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?
“Working with Jerry has literally taken a load off my back. He explains what you can and cannot do with clarity and makes “year end” a painless concept and not the nightmare we are all expecting to face. Jerry truly listens to our problems and concerns and customizes a product to our needs. He has put us “in control” of our business. You can’t go wrong when Jerry has your back”!
Shirley & Jack S., Owner, Apex Grading

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.

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.

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 IRS.gov 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 to Get Tax Transcripts and Copies of Tax Returns from the IRS

Tax transcript Jerry Jones CPA copy tax returnTaxpayers should keep copies of their tax returns for at least three years. Those who need a copy of their tax return should check with their software provider or tax preparer. Prior year tax returns are available from IRS for a fee.

For those that need tax transcripts, however, IRS can help. Transcripts are free.

Tax Transcripts

A transcript summarizes return information and includes Adjusted Gross Income (AGI). They are available for the most current tax year after the IRS has processed the return. People can also get them for the past three years.

When applying for home mortgages or college financial aid, transcripts are often necessary. Mortgage companies, however, normally arrange to get one for a homeowner or potential homeowner. For people applying for college financial aid, see IRS Offers Help to Students, Families to Get Tax Information for Student Financial Aid Applications on IRS.gov for the latest options.

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