William Ramos Certified Public Accountant PC

IRS Issues Guidelines for audits / collections / notices: Looks like they will do their best to make good on their timelines but don't expect a call back until they are caught up with their backlog! As far as tax return refunds, IRS claims the process will be unchanged and you should receive your refund within the normal timelines.

Give us a call for help with your corporate or individual tax issues! We are more than glad to hear you out and offer advice!

Tax Filing Season Begins January 28 Plans to Pay Refunds During Government Shutdown Despite the partial government shutdown, the IRS confirmed that it will begin processing tax returns on January 28, 2019, and providing refunds to taxpayers as scheduled

Hi everyone! Sorry for the delay with keeping updates posted. Tax Law and News Professional Services Guidance for the QBI Deduction Helps Define Specified Services"... On Aug. 8, 2018, the IRS released proposed regulations around the centerpiece provision of the Tax Cuts and Jobs Act. The new Section 199A measure affords owners of sole proprietorships, partnerships, trusts and S corporations a lucrative 20 percent deduction on their qualified business income (QBI) beginning in tax year 2018. But if you have a service type industry, chances are the deduction will be limited. Specified Service Trades or Businesses The Section 199A deduction does not apply to specified service trades or businesses (SSTB), which exclude engineers and architects, when taxable income is above $415,000 for joint filers and $207,500 for other filers and is partially allowed when taxable income is between $315,000-415,000 for joint filers and between $157,500-207,500 for other filers. Individuals with taxable income below these threshold levels are not subject to the limitations. The IRS provide examples on which professions are included and excluded in the definition of a specified service trade or business. but chances are, if you are in the service industry, your deduction will be either limited or disallowed. And yes, CPA firms, accountants, EA's and tax practitioners are included into that limited Specified Service Trades or Businesses deduction calculation.

Great time to start working on your 2017 year end tax documents and make your way to your EA or CPA. Catch your preparer while he isn't overwhelmed with work!

Tax Changes with the Tax Cuts and Jobs Act SOME of the basic changes to the tax law: An increase in the standard deduction to $12,000 for singles and marrieds filing separately; $18,000 for heads of households; and $24,000 for marrieds filing jointly and surviving spouses... Up to $10,000 in deductible state and local taxes for individual taxpayers (This one will hurt those many of us who own homes) An increase in the child tax credit to $2,000 (refundable up to $1,400), beginning to phase out after income levels of $400,000 for marrieds filing joint and $200,000 for all other taxpayers Home mortgage interest to acquire a home will now be limited to $750,000 in debt rather than the previous $1 million; interest on home equity mortgages and lines of credit are no longer deductible. Increased exemption amounts and phase-out thresholds for the individual alternative minimum tax (AMT), and a repeal of the corporate AMT Roughly doubles the estate tax exemption to $11.2 million for individuals and $22.4 million for married couples A maximum 20% deduction for qualified business income of pass-through entities (subject to various limitations), which begins to phase out at $157,500 for most service providers ($315,000 phase-out for married taxpayers) An increase in the section 179 expensing to $1 million with a phase-out beginning at $2.5 million

Governors of NY, NJ and CT Announce Plans to Sue Federal Govt. Over New Tax Law The governors of New York, New Jersey and Connecticut have announced that they plan to sue the federal government over the SALT deduction cap, which they say unfairly discriminates against Democratic-leaning states, according to the Wall Street Journal. Under the new tax law, people can only deduct up to $10,000 of their state and local taxes, where before the deduction was unlimited, disregarding the AMT caps. Given that this affects residents of higher tax states, for example: New York / New Jersey / New Hampshire / Connecticut, the plaintiffs are arguing that the cap violates the constitution's equal protection clause and taxing the state tax, not income; so effectively, taxing your tax or double taxation on a personal level.

With another end to a busy tax season, glad to have my weekends back! For those of you who have not done your taxes yet, its not too late, you can always file taxes! Give us a call or text and we can get you in track to full compliance!

Do you need a reason to file your taxes early? well, here are a few reasons 1. Faster tax refunds 2. Extra time to pay taxes you owe 3. Time to obtain financial information 4. Avoiding a tax extension... 5. Preventing tax return identity theft Give us a call to make your appointment. We are open late and Weekends!! 516.644.5877

6 Year End Tax Tips to Prepare you for 2016 Filing Season 1. Get your receipts and other paperwork compiled and organized - when January comes you do not want to be looking frantically for receipts from the summer of 2015. Eliminate anxiety by getting organized now. 2. Review any life changes that may have happened within the last year - Don't wait to figure out how certain life changes - getting married, having children, buying a house, or going back to college will affect y...our tax status as well as your eligibility for certain tax credits/deductions. 3. Get the full benefit of potential tax deductions - Since tax deductions can lower your overall taxable income, it's important to know what you could be eligible for, for example: consider making an extra mortgage payment or even prepay state and real state taxes before the end of the year to allow for an extra deduction. 4. Figure out what tax credits you could be eligible for - Tax credits and tax deductions are not the same. They're not. Tax credits can directly reduce the dollar amount of taxes you may owe to the IRS so it is important to figure out these numbers in advance.If you qualify for $500 in tax credits and owe $1,000 to the IRS, you will only owe the IRS $500. Some of the most common credits include: The Earned Income Tax Credit, The American Opportunity Tax Credit, The Lifetime Learning Credit, The Child and Dependent Care Credit, The Savers Tax Credit. 5. If you're planning to donate to charity, do it now! consider making a few extra donations before the calendar year ends. Remember that charitable contributions must be made to qualified organizations with a 501(c)(3) status. And get and keep the receipt. Donate your household items and clothes to not-for-profit organizations and again, get a receipt!! 6. Consider increasing your contribution to your retirement plans - If you have a 401(k), IRA, or other retirement plans, it may be a good idea to temporarily increase your contribution into them before year's end (it can help lower your taxable income). Don't forget to make your appointment with us to file your 2015 Tax Return!! 516.644.5877