Accounting & Tax Resolution

Changes in IRS refunds for your 2016 Tax Return…. All refunds with Earned Income Credit will be for review due to theft and fraud

This change begins Jan. 1, 2017, and may affect some returns filed in January and early February 2017.

•    The IRS will hold the refunds on EITC and ACTC-related returns until Feb. 15.
•    This allows additional time to help prevent revenue lost due to identity theft and refund fraud related to fabricated wages and withholdings.
•    The IRS will hold the entire refund. Under the new law, the IRS cannot release the part of the refund that is not associated with the EITC and ACTC.

•    Taxpayers should file as they normally do, and tax return preparers should also submit returns as they normally do.
•    The IRS will begin accepting and processing tax returns once the filing season begins, however there will be holds on EITC and ACTC.

The IRS still expects to issue most refunds in less than 21 days, though IRS will hold refunds for EITC and ACTC-related tax returns filed early in 2017 until Feb. 15 and then begin issuing them.

Five Tax Tips on Estimated Tax Payments for your 2016 Tax Season

You usually will have taxes withheld from your pay if you are an employee. However, if you don’t have taxes withheld, or you don’t have enough tax withheld, you may need to make estimated tax payments. If you are self-employed you normally have to pay your taxes this way. Here are five tips about making estimated tax payments:
1. When the tax applies. You should pay estimated taxes in 2015 if you expect to owe at least $1,000 in tax for 2016.
2. How to figure the tax. Estimate the amount of income you expect to receive for the year. Contact Gina to get your exact estimated tax payment amounts and vouchers to mail.

What to Do if You Get a Corrected Form 1095-A

If you or anyone in your household enrolled in a health plan through the Health Insurance Marketplace in 2015, you should have received a Form 1095-A, Health Insurance Marketplace Statement, from the Marketplace. You will use the information on the form to claim the premium tax credit if you’re eligible, to reconcile advance payments of the premium tax credit, or both, when filing your tax return.
Tax Liability

Important Things to Know About Taxes and Tax Liability Before Hiring an Expert

​I wanted to address the many questions taxpayers have before they hire someone like myself, Gina Mewes, EA a tax resolution company. There are some important things to know about taxes and tax liability.

When you realize that you have a tax lien, garnishment or levy and hire a tax resolution company there is a process to resolve or settle on your tax liability. From the time Gina receive’s all of the appropriate documentation, a typical tax resolution case usually takes 3–4 months assuming the taxpayer is compliant and has filed all their tax returns. Some cases can take up to 9 months or more.

Tax Resolution

Research Your Tax Resolution Company Before You Hire Them to Handle Your Case

​I just had a new client “Steve” call me and ask about tax resolution and Offer in Compromises… Steve hired one of the BIG FIRM’s that promises to get rid of all your tax debt 10 months ago. Steve had unfiled tax returns going back to 2012. The first thing the BIG FIRM did was to file tax returns for those 3 years. The BIG FIRM did not gather expense information from the client they only obtained income and wage transcripts from the IRS and filed returns solely based on INCOME. This now brought his tax liability which should have been in the $50,000 range up to $242,000.