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Dec 27 2017
Tax Cuts and Jobs Act

Posted in addnew

Tax Cuts and Jobs Act – For individuals who normally itemize their deductions on Schedule A we are recommending that you prepay the second half of your real estate taxes and your fourth quarter state income tax estimates prior to 12/31/17.  This is because, beginning in 2018 the deduction for taxes in general will be limited to $10,000.  Please call us if you have any questions.

Last Updated by Admin on 2017-12-27 05:40:22 PM

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Jan 13 2017
Oklahoma Tax Commission Suspends 1099 Filing Requirement

Posted in addnew

The OTC issued the following notice January 11, 2017.  “We’re listening to you.  We understand submitting 1099s electronically will be difficult for many small businesses.  Therefore, we are suspending ONLY the requirement for 1099 submission effective immediately.  W-2 and W-3 submission is still a requirement.”  The electronic filing of W-2s and the W-3 are still due February 28, 2017 unless the OTC makes other exceptions. 

 

Last Updated by Admin on 2017-01-13 02:47:06 PM

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Dec 21 2016
2016 Tax Return Due Dates

Posted in addnew

For 2016 tax returns prepared and filed in 2017 the IRS has changed certain due dates.  The biggest change is that 2016 partnership tax returns (Form 1065) will now be due March 15, 2017.  This is a month earlier than normal.  C-Corporations (Form 1120) which used to be due March 15th are now due April 15th.  S-Corporations (Form 1120-S) are still due March 15th and Trusts and Estates (Form 1041) are still due April 15th

Last Updated by Admin on 2016-12-21 09:53:58 PM

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Dec 13 2016
New IRS Mileage Rates for 2017

Posted in addnew

The IRS just released the new mileage rates for travel beginning January 1, 2017.  For Business Travel - 53.5 cents per mile, Medical/Moving - 17 cents per mile, and Charitable - 14 cents per mile.

Last Updated by Admin on 2016-12-13 10:13:21 PM

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Dec 13 2016
Beware of Tax Scams

Posted in addnew

As the year winds down and tax season approaches, tax scams become more popular. We urge you to exercise caution if you receive emails or telephone calls indicating they are from the IRS. The IRS will NEVER call and demand immediate payment using a specific payment method such as prepaid debit/gift cards or wire transfers, initiate contact by email or text message, threaten to immediately bring in law officials to have you arrested for not paying, demand payment without the opportunity to question or appeal the amount, or ask for credit or debit card numbers over the phone. The link below is an article from the IRS detailing specific scams they are seeing and what to do if you are a target of a scammer.

https://www.irs.gov/uac/irs-warns-taxpayers-of-numerous-tax-scams-nationwide-and-provides-summary-of-most-recent-schemes?_ga=1.58658730.1640032945.1477959557

 

 

Last Updated by Admin on 2016-12-13 03:01:32 PM

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Dec 01 2016
IRS Private Debt Collection Program

Posted in addnew

Beginning next year the IRS will begin using private debt collection contractors to collect certain past due amounts. The Service has selected four (4) contractors to implement the new program. The IRS is supposed to send taxpayers a notice idicating their account has been transferred to a private collection agency.

Last Updated by Admin on 2016-12-01 03:46:04 PM

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Nov 17 2016
IRS warns of fake Affordable Care Act related tax bill e-mails

Posted in addnew

The IRS is warning taxpayers to be on guard against fake e-mails purporting to contain an IRS tax bill related to the Affordable Care Act (Obamacare). The IRS does not initiate contact with taxpayers by e-mail or social media platforms.

Last Updated by Admin on 2016-11-17 02:18:58 PM

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Nov 10 2016
New Travel Per-Diem Rates

Posted in addnew

The IRS has issued simplified per-diem rates for post September 30, 2016 business.  You can find the new rates at http://www.gsa.gov/portal/content/104877

Last Updated by Admin on 2016-11-10 03:53:48 PM

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June 24 2016
IRS Shuts down E-File PIN program in response to cyberattacks

Posted in addnew

The IRS had a program to provide certain taxpayers who were victims of IRS identify theft a six (6) digit PIN to authenticate their identity on e-filed returns. However, after having their system hacked in February and more than 100,000 PINS stolen the Service is shutting the program down due to continued cyberattacks. The IRS news release seems to imply the shutdown is permanent. 

