IRS Warns of New Tax Scam
IRS Reminds Taxpayers to Remain Vigilant Against Scams this Summer The Internal Revenue Service has asked taxpayers to be aware of a new scam linked to the Electronic Federal Tax Payment System (EFTPS), where fraudsters call to demand an immediate tax payment through a prepaid debit card. This scam is being reported across the country,... Continue reading→
Why Didn’t I get a Refund?
For tens of millions of Americans, the reward for enduring the agony of preparing tax returns is the refund check they get from the IRS. Yet many people never get tax refunds, and even some who expect to get them don’t always receive their money as quickly as they want. With many different reasons why... Continue reading→
Do You Owe the IRS and Cannot Pay in Full?
SIX PAYMENT OPTIONS WHEN YOU OWE THE IRS What are options available if you have a balance due on your tax return, and you do not have enough money to pay in full? Pay as much as you can by the Filing (April 15th) deadline. Even if you cannot pay the IRS in full, paying... Continue reading→
Where is my Refund? Best Way to Check
Did you know that the IRS issues more than 9 out of 10 refunds in less than 21 days. However, it’s possible your tax return may require additional review and take longer. The best way to check the status of your refund is online through the “Where’s My Refund?” tool at IRS.gov or via the IRS2Go... Continue reading→
Did You Move in 2016? This Tax Break Could Save You Thousands
Did you move in 2016? Even if you didn’t move specifically to start a new job, you may still take advantage of a lucrative tax break for moving expenses. The best part is you can use the tax break for moving expenses even if you don’t itemize deductions on your tax return. Does your move... Continue reading→
2017 Referral Program
For each person whom you refer to Penrose & Associates who becomes a client you will receive a $25 Starbucks gift card. You will also be entered into a raffle at the end of tax season to win a Tablet.
Some Refunds Delayed in 2017
Due to changes in the law, starting in 2017, the Internal Revenue Service (IRS) expects to hold tax refunds for taxpayers claiming the Earned Income Tax Credit (EIC) or the Additional Child Tax Credit until February 15, 2017 to give the agency more time to detect fraud. This applies to the entire refund, not just... Continue reading→
New Filing Dates for Some Tax Returns in 2017
As we get ready for the 2017 filing season, there is hope that the year will be better. One reason is because the 2017 filing season will involve new due dates, a result of years of advocacy by the accounting profession. Partnerships – Form 1065 Business entities such as partnerships or multi-member LLC’s that file... Continue reading→
Some Important Tax Changes for 2016
Individuals Health Insurance Coverage Penalties Penalties are assessed for each month that any individual does not have the minimum essential health insurance coverage (Obamacare). In 2016 the penalty increases to $695 per adult, or 2.5% of income with a family maximum of $2,085. Canceled Debt on Qualified Principal Residence Debt cancelled from short sale, foreclosure, or... Continue reading→
5 Year End Tax Tips for 2016
Below are some tips that can still save you money for 2016 1. Sell investments showing a loss to offset gains A key year-end strategy is called “loss harvesting” –selling investments such as stocks and mutual funds to realize losses. You can then use those losses to offset any taxable gains you have realized during... Continue reading→