News
Our office phones are out due to a direct lightening strike from Saturday’s storm.
We are forwarding our phones but have limited capability for answering and returning calls at this time.
For fastest response email any of our staff: doris@rabcpa.com; danny@rabcpa.com; carlene@rabcpa.com; deborah@rabcpa.com; renee@rabcpa.com; staff@rabcpa.com
We apologize for the inconvenience and are working to return everything back to normal.
Some new (and not so new) information to help tax season go smoothly….
Tax Season 2024 is upon us! A few things we would like to remind you of as we navigate this season.
We CANNOT accept pictures of tax information. Pictures are not clear when printed and can be difficult to print altogether. Please include clear copies of your 1099’s, W2’s and any other necessary information.
Please, please, please DO NOT staple your papers together. A simple paper clip is much preferred.
Deadlines for tax information to be in our office is March 24, 2025 for Individuals. · If you have returns needing to be filed for other entities, Corporations, LLC’s or Partnerships, the due date for information to be into our office is February 24, 2025.
All Clients must complete a 2024 Individual Tax Information Packet to ensure all information is updated. This is for your benefit and to make the process as flawless as possible. It only takes a few minutes and will be REQUIRED for ALL CLIENTS.
Please bring all information at one time. Bringing additional information after you have informed us that your return is ready to be completed will result in additional fees if your return must be revised.
If you need an extension filed, contact our office by email (doris@rabcpa.com) so we can add you to that list. This MUST be done by email…Remember, this extends only the time for you to file your return. This does NOT extend the due date or time if you owe additional tax liabilities to be paid. In the event additional taxes are due and remitted after April 15, you will be subject to late payment penalties and interest. You will need to inform us of the amount you intend to send with your extension and this amount will need to be submitted along with the request for extension.
Deadlines for filing extensions are: Partnerships, Corporations and General Partnerships-March 15, 2025. Individuals-April 15, 2025.
A list of needed information can be viewed here. (Click on Individual Federal and State Taxes)
We would like to wish everyone a happy holiday season with all the blessings that go along with it.
Merry Christmas and Happy New Year!
Thank you for the votes of confidence in selecting our firm as the Winner of the Main Street Awards for Best Accounting/Tax Preparation in Wilson County!
We are humbled and honored as we strive to continue the Legacy of Service to our valued clients.
If you are questioning “Where’s My Refund” you will need to either call the Internal Revenue Service or go to their website that is dedicated to finding the answer.
The phone number is 844-545-5640 and the website link can be accessed here.
As much as we would like to be able to answer that question for you, the IRS requires the taxpayer themselves to answer personal questions before information is released.
Updated 1/9/24: This news release has been updated to include Cheatham, Gibson, and Stewart counties.
WASHINGTON — The Internal Revenue Service announced today tax relief for individuals and businesses in parts of Tennessee affected by severe storms and tornadoes that began on Dec. 9. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments.
Following the disaster declaration issued by the Federal Emergency Management Agency (FEMA), individuals and households that reside or have a business in Cheatham, Davidson, Dickson, Gibson, Montgomery, Stewart and Sumner counties qualify for tax relief. The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Dec. 9, 2023, and before June 17, 2024, are granted additional time to file.
As a result, affected individuals and businesses will have until June 17, 2024, to file returns and pay any taxes that were originally due during this period.
The June 17, 2024, deadline applies to individual income tax returns and payments normally due on April 15, 2024. For affected taxpayers, 2023 contributions to IRAs and health savings accounts are extended to June 17, 2024.
The tax relief also applies to quarterly estimated tax payments, normally due on Jan. 16 and April 15, 2024. Penalties on payroll and excise tax deposits due on or after Dec. 9, 2023, and before Dec. 26, 2023, will be abated as long as the tax deposits are made by Dec. 26, 2023.
The June 17, 2024, deadline also applies to affected businesses:
Quarterly payroll and excise tax returns normally due on Jan. 31 and April 30, 2024.