Last Updated by Admin on 2016-06-24 02:20:54 PM

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Dec 17 2015
2016 Standard Mileage Rates

Posted in addnew

The IRS has released the 2016 standard mileage rates for business, medical, moving, and charitable miles. With the exception of the charitable mileage rate which remained unchanged from 2015, all of the other 2016 rates are lower than 2015.

 

Rates effective January 1, 2016

Business Miles

$.54/mile

Medical Miles

$.19/mile

Moving Miles

$.19/mile

Charitable Miles

$.14/mile

 

Last Updated by Admin on 2015-12-17 01:39:38 PM

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Aug 12 2015
OK TAX COMMISSION TAX AMNESTY PROGRAM

Posted in addnew

From 9/14/15 to 11/15/15, the OTC will be offering a program where taxpayers can file past due returns and pay their outstanding tax liabilities and have the penalty, interest, and fees waived. This applies to tax liabilities for tax periods prior to 1/1/15. Several types of tax are covered by this program: Income Tax (Individual and Business), Sales Tax, Use Tax, Withholding Tax, and Mixed Beverage Tax. For more information please contact our office.

Last Updated by Admin on 2015-08-12 10:56:19 AM

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June 05 2015
IRS Scam Warning

Posted in addnew

 

2015 IRS Phone Scams – We have recently had a number of clients contacted by telephone by individuals identifying themselves as IRS Agents and then threatening the taxpayers if they don’t pay some amount immediately.   These are scam artists trying to defraud the individuals through threats and intimidation.  Do not give them any information and hang up immediately.  The real IRS will not call or e-mail you to initiate an examination or collection action. They will always first send you some type of written correspondence by mail.  The IRS has seen a surge of these telephone scams and is warning the public to not be taken in and to not engage these impostors over the phone.  Please call our office if you have any questions or have received this type of scam call.

 

Last Updated by Admin on 2015-06-05 09:50:26 AM

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Feb 16 2015
IRS Provides Repair Regulation Relief

Posted in addnew

On 02/13/15 the IRS issued Rev. Proc. 2015-20 making it easier for small businesses to comply with the final tangible property regulations.  Under 2015-20 a small business is allowed to change its method of of accounting for certain repairs and maintenance costs without requiring the Taxpayer to file Form 3115 (Change of Accounting Method).  It also allows the small business to apply the change on a prospective basis for 2014 and going forward.  Under the prior rules the business would have been required to calculate the prior year’s cumulative effect of the change and report that amount as a IRC 481(a) adjustment.  Under 2015-20 a small business is one with average annual sales totaling $10 million or less and assets under $10 million.

Last Updated by Admin on 2015-02-16 07:03:25 AM

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Jan 06 2015
Tax Extender Bill Approved

Posted in addnew

Tax Extender Bill Approved 

 

On December 16, 2014 Congress passed and the President signed the Tax Increase Prevention Act of 2014. This bill extended many of the business and personal tax deductions and credits that had expired at the end of 2013. For businesses this included the 50% bonus depreciation and the $250,000 Section 179 deduction.  For individuals it included the deduction for mortgage insurance premiums, state and local sales tax deduction and the above the line deduction for higher education expenses.  In all there were about 50 tax provisions that were extended through 12/31/2014.

 

Last Updated by Admin on 2015-01-06 09:06:07 AM

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Dec 11 2014
2015 Standard Mileage Rates

Posted in addnew

The IRS announced Wednesday the new standard mileage rates for 2015.  The business use of an automobile goes up to 57.5 cents per mile (from 56.0) while the rate for medical or moving goes down slightly to 23.0 cents per mile (from 23.5).  The rate for charitable mileage stays the same at 14 cents per mile.

Last Updated by Admin on 2014-12-11 06:57:20 AM

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Jan 22 2014
IRS Answers Only 61% of Phone Calls!

Posted in addnew

The recently released IRS Taxpayer Advocate report disclosed that the IRS only answered 61% of the calls it received during 2013.  This means that 39% of the calls didn't even have a change to get put on hold!!!  But maybe that’s actually a good thing.  The report also indicated the average on hold wait time was 18 minutes before talking to a customer service representative. Having personally experienced “total” hold times of 30-45+ minutes I think the 18 minutes is the “first” hold of the call.  Then the first rep transfers you to rep #2 and you get another 15-20 minutes of hold.  If you don’t accidently get cut-off at that point then the transfer to rep #3 takes another 15-20 minutes.

