Prestige Tax & Consulting

01/09/2024

The IRS announced that Monday, Jan. 29, 2024, will officially be the start date of the 2024 tax season and will begin accepting and processing 2023 tax returns. Although the IRS will not officially begin accepting and processing tax returns until Jan. 29, taxpayers do not need to wait until then to gather their tax documents and work on their taxes. For most taxpayers, the filing deadline to file a personal tax return, pay any taxes owed or request for an extension is Monday, April 15, 2024. Taxpayers that reside in Maine or Massachusetts have until April 17, 2024, due to the Patriot’s Day and Emancipation Day holidays. If a taxpayer resides in a federally declared disaster area, they may also have some additional time to file.

The IRS encourage taxpayers to prepare to file their 2023 individual federal tax returns by gathering all the correct information they need before filing their return. It is important to organize and gather tax records including social security numbers, individual taxpayer identification numbers, adoption identification numbers, and this year’s Identity Protection Personal Identification Numbers (IP PIN). Filing an accurate return can help you avoid refund delays or later receiving a letter from the IRS about a problem.

Taxpayers should report ALL of their taxable income and make sure that all income related documents are received. This is especially important for people who may receive various Forms 1099 from independent contractors, banks, other payers reporting unemployment compensation, dividends, pensions, annuities, or retirement plan distributions. If a taxpayer receives Forms 1099-K, they should visit https://www.irs.gov/businesses/what-to-do-with-form-1099-k to determine if that money should be reported as income on their federal tax return.

Taxpayers should plan to file electronically with direct deposit, the fastest and easiest way to file and receive a refund. To avoid delays in processing, avoid filing paper returns whenever possible. There are a number of factors that can affect the timing of a refund after the IRS receives a return. Although the IRS issues most refunds in about 21 days or less, the IRS cautions taxpayers not to rely on receiving a refund by a certain date. Some returns may require additional review and may take longer. The easiest way to check a refund’s status is by using the Where’s My Refund? on IRS.gov or the IRS2Go app.

NOTE: Under the federal Protecting Americans from Tax Hikes (PATH) Act, the IRS cannot issue Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) refunds before mid-February. By visiting the Where’s My Refund? on the irs.gov website should show an updated status by February 17 for most early EITC/ACTC filers. The IRS expects most EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards by February 27 if they chose direct deposit and there are no other issues with their tax return.

Call for an appointment or drop by our office and get the service and satisfaction you deserve. We are in beautiful downtown Americus at 108 E. Forsyth Street (right up the sidewalk from the Post Office, on the same side as you approach the red light) or give us a call at (229) 380-4101. We are open Monday, Tuesday, Thursday, and Friday from 10am-6pm and Wednesday and Saturday from 10am-5pm.

Use Form 1099-K with your other records to help figure and report your correct income on your tax return. Find out what to do if the form is incorrect or if you shouldn’t have received it.

12/25/2023

01/14/2023

The IRS has announced that Monday, January 23, 2023, will be the beginning of the 2023 tax season and will begin accepting and processing 2022 tax year returns.

It is imperative that taxpayers have ALL forms and the information they need before they file a tax return. Filing a complete and accurate tax return can avoid prolonged processing and refund delays as well as avoid the possibility of needing to file an amended tax return.

The filing deadline to submit 2022 tax returns or an extension to file and pay taxes owed is Tuesday, April 18, 2023, for most taxpayers. By law, Washington, D.C., holidays impact tax deadlines for everyone in the same way as federal holidays. The due date is April 18, 2023, instead of April 15, 2023, because of the weekend and the District of Columbia's Emancipation Day holiday, which falls on Monday, April 17.

Taxpayers requesting an extension will have until Monday, October 16, 2023, to file.

01/10/2022

The IRS announced today that the tax season will “Go Live” starting on Monday, Jan. 24, 2022. This is when all tax returns will begin to be accepted and processed for the 2021 tax season.

The deadline to submit 2021 tax returns or request for an extension to file and pay taxes owed is Monday, April 18, 2022, for most taxpayers. By law, Washington, D.C., holidays impact tax deadlines for everyone in the same way federal holidays do. The due date is April 18, instead of April 15, because of the Emancipation Day holiday in the District of Columbia for everyone except taxpayers who live in Maine or Massachusetts. Taxpayers in Maine or Massachusetts will have until April 19, 2022, to file their returns due to the Patriots’ Day holiday in those states. Taxpayers requesting to file an extension will have until Monday, Oct. 17, 2022, to file.

The fastest and safest way for eligible individuals to get their 2021 tax refund which will include allowable Child Tax Credit and Recovery Rebate Credit is by filing electronically and choosing to have the refund direct deposit. To avoid processing delays and speed refunds, the IRS urges people to follow these steps:
- organize and gather ALL 2021 tax documents and records including Social Security numbers, Individual Taxpayer Identification Numbers, Adoption Taxpayer Identification Numbers
- (if applicable) make sure you have your Identity Protection Personal Identification Numbers valid for calendar year 2022.

Like last year, those that are typically not required to file may need to file a 2021 tax return to claim a Recovery Rebate Credit to receive the tax credit from the 2021 stimulus payments or reconcile advance payments of the Child Tax Credit.

The IRS has made the latest tax information on the reconciling advance payments of the Child Tax Credit or claiming a Recovery Rebate Credit for missing stimulus payments available on their website. THERE IS NO NEED TO CALL THE IRS regarding this information.

