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Tuesday, March 31, 2020

Office Hours, Tax Filing & Extension Updates from Gardner & Billing CPAs



The Internal Revenue Service and MT State Department of Revenue are providing special tax filing and payment relief to individuals and businesses in response to the COVID-19 Outbreak. The April 15 deadlines for all individuals, trusts, and corporation tax filings and income tax payments are automatically extended until July 15, 2020. This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.  The relief is automatic and taxpayers do not need to file any additional forms to qualify.

Although the deadline has been extended, we want to reassure you that if your return has not already been filed, we will continue to work diligently to fulfill your tax filing obligations.  We recognize how important timely refunds and tax payment planning will be in this uncertain climate, so if we currently have your completed tax information, our goal is to have your returns finalized before April 30th, unless otherwise discussed.  If we have not yet received your tax information, we encourage you to submit it before the new July 15 extension deadline. 

Due to COVID-19 directives, our office is currently closed to the public. We have authority to continue working but will be complying with social distancing measures by conducting business via phone, mail or electronic means. If you are unable to utilize these methods to complete your necessary business, please call us to arrange a special appointment. We will be observing Friday, April 17th as an employee holiday but are otherwise available during regular office hours Monday – Friday from 8am to 5pm.  

We will do our best to serve you and your financial needs during this difficult time and we thank you for your understanding, patience and continued patronage.  If you have any questions on these topics or would like resources or consulting on other COVID-19 tax and business impacts, we encourage you to contact our office at 406-436-2583

Friday, March 27, 2020

Annoucement from Gardner & Billing CPAs

As of 5pm today our office will be closed to the public. We have authority to continue working but will be complying with social distancing measures by conducting business via phone, mail or electronic means during office hours. If you are unable to utilize these methods to complete your necessary business, please call us to arrange a special appointment. 

We will do our best to serve you and your financial needs during this difficult time and we are working to process tax returns to get you timely refunds despite the tax filing deadline extension. 

Thank you for your understanding, patience and continued patronage.

Wednesday, March 18, 2020

Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak

https://home.treasury.gov/news/press-releases/sm948 

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 tax payment deadline has been extended to July 15 for many taxpayers, but it's important to note that the filing deadline for tax returns remains April 15, 2020. If you are unable to file a return by April 15th, you must still file an extension of time time file. At this time, no announcement has been made as to whether MT Dept of Revenue will follow suit, so state payments remain due by April 15th. 

This federal payment relief includes:
  • 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. The 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.
  • 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. 

This relief only applies to federal income tax (including tax on self-employment income) payments otherwise due April 15, 2020, not state tax payments or deposits or payments of any other type of federal tax. State filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details.

Friday, March 13, 2020

March 16th Filing Deadline


Monday, March 16th is the tax filing deadline 
for pass-through business entities including 
1065 Partnership returns and 1120-S Corporations. 
It's our last big deadline before Tax Day on April 15th!

Thursday, March 5, 2020

Friday, February 14, 2020

Protect Yourself Against Fraudulent Tax Filings


With tax filing season now open, we encourage you to protect yourself against fraudulent tax return filings. Identity theft is on the rise and the best way to ensure against being the victim of a fraudulent tax filling is to apply for an Identity Protection PIN with the IRS. This unique PIN is assigned by the IRS following an identity verification process. It must then be included on your tax return in order for the return to be processed. 

If you do find yourself a victim of a fraudulent tax return filing, report it to the IRS, file your legitimate tax return on paper and check your credit rating to confirm the extent of the identity theft. Unfortunately this scenario is all to real and at minimum, will delay the receipt of your refunds. Identity theft can be a difficult and time consuming process to resolve, so protect yourself with the IP PIN. Learn more and apply at irs.gov

Thursday, February 6, 2020

2020 UCR Registration Period to Open Soon

***IMPORTANT NOTICE*** 

FMCSA Announces Final Rulemaking for 2020 UCR Fees
2020 Registration Period to Open Soon

The Federal Motor Carrier Safety Administration (FMCSA) has announced on its website fees for the 2020 Unified Carrier Registration Plan (UCR):  https://www.fmcsa.dot.gov/safety/fees-unified-carrier-registration-plan-and-agreement.

PLEASE NOTE:  UCR fees for the 2020 registration period will only become effective upon publication in the Federal Register.  We expect this to occur within the next few days.  Of course, UCR will make a new announcement when the 2020 fees are officially published in the Federal Register.

