News & Tax Tips

Tax & News Tips Year End 2019

Tax & News Tips Fall 2019

Tax & News Tips Mid Year 2019


News Updates from the Team @ Breedlove & Co., P.C.

Update 4/3/2020

Stay Home-Work Safe order extended in Harris County until April 30, 2020. We will continue to work from home until the order is lifted.

Texas State Comptroller has issued an automatic extension of time to file and pay Texas Franchise Tax until July 15th.

Important Office Update 3/24/2020

Not the typical newsletter we send out after a ‘Stay Home-Work Safe’ order is issued for Harris County currently in effect until April 3rd, but we want to keep you updated on our office hours and restrictions.  We will keep you updated as we are made aware of necessary information.  Things you should know:

Our office space will remain closed until the Stay Home-Work Safe order is lifted, or our profession is designated as an essential business.  Please do NOT drop off documents at the office door. We will not be there to collect them. We recommend you wait to mail your tax documents to us until the order is lifted, because mailed documents will not be handled until the order is lifted. However, we will have someone check the mail regularly.

We are still working… from home. This morning the Mayor of Houston ordered a Stay Home/Work Safe order to be put in place at midnight tonight through April 3rd.  This order includes Harris County and all its unincorporated area and surrounding cities. We will still be working, as best we can, from home.

You may provide your documents electronically through one of the following methods:

1 – Scan and upload copies of your tax documents to your secured personal Sharefile folder.  Please click here to login and access your folder.  If you have not activated or accessed your Sharefile recently you may need to reset your password. Look for the “forgot password” link. Once logged in, you may need to click on the shared folder icon before you will see your folder. If you are having difficulty, please contact us for assistance. Please note that sometimes emails from this service may go directly to your junk or spam folder, so be sure to check these.

2 – Scan and password protect your documents, attach to an email, and send them to us.  Please be sure to call the office to advise us of the password.  For your protection and safety, please do not send your password in the email with your documents.

Please feel free to follow up with an email when you have uploaded documents to Sharefile to confirm we have received them.

While we continue working, your tax return may not be available until the stay home order is lifted.  When it is available, a copy to review will be uploaded into Sharefile and sent through RightSignature for electronic signatures.

Additional information to note:

At this time the Texas Comptroller has NOT issued an extension of time to file for state tax, including franchise and sales tax.  We will keep you updated of any necessary changes. You may also monitor any news issued by the comptroller here.

 

Please be patient with us as our distance may create unique challenges in communication and responses. The best way to communicate with your tax preparer is through email. If you are not sure who your preparer is our administrative staff should be able to provide this information to you.  You may contact the administrative staff by email at info@breedlovecpa.com or by phone.

You may still call the office at (281) 379-1065. Our calls are being forwarded to Martha, our office administrator.  She will forward any messages to us and provide you with an email address for your tax preparer.

During these unusual times, communication is important.  Please contact us if you have any questions or concerns, if you would like us to file an extension, or if you have provided your documents through Sharefile. We will keep you updated on any necessary changes.  You may check out our news page on our website, or follow us on Facebook or Linkedin.

Many thanks and regards,

Breedlove & Co., P.C.
info@breedlovecpa.com

 

Update – Tax Day Moving to July 15

In response to the national emergency and to protect our employees, our clients, and our families and friends, our office is temporarily cancelling all face-to-face meetings for a minimum of two weeks potentially resuming meetings April 6, 2020. However, we face uncertain times and will take into consideration all matters within our community in determining when we will resume in-person meetings.

On March 20, 2020 Steven Mnuchin, Secretary of the Treasury, at President Trump’s direction, announced that Tax Day will be moving from April 15 to July 15, 2020. All taxpayers will have this additional time to file and make payments without interest or penalties. If you would like to file an extension to extend until October 15th please let us know.

As long as our staff remain healthy and able, we will continue normal business hours (with social distance) and we will discontinue tax season business hours on Saturdays for the time being. We will continue preparing tax returns as you provide your information. We understand that if you are due a refund, you may need these funds during these uncertain times. The IRS has commented that they will not delay refunds.

Respectfully we request, when possible, all documents be provided electronically. Your options are as follows:

1 – Scan and upload copies of your tax documents to your secured personal Sharefile folder.  Please click here to login and access your folder.  If you have not activated or accessed your Sharefile recently you may need to reset your password. Look for the “forgot password” link. Once logged in, you may need to click on the shared folder icon before you will see your folder. If you are having difficulty, please contact our office for assistance. Please note that sometimes emails from this service may go directly to your junk or spam folder, so be sure to check these.