We will do our best to keep our page update with newly released information as we receive it. Call for an appointment or drop by our office and get the service and satisfaction you deserve. We are in beautiful downtown Americus at 108 E. Forsyth Street (right up the sidewalk from the Post Office, on the same side as you approach the red light) or give us a call at (229) 380-4101. FACE MASK ARE REQUIRED.

01/05/2022

The IRS started sending out information letters to advance child tax credit recipients in late December. Those who have received the third round of the Economic Impact Payments will begin receiving information letters by the end of January. The information in these letters will be necessary when preparing a tax return to prevent any delays in your tax return being processed and you getting your refund.

People receiving these letters should keep them. DO NOT THROW THEM AWAY. These letters can help taxpayers, or their tax professional prepare their 2021 federal tax return.
To help taxpayers claim and receive all the 2021 child tax credits they are entitled, the IRS began sending Letter 6419, 2021 Advance CTC, in late December 2021 and will continue into January 2022. Please ensure that you do not throw the letter away, it will include the total amount of advance child tax credit payments you have received in 2021 and the number of qualifying children used to calculate the advance payments. You should keep this letter and any other IRS letters concerning the advance child tax credit payments with your tax records.

Letter 6475 only applies to the third round of Economic Impact Payments, that were issued in March through December of 2021. The third round of Economic Impact Payments, including "plus-up" payments, were advance payments of the 2021 recovery rebate credit that would be claimed on a 2021 tax return. Plus-up payments were additional payments the IRS sent to people who received a third Economic Impact Payment based on a 2019 tax return or information received from the Social Security Administration, Railroad Retirement Board or Veterans Affairs.

We will do our best to keep our page update with newly released information as we receive it. Call for an appointment or drop by our office and get the service and satisfaction you deserve. We are in beautiful downtown Americus at 108 E. Forsyth Street (right up the sidewalk from the Post Office, on the same side as you approach the red light) or give us a call at (229) 380-4101. FACE MASK ARE REQUIRED.

12/25/2021

From our family to yours, wishing everyone a safe and Merry Christmas!

04/19/2021

UPDATE REGARDING UNEMPLOYMENT FOR THE STATE OF GEORGIA….

Georgia has released guidelines stating that unemployment income will remain taxable at the state level and MUST be included and counted in a taxpayer’s income on the Georgia return.

Because the provisions of the American Rescue Plan Act (ARPA) have not been adopted in Georgia, unemployment income remains taxable at the state level and must be included in a taxpayer’s income on their Georgia return. Any unemployment income that was excluded on the taxpayer’s federal return will be added back on the Georgia return and fully taxable.

Massachusetts and Kentucky have also announced that they will not be adapting to the ARPA.

We will do our best to keep our page updated with pertinent information regarding federal and state changes as we receive it.

03/31/2021

Recalculations to unemployment benefits have been adjusted; refunds for the difference are set to start in May. For those who may have already filed with their unemployment for tax year 2020, the IRS not your tax professional, will determine the correct taxable amount of unemployment and tax. Any adjustments resulting in an overpayment of tax will either be refunded directly to you or applied to other outstanding tax balances that may be owed.

For additional information, visit

IR-2021-71, March 31, 2021 — To help taxpayers, the Internal Revenue Service announced today that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue P...

03/30/2021

UPDATE...
As IRS continues issuing millions of Economic Impact Payments, the IRS and Treasury Department announced today that they anticipate payments will begin to be issued this weekend to Social Security recipients and other federal beneficiaries who do not normally file a tax return, with the projection that many of these payments would be sent electronically and received on April 7. See the link below for more information.

IR-2021-69, March 30, 2021 — As work continues on issuing millions of Economic Impact Payments to Americans, the Internal Revenue Service and Treasury Department announced today that they anticipate payments will begin to be issued this weekend to Social Security recipients and other federal benef...

03/18/2021

The IRS and Treasury Department has extended the federal income tax filing due date for individuals for the 2020 tax year from April 15, 2021, to May 17, 2021. As the IRS continues to map out strategic steps associated with the circumstances and changes that have been implemented related to the pandemic, while also working on important tax administration responsibilities, they will be providing formal guidance in the coming days. Filing electronically with direct deposit is the quickest way to get your refund, and it can also help some taxpayers quickly receive any remaining stimulus payments they may be entitled to.

Also keep in mind that individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest, and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. To avoid any additional interest and penalties on the taxes it is best to pay balances due by May 17, 2021.

As many may be aware of, the American Rescue Plan Act passed on March 10, 2021 has made changes for tax purposes making the first $10,200 of unemployment received in 2020 exempt from taxes for households with up to $150,000 of income. Please be advised that it is unclear as to how the IRS or the states will handle this change in treatment of unemployment for taxpayers who have already filed their 2020 returns. It has been strongly recommended that tax returns that have already been filed, delay filing amended returns pertaining to these changes until the IRS and the states release official guidance, as doing so now may require additional adjustments later.

We will do our best to keep our page update with newly released information as we receive it. Call for an appointment or drop by our office and get the service and satisfaction you deserve. We are in beautiful downtown Americus at 108 E. Forsyth Street (right up the sidewalk from the Post Office, on the same side as you approach the red light) or give us a call at (229) 380-4101.

FACE MASK ARE REQUIRED.

02/24/2021

In honor of Black History Month, Americus Main Street would like to celebrate the Black-Owned Businesses and Property Owners located in Downtown Americus. Please join us in celebrating these businesses by liking, sharing, and/or leaving an encouraging comment below.

(The years reflect the number of years the business has been open in downtown. Some may have been open prior to moving downtown.)