UCR Registration at www.ucr.gov
The UCR National Registration System (www.ucr.gov) will be ready to handle registrations when the final rulemaking is published.  For support or questions, call 1-833-UCR-PLAN or send an email to helpdesk@ucr.gov.

Recommended Enforcement Timing
State enforcement of the UCR registration requirements commonly begins January 1.  But since the opening of the 2020 registration period was delayed several months, UCR is requesting states delay enforcement until May 1, 2020.

Wednesday, January 15, 2020

Direct deposit fastest way to receive federal tax refund


IRS YouTube Videos: Direct Deposit for Your Tax RefundEnglish
WASHINGTON — With tax season beginning soon, the Internal Revenue Service reminds taxpayers that choosing to have their tax refund directly deposited into their checking or savings account is the fastest way to get their money.
It’s simple, safe and secure. Taxpayers can also get their refund deposited into one, two or three different accounts, if desired.
Eight out of 10 taxpayers get their refunds by using direct deposit. The IRS uses the same electronic transfer system to deposit tax refunds that is used by other federal agencies to deposit nearly 98% of all Social Security and Veterans Affairs benefits into millions of accounts.
Direct deposit also avoids the possibility that a refund check could be lost or stolen or returned to the IRS as undeliverable. And it saves taxpayer money. It costs more than $1 for every paper refund issued, but only a dime for each direct deposit.
Easy to use
A taxpayer simply selects direct deposit as the refund method when using tax software or working with a tax preparer, and then types in their account and routing number. It’s important to double check entries to avoid errors.
The IRS reminds taxpayers they should only deposit refunds directly into accounts that are in their name, their spouse’s name or both if it’s a joint account.
Split refunds
By using direct deposit, a taxpayer can split their refund into up to three financial accounts, including a bank or Individual Retirement Account. Part of the refund can even be used to purchase up to $5,000 in U.S. Series I Savings Bonds.
A taxpayer can split their refund by using tax software or by using IRS Form 8888, Allocation of Refund (including Savings Bond Purchases), if they file a paper return. Some people use split refunds as a convenient option for managing their money, sending some of their refund to an account for immediate use and some for future savings.
No more than three electronic tax refunds can be deposited into a single financial account or prepaid debit card. Taxpayers who exceed the limit will receive an IRS notice and a paper refund will be issued for the refunds exceeding that limit.

Wednesday, January 8, 2020

IRS opens tax filing season for individual filers on Jan. 27


The IRS announced that 2019 tax filing season will open on January 27th. Although many tax software programs allow you to input and submit your tax returns before this date, no returns or refunds will be processed until then. So, don't get in too much of a rush to file... make sure you have received all the necessary income and expense reporting forms so that you can avoid overpaying, or dealing with correspondence or amended returns down the line.


IR-2020-02, January 6, 2020
WASHINGTON ― The Internal Revenue Service confirmed that the nation's tax season will start for individual tax return filers on Monday, January 27, 2020, when the tax agency will begin accepting and processing 2019 tax year returns.
The deadline to file 2019 tax returns and pay any tax owed is Wednesday, April 15, 2020. More than 150 million individual tax returns for the 2019 tax year are expected to be filed, with the vast majority of those coming before the traditional April tax deadline.
"As we enter the filing season, taxpayers should know that the dedicated workforce of the IRS stands ready to help," said IRS Commissioner Chuck Rettig. "We encourage taxpayers to plan ahead and use the tools and information available on IRS.gov. The IRS and the nation's tax community are committed to making this another smooth filing season."
The IRS set the January 27 opening date to ensure the security and readiness of key tax processing systems and to address the potential impact of recent tax legislation on 2019 tax returns.
While taxpayers may prepare returns through the IRS' Free File program as well as many tax software companies and tax professionals before the start date, processing of those returns will begin after IRS systems open later this month.
"The IRS encourages everyone to consider filing electronically and choosing direct deposit," Rettig said. "It's fast, accurate and the best way to get your refund as quickly as possible."
Filing electronically flags common errors and prompts taxpayers for missing information. Taxpayers can get free help preparing and filing taxes through IRS Free File online or free tax help from trained volunteers at community sites around the country. The IRS also reminds taxpayers that they don't have to wait until January 27 to start their tax return or contact a reputable tax preparer.
In addition, IRS tax help is available 24 hours a day on IRS.gov, the official IRS website, where people can find answers to tax questions and resolve tax issues online. The Let Us Help You page helps answer most tax questions, and the IRS Services Guide (PDF) links to these and other IRS services.