Calendar-year partnership and S corporation returns normally due on March 15, 2024.
Calendar-year corporation and fiduciary returns and payments normally due on April 15, 2024.
Calendar-year tax-exempt organization returns normally due on May 15, 2024.
The IRS urges anyone who needs an additional tax-filing extension, beyond June 17, for their 2023 federal income tax return to request it electronically by April 15. Though a disaster-area taxpayer qualifies to request an extension between April 15 and June 17, a request filed during this period can only be submitted on paper. Whether requested electronically or on paper, the taxpayer will then have until Oct. 15, 2024, to file, though payments are still due on June 17. Visit IRS.gov/extensions for details.
If an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original filing, payment or deposit due date that falls within the postponement period, the taxpayer should call the telephone number on the notice to have the IRS abate the penalty.
The IRS automatically identifies taxpayers located in the covered disaster area and applies filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area should call the IRS disaster hotline at 866-562-5227 to request this tax relief.
The Tennessee counties listed above constitutes a covered disaster area for purposes of Treas. Reg. §301.7508A-1(d)(2) and are entitled to the relief detailed below.
Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses (including tax-exempt organizations) whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.
Under section 7508A, the IRS gives affected taxpayers until June 17, 2024, to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; annual information returns of tax-exempt organizations; and employment and certain excise tax returns), that have either an original or extended due date occurring on or after Dec. 9, 2023, and before June 17, 2024, are granted additional time to file through June 17, 2024
Affected taxpayers that have an estimated income tax payment originally due on or after Dec. 9, 2023, are postponed through June 17, 2024, will not be subject to penalties for failure to pay estimated tax installments as long as such payments are paid on or before June 17, 2024.
The IRS also gives affected taxpayers until June 17, 2024, to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2018-58, 2018-50 IRB 990 (December 10, 2018), that are due to be performed on or after Dec. 9, 2023, and before June 17, 2024, are granted additional time to file through June 17, 2024.
This relief also includes the filing of Form 5500 series returns that were required to be filed on or after Dec. 9, 2023, and before June 17, 2024, are postponed through June 17, 2024, in the manner described in section 8 of Rev. Proc. 2018-58. The relief described in section 17 of Rev. Proc. 2018-58, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.
Unless an act is specifically listed in Rev. Proc. 2018-58, the postponement of time to file and pay does not apply to information returns in the W-2, 1094, 1095, 1097, 1098 or 1099 series; to Forms 1042-S, 3921, 3922 or 8027; or to employment and excise tax deposits. However, penalties on deposits due on or after Dec. 9, 2023, and before Dec. 26, 2023, will be abated as long as the tax deposits were made by Dec. 26, 2023.
Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either the year in which the event occurred, or the prior year. Taxpayers choosing to claim their losses on their 2022 return have extra time, until Oct. 15, 2024, to make this election. See Publication 547, Casualties, Disasters, and Thefts for details. Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684, Casualties and TheftsPDF and its instructionsPDF. Affected taxpayers claiming the disaster loss on their return should put FEMA disaster declaration number, 4751-DR on any return. See Publication 547 for details.
The IRS will waive the usual fees and requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned FEMA declaration number (4751-DR), in bold letters at the top of Form 4506, Request for Copy of Tax ReturnPDF, or Form 4506-T, Request for Transcript of Tax Return, as appropriatePDF, and submit it to the IRS.
Qualified disaster relief payments are generally excluded from gross income. This means that affected taxpayers can exclude from their gross income amounts received from a government agency for reasonable and necessary personal, family, living or funeral expenses, as well as for the repair or rehabilitation of their home, or for the repair or replacement of its contents. See Publication 525 for details.
Additional relief may be available to affected taxpayers who participate in a retirement plan or individual retirement arrangement (IRA). For example, a taxpayer may be eligible to take a special disaster distribution that would not be subject to the additional 10 percent early distribution tax and allows the taxpayer to spread the income over three years. Taxpayers may also be eligible to make a hardship withdrawal. Each plan or IRA has specific rules and guidance for their participants to follow.
