Jerry Jones CPA
Wouldn’t it be nice to have a CPA that you deal directly with, that understands your business, that works in all 50 states and is there for you when you need him?
“Our business consists of multiple entities, in several states and industries. Jerry has helped minimize taxes, reporting and operational headaches by customizing our structure by state. Besides daily activities, Jerry has helped greatly in structuring large transactions with third parties. He’s great about planning for the future while addressing today’s operational needs”.
Richard B., Encore Partners, LLC

Scam Alert: IRS Urges Taxpayers to Watch Out for Erroneous Refunds; Beware of Fake Calls to Return Money to a Collection Agency

watch-out-4-erroneous-refunds-jerry-jones-cpaWASHINGTON – The Internal Revenue Service today warned taxpayers of a quickly growing scam involving erroneous tax refunds being deposited into their bank accounts. The IRS also offered a step-by-step explanation for how to return the funds and avoid being scammed.

Following up on a Security Summit alert issued Feb. 2, the IRS issued this additional warning about the new scheme after discovering more tax practitioners' computer files have been breached. In addition, the number of potential taxpayer victims jumped from a few hundred to several thousand in just days. The IRS Criminal Investigation division continues its investigation into the scope and breadth of this scheme.

These criminals have a new twist on an old scam. After stealing client data from tax professionals and filing fraudulent tax returns, these criminals use the taxpayers' real bank accounts for the deposit.

Thieves are then using various tactics to reclaim the refund from the taxpayers, and their versions of the scam may continue to evolve.

Taxpayers with Expired ITINs Should Renew Them Now to File Their 2017 Taxes

Taxpayers with an expired Individual Taxpayer Identification Number should renew it as soon as possible if they need to file a 2017 tax return. They can renew it by submitting a Form W-7. Tax returns with expired ITINs will face delays. Affected taxpayers may also lose out on key tax benefits until they renew their ITINs. It can take the IRS up to 11 weeks to complete an ITIN renewal during tax season.

Expired ITINs

ITINs that expired at the end of 2017 include those:

  • Not used on a tax return at least once in the past three years.
  • With middle digits of 70, 71, 72 or 80.

ITINs that have middle digits of 78 or 79 expired on December 31, 2016, but taxpayers can still renew them.

10 Million Taxpayers Face an Estimated Tax Penalty Each Year; Act Now to Reduce or Avoid it for 2017; New Web Page Can Help

tax penalty advice jerry jonesThe Internal Revenue Service today reminded taxpayers assessed an estimated tax penalty for tax year 2016 that they still have time to take steps to reduce or eliminate the penalty for 2017 and future years.

To help raise awareness about the growing number of estimated tax penalties, the IRS has launched a new “Pay as You Go, So You Don’t Owe” web page. The page has tips and resources designed to help taxpayers, including those involved in the sharing economy, better understand tax withholding, making estimated tax payments and avoiding an unexpected penalty.

How tax reform could affect your small or midsize firm

By Rachelle Damico

  • Most small and midsize businesses will see a tax cut under the new law

  • Pass-through companies can deduct 20 percent of income

  • What to think about if you're thinking of changing your business structure

The Republican tax reform plan, signed into law by President Donald Trump in December, aims to encourage economic growth by adjusting how small and midsize businesses and corporations are taxed.

Many American companies will see significant tax cuts, as well as other benefits that can help drive growth.

"I think we'll see a lot of companies investing in higher salaries and benefits, because in such a tight labor market they're all struggling with how to attract talent, and when that's happening it's big pressure on salary and benefits," said Rob Fowler, president and CEO of the Small Business Association of Michigan.

However, the benefits for small and midsize businesses are complex. Rather than lowering the tax rate on all pass-through companies, the final bill allows pass-throughs to deduct up to 20 percent of their income based on what type of company they are.

"I could see some companies examining whether or not they are organized the best way," Fowler said. "A lot of people organized their company the way they did because of the federal tax law."

Kurt Piwko, partner at accounting and business advisory firm Plante Moran PLLC, said many of his business clients view the law favorably, but are confused as to how it will affect their company.

Taxpayers Who are Victims of Domestic Abuse Should Know Their Rights

tax education domestic abuse victim CPA tax adviceDomestic abuse often includes control over finances. An important part of managing finances is understanding one’s tax rights. Taxpayers have the right to expect the IRS to consider facts and circumstances that might affect the individual’s taxes.

Taxpayers have the right to:

  • File a separate return even if they’re married.

  • Review the entire tax return before signing a joint return.

  • Review supporting documents for a joint return.

  • Refuse to sign a joint return.

  • Request more time to file their tax return.

  • Get copies of prior year tax returns from the IRS.

  • Seek independent legal advice.

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