Schiesser Tax Solutions, LLC

03/20/2020

Sec. Mnuchin announced the tax filing deadline is now extended to July 15!

03/20/2020

Indiana’s tax filing and payment deadline is extended to July 15. Now we just need federal to follow!

03/18/2020

Correction - Q1 federal estimates are extended to July 15, but as of now Q2 is still due June 15 and your returns are still due April 15.

Unbelievable guidance received from the IRS today in Notice 2020-17... while there is an extension of tax payment until July 15 and no late payment interest and penalties charged from April 16-July 15, there is NO EXTENSION for
-payment or deposit of any other Federal tax (including payroll tax)
-filing of any tax or information return (including 1040)
-1st quarter estimated payments not addressed
Clearly, in the current environment where nearly everything but healthcare, utilities, food, and public safety are shut down, this is a problem.
The AICPA continues its communication with Treasury and the IRS expressing strong concern for the decision and saying the IRS MUST provide immediate filing relief for taxpayers.
The story isn’t over yet...

03/17/2020

Treasury announced today that taxpayers have until July 15th to pay their 2019 tax liabilities without penalty. However, it is unclear if the actual filing deadline is or will be officially extended. And, it is unclear if the 1st quarter estimated tax deadline will be pushed back. Waiting for more clarification!

12/31/2018

Today is the last day to contribute to your CollegeChoice 529 account and earn an Indiana tax credit equal to 20% of your contributions, up to $1,000, on your 2018 tax return!

Happy New Year!

12/24/2018

Yes, the shut down impacts the IRS. Don’t worry, they will still process your payments!

Journal of Accountancy, Government Shutdown Would Halt Many IRS Operations: The IRS is affected by the ... shutdown because it is not already funded through September 2019. Temporary funding for the IRS was enacted in the Continuing Appropriations Act, 2018, Division D of P.L. 115-56, and extended u...

11/05/2018

Great perspective related to the recent market volatility!

03/16/2018

There is a time and place for an extension and they aren’t bad, as long as you understand what it means. If you are looking to borrow money from a bank soon or think you can extend paying your taxes, an extension is not for you!

Sometimes filing a tax extension can be a benefit to your clients, but only if they are clear on what an extension means —and what it doesn’t mean. If you’re a tax CPA, you’ve probably come across a client who chose not to file an extension because they misunderstood how...

03/12/2018

Taxes impact every aspect of life, including March Madness! As the article says, read on and Avoid the Foul!

It’s March Madness time and office pool participants are studying the NCAA brackets. According to the IRS, March Madness betting activities could be considered gambling, business or a hobby – all of which are taxable income.

03/06/2018

The IRS just issued Rev. Proc. 2018-18 announcing the new lower tax brackets, standard deductions, and other items affected by the Tax Cuts and Jobs Act. Don’t worry, they are the same as the rates and brackets plastered all over the news in December. But the take away is...it’s March, don’t expect much guidance on the complicated pieces of the new law any time soon. It took 2.5 months to formally issue guidance on rates and thresholds we already knew!

The IRS announced the new lower tax brackets for 2018 and a number of other new items affected by P.L. 115-97, known as the Tax Cuts and Jobs Act.

03/02/2018

If you thought I was kidding that it would take months for us to get guidance on the new tax laws...I wasn’t. Payroll withholding guidance for 2018 is ready and it’s March! Don’t worry, the AICPA is pushing for guidance immediately in the TOP 33 (yes 33, not 3) issues from the new tax law, as well as funding to implement the laws, update forms, and issue guidance. Hopefully we will have it before we have to file the 2018 returns next year!

The IRS has completed updating its online withholding calculator that individual taxpayers can use to determine how many withholding allowances they should claim for 2018.

01/05/2018

If you really want to get your 2017 tax return filing out of the way, you still have to wait until January 29th before the IRS will accept 2017 returns. If you plan to procrastinate, you have until April 17th to file your return OR file for an extension.

The IRS announced that this year’s filing season will begin about a week later than last year’s filing season.