2 – Scan and password protect your documents, attach to an email, and send them to us.  Please be sure to call the office to advise us of the password.  For your protection and safety, please do not send your password in the email with your documents.

If you are unable to provide your documents electronically:

3 – You may always mail your tax documents to our office. We do recommend a method that will track delivery such as USPS priority flat rate mail or FedEx.

4 – You may bring your documents to the office. Documents will be taken at the door; when you arrive please call our office to let us know you are outside and will drop your package at our door. Our staff will wear gloves when handling your documents and keep recommended distance for safety.

All documents will be set aside for a minimum of 3 days from the date received prior to being handled by our staff.

If we have prepared your return and you are unable to view or sign electronically, please call us. We may be able to provide you with a draft for review by mail, or following the same procedure we have implemented for bringing your documents to our office.

If you are sick please stay at home and contact your doctor.

During these unusual times, communication is important.  Please contact us if you have any questions or concerns, if you would like us to file an extension, or if you have provided your documents through Sharefile. We will keep you updated on any necessary changes.  You may check out our news page on our website, or follow us on Facebook or Linkedin.

Unusual Times May Call for Alternative Ways to Provide Tax Documentation

We hope you are you well, and you are staying safe in these strange times.  While we are still diligently working at the office, we understand that many of our clients may not feel comfortable visiting our offices to deliver their tax documents.  While the IRS has issued a delay in the payment of any 2019 tax liability due without penalties or interest until July 15, 2020,  at this time, tax returns are still due April 15, 2020.  You still have the option to file an extension.

Available options to provide your tax documents to us are:

1 – Scan and upload copies of your tax documents to your secured personal sharefile folder.  Please click here to login and access your folder.  If you have not activated, or accessed, your Sharefile recently you may need to reset your password. Look for the forgot password link. Once logged in, you may need to click on the shared folder icon before you will see your folder. If you are having difficulty please contact our office for assistance. Please note that sometimes emails from this service may go directly to your junk or spam folder so be sure to check these.

2 – Scan and password protect your documents and attach to an email and send them to us.  Please be sure to call the office to advise us of the password.  For your protection and safety, please do not send your password in the email with your documents.

3 – You may always mail your tax documents to our office. We do recommend a method that will track delivery such as USPS priority flat rate mail or FedEx.

4 – We can electronically file an extension on your behalf. However, please do contact us to advise this is the course of action you wish to take.

During these unusual times, communication is important.  Please contact us if you have any questions or concerns, if you wish to file an extension, or if you have provided your documents through Sharefile. We will try to keep you updated on any changes. Follow us on facebook or Linkedin.

Many thanks and regards,

Breedlove & Co., P.C.

Here are some things people should know about the new IRS Tax Withholding Estimator

Taxpayers who haven’t yet checked their withholding this year should do so ASAP. All taxpayers can do this by using the new mobile-friendly Tax Withholding Estimator. This new tool can be used by workers, as well as retirees, self-employed individuals and other taxpayers. It’s a user-friendly step-by-step tool to help taxpayers effectively adjust the amount of income tax they have withheld from wages and pension payments. This helps them make sure that they are paying the right amount of tax as they earn it throughout the year.

Here are some things people should know about the new tool:

  • Using the tool to do a Paycheck Checkup can help taxpayers avoid an unexpected year-end tax bill and possibly a penalty when they file their 2019 tax return next year.
  • The new tool allows taxpayers to separately enter pensions and other sources of income. Taxpayers who receive pension income can use the results from the estimator to complete a Form W-4P. They then give this form to their payer.
  • It’s important for anyone who had an unexpected tax bill or a penalty when they filed this year to do a checkup.
  • It’s also an important step for those who made withholding adjustments in 2018 or had a major life change.
  • The new Tax Withholding Estimator makes it easier to enter wages and withholding for each job held by the taxpayer and their spouse.
  • At the end of the process, the tool makes specific withholding recommendations for each job and spouse. It also clearly explains what the taxpayer should do next.
  • Those most likely to owe tax because they’ve had too little tax withheld include:
    • Those who itemized in the past but now take the increased standard deduction.
    • Two-wage-earner households.
    • Employees with nonwage sources of income.
    • Those with complex tax situations.