Quantum Accounting Tax Group

Be aware of COVID-19 SCAMS The current outbreak became an opportunity for fraudsters to take advantage of public fears. Be prudent in your daily activities. If you receive calls, emails, or other communications claiming to be from the Treasury Department and offering COVID-19 related grants or stimulus payments in exchange for personal financial information, or an advance fee, tax, or charge of any kind, including the purchase of gift cards, please do not respond. These are ...scams. Please contact the FBI at www.ic3.gov so that the scammers can be tracked and stopped. Examples of other types of scams include: Malicious e-mail and text phishing scams disguised as messages from CDC and WHO, Investment pump-and-dump scams, Third parties sellers and buyers scams on legitimate online retail websites like Amazon and Walmart, Fundraising scams, Fake websites advertising fraudulent dangerous treatment products or sites designed to infect victims’ computers with malware, Illegal price gouging on safety or treatment. www.quantumaccountingtax.com

IRS NOTICE: Payment Deadline Extended to July 15, 2020 IRS and Treasury Department Finally, on Tuesday, March 17, after partnership and certain LLC returns were already due, Treasury Secretary, Steven Mnuchin, stated in a press conference that the payment deadline for the 2019 income tax return would be extended by 90 days - through July 15. However, the filing deadline is still April 15, 2020.... Under this new announcement, individuals including small business owners can defer up to $1 million in tax payments without interest and penalties for 90 days. He also said: We encourage those Americans who can file their taxes to continue to file their taxes on April 15 because for many Americans, you will get tax refunds. California Franchise Tax Board (FTB) The California Franchise Tax Board (FTB) was quicker to announce last Friday that taxpayers "affected" by Covid-19 will be granted relief including moving the various tax filing and payment deadlines that occur on March 15, 2020 through June 15, 2020. This includes: Partnerships and LLCs who are taxed as partnerships whose tax returns are due on March 15 now have a 90-day extension to file and pay by June 15. Individual filers whose tax returns are due on April 15 now have a 60-day extension to file and pay by June 15. Quarterly estimated tax payments due on April 15 now have a 60-day extension to pay by June 15. Here, at Quantum Accounting Tax Group, we remain open for business, however, we are restricting in-person meetings. All information can be sent to us electronically for processing. Contact us through our website www.quantumaccountingtax.com or or call us @ 949-391-7710

Indoors or out, no one relaxes in March, that month of wind and taxes, the wind will presently disappear, the taxes last us all the year. ~Ogden Nash

Mortgage and home equity loan interest deduction New homeowners can include mortgage interest paid on up to $750,000 of principal value on a new home in their itemized deductions. The old, $1 million caps continues to apply to current homeowners (those who took out their mortgages on or before Dec. 15, 2017), as well as refinancing on mortgages taken out on or before Dec. 15, 2017, as long as new mortgage amount does not exceed the amount of debt being refinanced.... Homeowners CAN deduct interest paid on a home equity line of credit or home equity loan, so long as the loan was used to buy, build or substantially improve your home. These changes are set to expire after 2025. www.quantumaccountingtax.com

Relief for Individuals and Families... Increased standard deduction: The new tax law nearly doubles the standard deduction amount. Single taxpayers will see their standard deductions jump from $6,350 for 2017 taxes to $12,000 for 2018 taxes (the ones you file in 2019).... Married couples filing jointly see an increase from $12,700 to $24,000. These increases mean that fewer people will have to itemize. Today, roughly 30% of taxpayers itemize. Under the new law, this percentage is expected to decrease. Increased Child Tax Credit: For, families with children the Child Tax Credit is doubled from $1,000 per child to $2,000. In addition, the amount that is refundable grows from $1,100 to $1,400. The bill also adds a new, non-refundable credit of $500 for dependents other than children. Finally, it raises the income threshold at which these benefits phase out from $110,000 for a married couple to $400,000. This rule is in effect through 2025. WWW.QuantumAccountingTax.com