The IRS may provide additional disaster relief in the future.
Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case. Taxpayers may download forms and publications from the official IRS website, IRS.gov.
Tax Season is upon us! A few things we would like to remind you of as we navigate this season.
Deadlines for tax information to be in our office is March 25, 2024 for Individuals. · If you have returns needing to be filed for other entities, Corporations, LLC’s or Partnerships, the due date for information to be into our office is February 26, 2024.
All Clients must complete a 2023 Individual Tax Information Packet to ensure all information is updated. This is for your benefit and to make the process as flawless as possible. It only takes a few minutes and will be REQUIRED for ALL CLIENTS.
Please bring all information at one time. Bringing additional information after you have informed us that your return is ready to be completed will result in additional fees if your return must be revised.
If you need an extension filed, contact our office by email (doris@rabcpa.com) so we can add you to that list. This MUST be done by email…Remember, this extends only the time for you to file your return. This does NOT extend the due date or time if you owe additional tax liabilities to be paid. In the event additional taxes are due and remitted after April 15, you will be subject to late payment penalties and interest. You will need to inform us of the amount you intend to send with your extension and this amount will need to be submitted along with the request for extension.
Deadlines for filing extensions are: Partnerships, Corporations and General Partnerships-March 15, 2024. Individuals-April 15, 2024.
A list of needed information can be viewed here. (Click on Individual Federal and State Taxes)
November 29, 2023
After years of delays, the first stage of the Corporate Transparency Act (CTA) goes into effect on January 1, 2024. It imposes a new federal filing requirement for most corporations and limited liability companies (LLCs).
The CTA’s purpose is to prevent the use of anonymous shell companies for money laundering, tax evasion, and other illegal purposes. But it applies to honest business owners as well as criminals.
The CTA does not apply to all businesses. It applies only to entities such as corporations, multi-member LLCs, single-member LLCs and others formed by filing a document with a state secretary of state or similar official. It doesn’t apply to sole proprietors.
Some businesses are exempt, including:
· large businesses—businesses with more than 20 full-time employees and $5 million in receipts on their prior-year tax return,
· certain businesses already heavily regulated by the government, such as banks and insurance companies,
· nonprofits, and
· several others.
The CTA’s purpose is to compile a massive government database containing the identities and contact information of the “beneficial owners” of most types of business entities. Beneficial owners are the humans who own or exercise substantial control over the entity.
For most reporting companies, identifying the beneficial owners is simple. For example, a three-member LLC in which each member has a one-third ownership interest has three beneficial owners. Identifying beneficial owners for reporting companies with complex ownership structures can be more difficult.
Existing LLC’s and corporations will have time of 12 months from January 1st, 2024, to file the beneficial owner information report with the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN)—the Treasury Department’s financial intelligence unit. The report must contain the following for each beneficial owner:
· Full legal name
· Date of birth
· Complete current residential street address
· A unique identifying number from a current U.S. passport, state or local ID document, driver’s license, or foreign passport
· An image of the document that contains the unique identifying number.
The beneficial owner information report is filed online at a new federal database called BOSS (an acronym for Beneficial Ownership Secure System). You can’t file until January 1, 2024. You don’t pay any filing fees. The information in the BOSS database is strictly for use by law enforcement, the IRS, and other government agencies. FinCEN does not disclose the BOSS information to the public.
Please be aware there are substantial penalties imposed under Act for failure to file or comply with requirements of the Act.
FinCEN has already been notified of fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act. The fraudulent correspondence may be titled "Important Compliance Notice" and asks the recipient to click on a URL or to scan a QR code. Those e-mails or letters are fraudulent. FinCEN does not send unsolicited requests. Please do not respond to these fraudulent messages or click on any links or scan any QR codes within them.
If you want our assistance with your required reporting and the necessary filings, please call us at 615-444-1149. Please note that as is our policy, we will not automatically file a report on your behalf without your request and authorization.
If you have not picked yours up- please do so asap..
