By AdianezA September 03, 2016
Excellent!!! Amazing!!!!! What dedication to their clients. We were so pleased with the thorough and professional way our reports/taxes were handled. On time and kept us informed throughout the process. Both our business and personal reports/taxes were completed even without providing the information in the proper format. Esther Hastings at E File Florida went above and beyond, working long hours to make sure everything was prepared and submitted on time. Thank you for everything! ...read more
By AdianezA September 03, 2016
Excellent!!! Amazing!!!!! What dedication to their clients. We were so pleased with the thorough and professional way our reports/taxes were handled. On time and kept us informed throughout the process. Both our business and personal reports/taxes were completed even without providing the information in the proper format. Esther Hastings went above and beyond, working long hours to make sure everything was prepared and submitted on time. Thank you for everything! Adianez A. Hollywood, FL ...read more
By AdianezAllen April 21, 2016
Excellent!!! Amazing!!!!! What dedication to their clients. We were so pleased with the thorough and professional way our reports/taxes were handled. On time and kept us informed throughout the process. Both our business and personal reports/taxes were completed even without providing the information in the proper format. Esther Hastings went above and beyond, working long hours to make sure everything was prepared and submitted on time. Thank you for everything! Adianez Allen ...read more
In an effort to rein in tax fraud, which is costing the government billions of tax dollars, some new laws that take effect in 2016 will clamp down on individuals who have fraudulently claimed the American Opportunity Tax Credit (AOTC), the Child Tax Credit (CTC), or the Earned Income Tax Credit (EITC). All three are partially or totally refundable credits, which means that, in addition to reducing an individual’s tax liability to zero, they can cause excess credit to be refunded to the taxpayer, making them favorite targets of fraudsters. · The AOTC is the college tuition credit for low-income families that provides a credit for each eligible student equal to 100% of the first $2,000 and 25% of the next $2,000 spent on college tuition and related expenses; the maximum credit is $2,500, of which 40% is refundable. The credit is phased out depending on income. · The CTC is a tax credit of $1,000 for each of the taxpayer’s qualifying dependent children. A portion of the credit that is not used to offset the taxpayer’s tax liability can be refundable; the refund is based in part on the number children in the family and in part on the taxpayer’s earned income. This credit may also be phased out for higher-income taxpayers. · The EITC is a refundable credit awarded to low-income taxpayers who work. The credit is based on the amount of the taxpayer’s income that comes from working as well as on total income and on number of children. In 2016, this credit can be worth as much as $6,269. Here is a rundown of some of the new provisions that the government has put in place to defend against fraud. Retroactive Claims Individuals are now prevented from retroactively claiming the AOTC, CTC or EITC if the individual, dependent child or student for whom the credit is claimed does not have a taxpayer identification number (TIN). In other words, the TIN must be issued prior to the due date for filing the original return in the tax year for which the credit is claimed; the IRS will deny the credit if the TIN is not issued on time. In most cases, the TIN is a Social Security number. Disallowance Periods When a taxpayer improperly claims the AOTC, CTC or EITC (either fraudulently or recklessly), he or she will be barred from claiming that credit for a period of time. The disallowance periods are 10 years for fraud and 2 years for reckless or intentional disregard of rules and regulations. Preparer Due Diligence Requirements In the past, paid tax preparers have always abided by a set of due-diligence guidelines for EITC qualification before including that credit on any return that they prepared. These due-diligence requirements have been expanded to include the CTC and the AOTC. This adds additional work for paid preparers and increases their liability for errors, as each disallowed credit could be subject to a $510 preparer penalty. 1098-T Required to Claim Education Credits Education credits can no longer be claimed unless the taxpayer includes the employer identification number of the educational institution to which the tuition was paid. This number, as well as the other information needed to determine the credit, can be found on the Form 1098-T (Tuition Statement) issued by the educational institution. The new rules require that the taxpayer (or the dependent who is a student) receive a 1098-T form to claim the credit, although some exceptions are provided. Refunds that Include the EITC or CTC Will Be Purposely Delayed Refunds from returns that include an EITC or a refundable CTC will not be issued prior to February 15th, which gives the IRS additional time to verify the validity of the credit claims and to match them against the taxpayers’ income amounts and the informational returns that are filed with the IRS to verify tuition. For more great tax tips and articles feel free to visit our website. E File Florida remains your trusted tax resource with over 25 years of practical, hands on tax experience. We maintain the highest level of expertise and education with the ever growing and changing tax code. Feel free to contact us with any questions or concerns you may have about your tax situation. E-File Florida LLC 7450 Griffin Rd Ste 170 Davie, Fl 33314 Ph: (954) 583-5834 Fax: (954) 583-8557 info@efileflorida.com Visit Our Website About Us | Our Services | Information Center | Contact Us ...read more
