well, the 2020 tax season jumps off this coming Monday, and I’ll be posting updates on how the Tax Cuts and Jobs Act will be affecting most of my clients. The standard deduction will increase, slightly; up $400.00 to $24,400.00 for married couples, up $200.00 for singles to $12,200.00, and up $350.00 to $18,350.00 for head of household. The tax brackets have increased slightly, as well, but the bottom line is that for taxpayers who did not take steps in 2019 that would have r...esulted in a lower paycheck, the tax return results will be pretty much the same. In addition, the IRS will be even harder to reach this tax season than ever before due to staff cutting, and sometimes that’s the only way you can resolve an issue. (See the article below) Also, if you live in California and have to contact the Franchise Tax Board with an issue, forget it! They do not respond to correspondence, and if you go in to an FTB office you’re often treated with indifference, even though the Franchise Tax Board is responsible for the mistakes more often than not. Two important things; alimony will no longer be deductable or reportable for divorces after 2018. This puts a burden on only the payer, but who knows, maybe it will result in fewer divorces. In addition, due to Gavin Newsom’s Assembly Bill 5, this will be the last year for independent contractors, like Uber and Lyft drivers to write off personal expenses such as fuel, mileage or meals. This will result in tremendous changes to the outcome of their tax returns. In the past, this might have been offset by listing these expenses as an employee business expense, but that’s gone now under the TCJA Act of 2017. Oh, well, most of my clients came in last year with a high expectation of good news from the Tax Cuts and Jobs Act; maybe this year’s results won’t be as big of a surprise. https://www.foxbusiness.com//tax-season-2020-challenges-irs

I count six locations where Welsh Income Tax Service has been in operation. Having nothing better to do today, I went to all of them.