Shonna is now an Enrolled Agent! This is the highest designation given by the Internal Revenue Service. Along with preparing income tax returns, she is now certified to represent taxpayers both nationally and internationally.
Stimulus payments
You should receive Notice 1444-C in January reporting the amount of stimulus payment(s) you received for tax year 2021. We must have this information to complete your return. (This is NOT taxable but verifies that you did receive the correct amount.
Advanced Child Tax Credit
If you received the Advance Child Tax Credit, we will need that information. Watch for Form 6419.
Due Diligence
If you qualify for Earned Income Tax Credit, Child Tax Credit, Education Credits or file as Head of Household, extensive due diligence questions must be answered to confirm that you qualify for these credits.
E-filing alert! Please check your expiration date on your driver’s license to make sure it has not expired!! We need both issue and expiration dates to efile.
Bank information: If you are due a refund and want to receive it by direct deposit, we will need bank name, routing and account numbers. If we have bank info from a prior year, you will need to confirm that it has not changed.
Correspondence from IRS: If you receive correspondence from the IRS, it is important that we read the letter prior to discussing it with you. Therefore, please fax the letter to our office or scan and email.
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Mileage Rates:
2021 2022
• Business .56/mi .58.5/mi
• Medical .16/mi .18/mi
• Charitable .14/mi .14/mi
Appointment Schedule
Appointments are most easily made by contacting us at Percorpinc@gmail.com or texting Linda at 727-278-1056 . Please give a preferred appointment time with a couple other options as well as your cell phone number.
Indianapolis
• Feb 1-5, Tues-Sat 9:00am – 5:00pm
• Feb 28- Mar 5, Mon-Sat 9:00am – 5:00pm
• Apr 1,2, Fri-Sat 9:00am – 5:00pm
• Apr 4,5. Mon-Tues 9:00am – 5:00pm
• Apr 6, Wed 9:00am – noon
Place: Samaritan Translation Center, 317 S State Ave, Indianapolis, 46201
Muncie IN
• Mar 7-8, Mon, Tues 9:00am – 5:00pm
• Mar 9, Wed 9:00am – 3:30pm
• Mar 10-12, Thurs-Sat 9:00am – 5:00pm
Place: Pilgrim Nazarene Church, 811 East 26th Street, Muncie IN 47303
Pennsylvania – Pittsburgh
• Feb 7, Mon 9:30am – 3:30pm
Place: North Hills Alliance Church, 2298 Rochester
Road, Pittsburgh, PA 15237
Pennsylvania – Mifflinburg
• Feb 10-12, Thur-Sat 9:00am – 5:00pm
Place: The Decorating Center on Route 45, east end of town. (3 Cedar Green Center)
North Carolina – Lexington
• March 17, Thur 9:00am – 5:00pm
Place: Heath Church, 1375 Heath Church Rd. Lexington, NC 27292-9694
North Carolina – Salisbury
• March 18,19, Fri-Sat 9:00am – 5:00pm
Place: Coppertop Storage, 3218 S Main St, Salisbury 28147
Ohio – March 15 (Schedule with Nova Ferguson)
Marketplace Insurance … If you have insurance through the Marketplace, we MUST have Form 1095-A in order to complete your return.
As always, we look forward to serving you again!
Linda
Taxing Times – Version 2021
Congress creates more tax law. The American Rescue Act was signed into law in March and made many tax changes retroactive to Jan 2020. It sent all of us (software companies and preparers) scrambling to get everything right. In November the Infrastructure Investment bill became law and that makes additional changes.
Remember to prepare your W2’s, 1099’s and 1098’s BEFORE January 31. There are additional penalties for being late. If you wish us to prepare them, please have your info to us before Jan 15.
Health Savings Accounts for 2021: an individual can contribute $3,550 for a single ($3650 for 2022) and $7100 ($7300 for 2022) for a family. (Over age 55, the amount is increased by $1000 per adult.) There are other advantages to this type of account other than paying medical expenses tax-free.
BEWARE OF TAX SCAMS. They are constantly thinking up new ones. The IRS NEVER initiates an inquiry by phone. Especially with the Stimulus checks there are more scams than ever. Hang up as quickly as you can.
Stimulus checks. Some of you have not received your checks yet. We can assist you when we file your return to receive all of which you are entitled.
Reminder: The due date for S corporation returns and partnership/LLC’s is March 15, 2020. Filing an 1120S or PTP/LLC return late results in substantial penalties by the month. The due date for personal and C corporation tax returns this year is April 15, 2020. Non-profit due date is May 15.
FRUSTRATION continues to describe the IRS in 2021. Inefficiency at the IRS and the state departments of revenue remains systemic. Don’t be alarmed if you get a letter from the IRS or the state. A notice from them only has a 20% chance of being correct, but they MUST be answered. It is not unusual at all for them to take 6 months to respond and I have a couple of cases that have been waiting over 1 year. When a letter is sent to the IRS, you will probably get a letter requesting you give them “another 45 days” to answer you. Letters don’t always work, and calling has taken 30 to 45 minutes just to get connected. I have spent up to 4 hours a day on the phone. As of today, many have not received their refunds even though filed last March.
Again, this year I have spent over 200 hours of continuing education. I’m beginning my 55th year in tax consulting and things are much more complicated than ever. The IRS is trying to combat all the fraudulent filings. To do that they are putting extra burdens on tax preparers. We can be subjected to fines in excess of $500 for EACH due diligence form that isn’t properly filled out. We will serve your interests while conforming to the law.
COVID response. While we are cautious in our approach, we are not alarmed. We don’t require masks for our appointments although you are welcome to wear one. For one, we carry our air purifier that kills 99.99% of the various viruses and other pathogens including Covid. Our machine is certified by many including NASA. After 100’s of visits this year, we have had ZERO incidents of infection. We are happy to accommodate you with a “virtual” appointment. We want you healthy! We also practice healthy approaches to keep our immune systems high. Supplements such a Vitamin D3, Zinc, Garlic, Elderberry and antioxidants have served us well.
Because of the IRS issues (many Covid related) the processing of returns took months. That generated a lot of questions from clients who were not receiving their refunds. They made numerous mistakes which then generated a mountain of work answering all these issues. In the past I usually had a couple months off to refresh, but this year there has been none. Our daughter, Shonna, has obtained her Enrolled Agent status and is fully qualified to represent you at all levels of the IRS nationwide. I look forward to her lifting the load of responding to the IRS on your behalf.
We enjoy serving you and are grateful for some clients who have been with us for 30, 40 or even 50 years. By national standards we are in the top 20% of tax firms in size. Taxes may be reformed (government’s word for complicating), but I have no illusion that they will go away!
HAVE A VERY BLESSED 2022 YEAR!
Bob