By E-File Florida February 03, 2017
Crooks have tried all sorts of e-mails scams, but almost everyone has figured out that the IRS does not send out notices by e-mail. So crooks have changed their tactics. Now, there are reports of taxpayers receiving by mail (or email) fake notices requiring immediate payment to a P.O. Box. The P.O. Boxes are located in cities where the IRS has service centers, but of course are not IRS P.O. Box addresses. These scammers have duplicated the look of official IRS mail notices, which to the untrained eye would lead one to believe a notice was really from the IRS. So be extremely cautious of any notice you may have received from the IRS. If a notice is demanding immediate payment and there has not been any prior contact by the IRS over the issue, then the notice is probably from a scammer. Reports indicate the initial letters were numbered CP-2000. Here is a sample fake IRS CP-2000 supplied by Iowa State University. Don̢۪t be a victim~ Verify with the IRS to see if the letter you received is indeed, legitimately from them!About E-File FloridaE-File Florida helps individuals and small business owners to lower their tax bills and maximize their tax refunds. We actually enjoy getting to know our clients and have built a solid reputation of delivering excellent personal service while maintaining the highest level of integrity within the tax preparation industry. We welcome the opportunity to make you a Raving Fan! Contact Us:PH: (954) 583-8534FAX: (954) 583-8557Email: info@efileflorida.comhttp://www.efileflorida.com ...read more
By E-File Florida October 04, 2016
If you use independent contractors in your business and pay them $600 or more during the calendar year, you are required to issue them a 1099-MISC after the close of the year. If you fail to do so, and your (if you operate as a Schedule C sole proprietor) or your business’s income tax return is subsequently audited, you could lose the deduction for those payments and end up paying taxes on that income yourself, not to mention potential penalties. A big tax trap for businesses is the $600 reporting threshold. Say your business uses the services of an independent contractor early in the year at a cost below the $600 threshold, and you don’t bother to obtain the necessary reporting information from the contractor. If you use the contractor's services again later in the year and the combined total you’ve paid him or her exceeds the reporting threshold, you won't have the required reporting information. Sorry to say, you may find it difficult to obtain that information after the fact, as not all self-employed individuals report all their income, and contractors may not be willing to give you their tax ID information once they’ve completed the work and gotten your payment for their services. So, it is good practice to collect that information upfront before engaging the contractor regardless of the amount. The IRS provides Form W-9 – Request for Taxpayer Identification Number and Certification – as a means for you to obtain the data required from your vendors in order to file the required 1099-MISC forms after the close of the year. A completed W-9 also provides you with verification that you complied with the law should the vendor provide you with incorrect information. In addition, there are substantial penalties if you fail to file a correct 1099-MISC by the due date and you cannot show reasonable cause for not filing. Generally, for 1099 forms due in 2017, the penalty is $50 per 1099-MISC for not filing by the due date. The penalty increases to $100 if the form is not filed within 30 days of the due date and $260 after August 1, 2017. The maximum penalty for small businesses is $532,000, so you can see this is not a reporting requirement to be taken lightly. Oh, and by the way, the due date for filing 2016 Forms 1099-MISC with the IRS is January 31, 2017, when you are reporting non-employee compensation (box 7 of the form), which includes the income paid to independent contractors. This due date is a month (two months if you’ve been filing your 1099s electronically) earlier than it has been in the past. So now both the government’s copy and the one you provide the contractor are due by the same date. If you have questions related to your 1099-MISC reporting requirements or need assistance filing the required forms after the end of the year, please feel free to contact this office. http://www.efileflorida.com/blog/dont-be-left-holding-the-tax-bag/41976 ...read more
By E-File Florida September 27, 2016
Payroll accountants are responsible for tracking the expenditure of money and assets through a company. Their job is to help companies track their income and maintain a timely payment record for expenses and bills. If you are interested in becoming a payroll accountant, you will have to be... ...read more
Computer files can sometimes be deleted by accident, get lost or damaged. This could be a potential nightmare, especially if these are small business accounting files. You have peace of mind by knowing how to use the "Backup and Restore" function in Microsoft Small Business Accounting. With a few keys... ...read more