Last Updated by Admin on 2014-01-22 11:11:40 AM

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Jan 20 2014
Cost of Health Benefits Reported on 2013 W-2

Posted in addnew

Some of you might notice that your W-2 reports the cost of health benefits you receive through your employer in Box 12 code DD on your W-2. This is informational only. This amount is not taxable.

Last Updated by Admin on 2014-01-20 08:51:14 AM

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Dec 23 2013
2013 Business Tax Returns Opening Day

Posted in addnew

While 2013 individual income tax returns cannot be filed with the IRS prior to January 31, 2014, the IRS will be accepting 2013 business income tax returns on January 13, 2014.

Last Updated by Admin on 2013-12-23 07:30:52 AM

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Dec 19 2013
Opening of 2013 Tax Filing Season

Posted in addnew

Due to the government shutdown in October, the IRS said the opening of the 2013 tax season would be delayed about 2 weeks. Yesterday, the IRS announced it will begin accepting 2013 individual income tax returns on January 31, 2014. The return due dates have not been extended.

Last Updated by Admin on 2013-12-19 09:15:48 AM

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Dec 10 2013
2014 Standard Mileage Rates

Posted in addnew

IRS has released the 2014 standard mileage rates. 
Beginning 1/1/14 the standard mileage rates are:
Business miles - 56 cents
Medical or Moving miles - 23.5 cents
Charitable miles - 14 cents

Last Updated by Admin on 2013-12-10 10:17:19 AM

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Nov 04 2013
Social Security Wage Base Increases

Posted in addnew

The Social Security Administration announced last week that the Social Security wage base for 2014 is being increased to $117,000.  

Last Updated by Admin on 2013-11-04 09:27:43 AM

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Oct 24 2013
Opening of 2014 Income Tax Filing Season Delayed

Posted in addnew

Due to the recent government shutdown, the IRS has announced the start of the 2014 filing season will be delayed approximately 2 weeks. The IRS plans on announcing in December the date it will begin accepting 2013 income tax returns filed in 2014. Before the government shutdown, the start date of the 2014 filing season was January 21, 2014; now expect that date to be somewhere between January 28th and February 4th. The IRS has announced that the filing due dates of tax returns will NOT be extended.

Last Updated by Admin on 2013-10-24 12:42:50 PM

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Sept 23 2013

Posted in addnew

Just a reminder that under the Affordable Care Act there are required disclosures to be provided to your employees by October 1st. Please visit the IRS and Department of Labor's website for more information.

Last Updated by Admin on 2013-09-23 11:05:10 AM

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Sept 03 2013
Legally Married Same Sex Couples Tax Filing Status

Posted in addnew

Same sex couples who are legally married in a state that recognizes same sex marriages will be allowed to file a joint return for federal income tax purposes no matter what state the couple lives.

Last Updated by Admin on 2013-09-03 09:33:26 AM

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Aug 28 2013
Payroll Service Providers

Posted in addnew

The IRS has 3 different categories of payroll service providers; Form 2678 Agents, Form 8655 Reporting Agents and Payroll Service Providers.  While each are a little different then the others, the IRS will always still hold the employer responsible for any unpaid payroll taxes.  This is true even if the employer has transferred the tax deposit to the payroll service provider who then fails to remit the tax to the IRS.  Call us for any questions you might have.

Last Updated by Admin on 2013-08-28 12:00:01 PM

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Aug 19 2013
IRS Opens Site to Explain Health Care Tax Provisions

Posted in addnew

The Internal Revenue Service has launched a new Affordable Care Act Tax Provisions site at www.irs.gov/aca to educate individuals and businesses on how the health care law might affect them.  





Last Updated by Admin on 2013-08-19 02:40:57 PM

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July 29 2013
File your annual Secretary of State LLC registration online!

Posted in addnew

You can now go online at the Secretary of State's website and file your annual Limited Liability Company registration electronically. Go to https://www.sos.ok.gov/corp/filing.aspx It saves postage plus you will get an e-mail confirmation that the filing has been processed.

Last Updated by Admin on 2013-07-29 09:11:09 AM

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