Frequently Asked Questions
WHAT CHANGES SHOULD I EXPECT FROM THE NEW TAX LAW?
The Tax Cuts and Jobs Act (HR1) was signed into law December 22, 2017. As a result you will see changes in tax year 2019 and beyond. Find out more about the changes here.
DO I NEED AN APPOINTMENT?
WHAT DO I NEED TO BRING TO MY APPOINTMENT?
That depends on the type of tax return you are filing. Check our Forms page.
WHAT IS MY FILING STATUS?
There are five filing status identified by the Internal Revenue Service:
2. Married filing jointly
3. Married filing separately
4. Head of household
5. Qualifying widow(er) with dependent child
Review our filing status document to see which is the correct filing status for you.
WHAT IS A QUALIFYING CHILD?
The Working Family Tax Relief Act of 2004 (WFTRA) adopted uniform language defining a “qualifying child” and “qualifying relative.” Find an overview of the tests the IRS uses to determine qualification here.
WHAT IF MORE THAN ONE PERSON CLAIMS THE SAME CHILD?
The Internal Revenue Service was often stymied by the complexities of the multitude of relationships and sources of financial support that a child might have and now has in place “Tie-Breaker Rules” to resolve the issue.
HOW DOES THE IRS DISTINGUISH BETWEEN A HOBBY AND A FOR-PROFIT ENDEAVOR?
The Internal Revenue Service reminds taxpayers to follow appropriate guidelines when determining whether an activity is engaged in for profit, such as a business or investment activity, or is engaged in as a hobby.
Internal Revenue Code Section 183 (Activities Not Engaged in for Profit) limits deductions that can be claimed when an activity is not engaged in for profit. IRC 183 is sometimes referred to as the “hobby loss rule.”
Taxpayers may need a clearer understanding of what….(read more)
WHAT HAPPENS IF I AM AUDITED BY THE IRS?
If we prepared your tax return for the period covered by the audit, contact us immediately concerning any correspondence from the IRS. Often we can resolve issues with a simple letter.
WHY IS MY TAX REFUND DELAYED?
We will e-file your return as soon a possible after it is completed and form 8879 is signed and returned to our office. Typically you should anticipate a refund in 3 weeks for an e-filed return and 8 weeks for a paper return. Here is a helpful article listing some of the most common reasons for a delayed refund.
HOW DO I GET AN EXTENSION?
If you were a client last year just call, fax or email us and request an extension. Be sure to let’s us know your name, address and if your martial status has changed.
If you are a new client we’ll need to know your name, social security number and address. If you are married we also need your spouse’s name and social security number.
Remember an extension to file is not an extension to pay. If you owe federal or state income tax payment is still due by April 15th.
I NEVER GOT MY ECONOMIC STIMULUS PAYMENT. WILL I EVER?
If you were eligible for an Economic Stimulus Payment in 2020 but did not receive one, you may be able to claim the Recovery Rebate Credit. The IRS has more information on how to claim this credit.
CAN I VIEW MY ACCOUNT INFORMATION WITH THE IRS?
Yes, you can view your account information by registering online with the IRS.
If you’re an individual taxpayer, you can view:
- The amount you owe, updated for the current calendar day
- Your balance details by year
- Your payment history and any scheduled or pending payments
- Key information from your most recent tax return
- Details about your payment plan, if you have one
- Select notices from the IRS
You can also:
- Make a payment online
- See payment plan options and request a plan via Online Payment Agreement
- Access your tax records via Get Transcript
HOW WILL VIRTUAL CURRENCY (SUCH AS BITCOIN) AFFECT MY TAX LIABILITY?
In 2014, the IRS issued Notice 2014-21, 2014-16 I.R.B. 938 PDF, explaining that virtual currency is treated as property for Federal income tax purposes and providing examples of how long standing tax principles applicable to transactions involving property apply to virtual currency. The IRS provides more information and and expands upon the examples provided in Notice 2014-21.