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

Tool on IRS.gov helps taxpayers research charities before making donations

When people are done giving thanks at the dinner table, many start another kind of giving.

 

Taxpayers may be able to deduct donations to tax-exempt organizations on their tax return. As people are deciding where to make their donations, the IRS has a tool that may help. Tax Exempt Organization Search on IRS.gov is a tool that allows users to search for charities. It provides information about an organization’s federal tax status and filings.

Here are four facts about the Tax Exempt Organization Search tool:

  • Donors can use it to confirm an organization is tax exempt and eligible to receive tax-deductible charitable contributions.
  • Users can find out if an organization had its tax-exempt status revoked. A common reason for revocation is when an organization does not file its Form 990-series return for three consecutive years.
  • EO Select Check does not list certain organizations that may be eligible to receive tax-deductible donations, including churches, organizations in a group ruling, and governmental entities.
  • Organizations are listed under the legal name or a “doing business as” name on file with the IRS. No separate listing of common or popular names is searchable.

Get Ready for Taxes:

Get 2018 tax documents ready for upcoming filing season

The IRS reminds taxpayers to keep a copy of their past tax returns and supporting documents for at least three years. Certain key information from their prior year return may be required to file in 2019.

The IRS has recently updated its Get Ready page with steps to take now for the 2019 tax filing season.

Keeping copies of prior year tax returns saves time. Often previous tax information is needed to file a current year tax return or to answer questions from the Internal Revenue Service. Taxpayers claiming certain securities or debt losses should keep their tax returns and documents for at least seven years.

IRS Resources Can Help Small Businesses Better Understand How Tax Reform Affects Their Bottom Line

Small business owners can visit IRS.gov for a wide range of resources that will help them better understand tax reform. Last year’s Tax Cuts and Jobs Act includes tax law changes that may affect small businesses’ bottom line.

Here are some resources available to help small business owners:

Tax Reform section of IRS.gov
This section of IRS.gov includes links to resources that will help businesses understand exactly how the law affects their bottom line.

Tax Reform Guidance
Includes links to resources with specific technical information about the law and how it applies to businesses. These resources include, regulations, revenue procedures, revenue rulings and notices.

New IRS publication helps taxpayers Get Ready for tax reform

The IRS issued a new publication to help taxpayers learn about tax reform and how it affects their taxes. Taxpayers can access Publication 5307, Tax Reform Basics for Individuals and Families, on IRS.gov/getready.

The IRS is Warning Retirees of this Impending Tax Surprise

When the IRS repeatedly warns you of an impending tax bill, you should listen.

The tax agency has been on an awareness campaign all summer, telling filers that they may need to review and update their withholding at work to ensure they're paying the right amount of federal income tax.

Uncle Sam is now sending retirees a heads-up, too: Be sure you're withholding enough tax from your pension or annuity, or else face a nasty tax bill next spring.

 

This can be easier said than done.

Once older Americans have left the workplace, they begin drawing down income from a range of sources. This could include Social Security, pensions and retirement withdrawals.

The income tax picture also becomes more complex: While they were working, today's retirees were able to automatically pay their withholding with each paycheck.

Now, they'll need to write checks for estimated amounts to the IRS four times a year.

“With estimated tax payments, there’s the issue of making sure they actually paid the tax,” said Harjit Virk, a CPA and senior associate at Getzel Schiff & Pesce in Woodbury, New York

“Sometimes you have to send reminders when the payments are due,” he said.

Here’s how to simplify your tax payments so that you can get back to enjoying your retirement.

Designed by NJ Designs