MA Accounting Professionals LLC

IRS Announced to File an Economic Impact Return (EIP)

The Treasury Department announced that Economic Impact Payments (EIP) will be distributed automatically.

Taxpayers who have not had a filing requirement for the last two years and don't receive Social Security payments should file a "simple" EIP return in order to receive their payment from the IRS.

Only dependents under the age of 17 who have a Social Security Number can be included on an EIP return, if the taxpayer is qualified to claim dependents.

IF THIS APPLIES TO YOU, CALL US NOW!!!

Tel: (973) 925-7780
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Payment Deadline Extended to July 15, 2020.

The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the April 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request a six-month extension to file their return.

This payment relief includes:

Individuals: Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due. This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief.

Corporations: For C Corporations, income tax payment deadlines are being automatically extended until July 15, 2020, for up to $10 million of their 2019 tax due.

This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.

Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. If you file your tax return or request an extension of time to file by April 15, 2020, you will automatically avoid interest and penalties on the taxes paid by July 15.

The IRS reminds individual taxpayers the easiest and fastest way to request a filing extension is to electronically file Form 4868 through their tax professional.

For your safety and convenience our dedicated team now offers to prepare your taxes remotely.
You can send your documents via: Email, Fax, Text, WhatsApp, Massenger or just drop off at any of our offices premisses.
You can REVIEW, SIGN & PAY from anywhere remotely\electronically!

For more information:
Call
973-925-7780

Text or WhatsApp
850-716-8534

Fax
973-925-7720

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MA Accounting Professionals LLC

Email
[email protected]

Addresses:
‪947 Main Street, Paterson, NJ 07503‬

‪140 Hepburn Road, Clifton, NJ 07012‬

IRS: Don’t be victim to ‘ghost’ tax return preparers

WASHINGTON – With the start of the 2020 tax filing season near, the Internal Revenue Service is reminding taxpayers to avoid unethical “ghost” tax return preparers.

According to the IRS, a ghost preparer does not sign a tax return they prepare. Unscrupulous ghost preparers will print the return and tell the taxpayer to sign and mail it to the IRS. For e-filed returns, the ghost will prepare but refuse to digitally sign as the paid preparer.

By law, anyone who is paid to prepare or assists in preparing federal tax returns must have a valid Preparer Tax Identification Number, or PTIN. Paid preparers must sign and include their PTIN on the return. Not signing a return is a red flag that the paid preparer may be looking to make a fast buck by promising a big refund or charging fees based on the size of the refund.

Ghost tax return preparers may also:

Require payment in cash only and not provide a receipt.
Invent income to qualify their clients for tax credits.
Claim fake deductions to boost the size of the refund.
Direct refunds into their bank account, not the taxpayer’s account.