Adams Accounting & Payroll Services Inc

01/08/2024

https://www.irs.gov/newsroom/2024-tax-filing-season-set-for-january-29-irs-continues-to-make-improvements-to-help-taxpayers #:~:text=Beginning%20Jan.%2029%2C%202024%2C,themselves%20also%20at%20no%20cost.

IR-2024-04, Jan. 8, 2024 — The Internal Revenue Service today announced Monday, Jan. 29, 2024, as the official start date of the nation’s 2024 tax season when the agency will begin accepting and processing 2023 tax returns.

04/24/2023

Information regarding 1099-k reporting.

02/10/2023

12/23/2022

IRS is delaying the requirement for issuing 1099-K’s for 3rd party cash apps like Venmo…..

10/06/2022

Fan who caught Aaron Judge historic homer may catch big tax bill….

The taxation of MLB caught balls is controversial, with some tax experts saying home run balls are taxable even if kept

08/24/2022

What you need to know about the tax credit for electric cars.

https://www.npr.org/2022/08/22/1118052620/tax-credit-electric-cars-vehicles-tesla-gm-inflation-reduction-act-climate?utm_medium=social&utm_campaign=npr&utm_source=facebook.com&utm_term=nprnews&fbclid=IwAR0A355IE-zoTRSR9nQQ_V_oisKL2toFEGMpIxDjbo2ZwgZpxo19Loht65g&fs=e&s=cl

The Biden administration's climate and health care bill revamps the available tax credits for buyers of electric cars. Here's what to know about how they work.

03/22/2022

Here is the link to upload documents to the secure portal. If you are a new client- please upload as a guest and we will convert your account over.

02/02/2022

Here is the link to create your online account through IRS. You will be able to make payment, see transcripts and see what payments have been made to you. This will be helpful in preparing your taxes this year- especially if you didn’t receive or have misplaced letters from the IRS!!!

Get instructions on your online account. Review the amount you owe, balance for each tax year and payment history.

01/24/2022

With preparations for the next tax season starting
there is something important you should be aware
of:
The IRS will be sending out two letters to
taxpayers in January:
Letter 6419 - Advance Child Tax Credit Payments
Letter 6475 - Economic Impact (stimulus) Payment
It is important that you retain these letters.
Entering incorrect advance child tax credit or
economic impact payment amounts will cause
delays in tax return processing and the issuance of
refunds.
Please retain these letters and
provide them to me. This is the most efficient way you to be able to get me this information. You can also create your account at the following link. And your account transcript may be able to be used instead of the letters.

Secure .gov websites use HTTPS A lock ( LockA locked padlock ) or https:// means you've safely connected to the .gov website. Share sensitive information only on official, secure websites.

01/12/2022

Upcoming tax season thoughts:

The following is critical to tax preparation and removing a great risk of holding up your refunds.

Watch for a few letters from IRS: Letter 6475 and letter 6419 to be mailed in January.

Letter 6475 will state the amount received for the Economic Impact Payment (ie Stimulus Checks). Yes, your tax professional needs this information and no, it is not taxable.

Letter 6419 is for those that received the Advanced Child Tax Credit payments. If you did not opt out of these advance payments over the summer, you should receive this letter if you have littles that qualify you for the child tax credit. (17 and under). If you do not have children, you will not receive this letter.

It is very important to provide these letters with all your other tax related information. If you don't receive them, you can go to the IRS website and create an account to pull your transcripts.

Please do not rely on your memory for the amounts received. Getting it wrong will hold up processing of your return and your refund if one is due.

Start a folder now and place all of that important tax information in it as you receive it. And, please, open those envelopes, take the contents out, look at them. Keep the contents. Throw away the envelopes!

IR-2021-255, December 22, 2021 — The Internal Revenue Service announced today that it will issue information letters to Advance Child Tax Credit recipients starting in December and to recipients of the third round of the Economic Impact Payments at the end of January. Using this information when p...

01/06/2022

IRS has updated what needs to be included in income!

01/01/2022

Don’t forget to take a picture of the odometer reading on your biz car today! You'll need it later.