Villa Rose Associates Ltd

07/27/2022

IRS Statement on balance due notices (CP-14)

More In News
July 27, 2022

The IRS is aware that some payments made for 2021 tax returns have not been correctly applied to joint taxpayer accounts, and these taxpayers are receiving erroneous balance due notices (CP-14 notices) or notices showing the incorrect amount.

Who is affected: Generally, these are payments made by the spouse (second taxpayer listed) on a married filed joint return submitted through their Online Account. Some other taxpayers may also be affected outside of this group.

No immediate action or phone call needed: Taxpayers who receive a notice but paid the tax they owed in full and on time, electronically or by check, should not respond to the notice at this time. The IRS is researching the matter and will provide an update as soon as possible. Taxpayers who paid only part of the tax reported due on their 2021 joint return, should pay the remaining balance or follow instructions on the notice to enter into an installment agreement or request additional collection alternatives. Taxpayers can ensure that their payment is on their account by checking Online Account under the SSN that made the payment. Note that any assessed penalties and interest will be automatically adjusted when the payment(s) are applied correctly.

Additional information for tax professionals:
In general, when certain payments are processed, programming does not move the payment to the married filing jointly account when the payment is:

not electronic and is made by the secondary spouse.
electronic, is made by the secondary spouse, and posts before the joint return indictor is present to identify the primary taxpayer.
made by the secondary spouse using the Online Account (OLA) Make a Payment functionality

02/04/2021

For this tax season, we will be virtual.
1. We need your documents.
2. When you log into our portal you do need to select a unique PIN. The PIN will serve as your e-signature, when prompted. If married your spouse also needs a PIN (it can be the same).
3. If you received a stimulus (EIP) payment(s) we need to know the exact amount for each.
4. We need to confirm your banking account and Routing number for direct deposit.
5. If you received Unemployment insurance, you will need to download the 1099 direct from the State Unemployment web site
6. We will then call or zoom
Stay Safe and Thank you for patronage. .

01/04/2021

We Have An Announcement to Make!
We are growing!
As of January 1, 2021 we now have THREE tax practices
• First Call Tax Advocates
• Overeem & Associates
• Villa Rose Associates, Ltd
Brands you have trusted for over 40 years.
Welcome to the Overeem & Associates Clients!
The same service, locations, and phone numbers, that you have experienced in the past.
Over 70 years of experience and service.
Brooklyn, NY, Staten Island, NY Marlboro (Morganville), NJ
Socially Responsible Service due to Covid-19
Our website : https://firstcalltaxadvocates.com/overeem-associates/ Overeem & Associates/First Call
https://www.villarose.com/home Villa Rose Associates
Our podcasts: https://firstcalltaxadvocates.com/pod-casts-what-are-the-tax-consequences/
Our blog: https://activerain.com/blogs/fctajeff
On Facebook https://www.facebook.com/Villa-Rose-Associates-Ltd-1444275365831061/ Villa Rose
https://www.facebook.com/First-Call-Tax-Advocates-Corp-969199426744512
First Call/Overeem
New ->Client portal
https://login.atomanager.com/ATOM_VIL/WebInfo.aspx

11/22/2020

Attended (virtually) the 7 th Annual Tax Representation 2 day Conference. Lot’s of good and up-to-date information. We even got to hear from IRS Commoner Charles (Chuck) Rettig.

We discussed many things and especially the IRS in the Covid world.

11/19/2020

Breaking news: IRS Issues tax guidance on PPP loans.
Note: Expenses paid for by forgiven loans CAN NOT be tax deductions on your tax returns.

Revenue Ruling 2020-27 provides guidance on whether a Paycheck Protection Program (PPP) loan participant that paid or incurred certain otherwise deductible expenses can deduct those expenses in the taxable year in which the expenses were paid or incurred if, at the end of such taxable year, the taxpayer reasonably expects to receive forgiveness of the covered loan. The revenue ruling also provides guidance if, as of the end of the 2020 taxable year, the PPP loan participant has not applied for forgiveness, but intends to apply in the next taxable year.



Revenue Procedure 2020-51 provides a safe harbor for certain Paycheck Protection Program loan participants, whose loan forgiveness has been partially or fully denied, or who decide to forego requesting loan forgiveness, to claim a deduction for certain otherwise deductible eligible payments on (1) the taxpayer’s timely filed, including extensions, original income tax return or information return, as applicable, for the 2020 taxable year, or (2) an amended return or an administrative adjustment request (AAR) under section 6227 of the Internal Revenue Code (Code) for the 2020 taxable year, as applicable. For taxpayers that decide to forego requesting loan forgiveness, the safe also allows these taxpayer to claim a deduction for the otherwise deductible eligible payments on an original income tax return or information return, as applicable, for the taxable year in which the taxpayer decides to forego requesting forgiveness.

11/13/2020

https://www.cnn.com/2020/11/13/investing/premarket-stocks-trading/index.html

Investors are hungry for a Covid-19 vaccine that can deliver a return to normal. That day may never come.

08/29/2020

06/03/2020

Breaking news 7:45 pm June 3, 2020

The Senate just passed the PPP Flexibility Act of 2020 by unanimous consent. This is the bill that passed the House. It now goes to the President for signature.

05/06/2020

A collection of coronavirus-related tax and financial information.

05/06/2020

Attention Business Owners

In addition to the SBA - EIDL, and PPP (Payroll Protection Program), there are two Additional Disaster Loans through your local bank.

The First Disaster loan is called the Express Bridge Loan by the SBA through your local bank

The second loan Is called The Main Street Lending Program from the Federal Reserve through your local bank.

04/17/2020

This just in with some specifics on the stimulus payment timing - for paper checks.

Paper checks will start being mailed out to taxpayers on April 24, but only for those earning between $0 and $10,000. Those earning between $10,001 and $20,000 will have their checks mailed to them one week later, on May 1, and every subsequent week, checks will be mailed out to those earning $10,000 more than those paid the week previous. The last payment is scheduled to go out on Sept. 11.