Terrazas & Company CPA, P.C.

12/24/2025

Información importante para real estate e investors/ fix and flip.

02/01/2024

Tax season 2024 is here!
Terrazas & Company CPA, PC
5023 Backlick Rd. Unit A
Annandale, VA, 22003
Phone: (703) 776-9861
[email protected]

The begins accepting tax returns today! Taxpayer help has expanded this year with more in-person hours, better service and improved tools. Read: https://ow.ly/bb7k50QvqRN

12/28/2021

We are a CPA firm looking for a Staff Accountant - Tax Preparer to join our team!

Responsibilities:

Prepare and examine accounting records, financial statements, taxes, and other financial reports
Process Payroll, bookkeeping for small-size companies
Basic knowledge of individual and business taxation.
Ability to work under pressure, multitasking.
​Qualifications:

1-year experience in accounting/taxation or other related fields is a plus.
Experience with current computer accounting programs like Quickbooks
Detail and deadline-oriented
Strong analytical and problem-solving skills

Hourly rate:$20.00 to $25.00 based on experience.

03/08/2021

https://www.genbook.com/bookings/slot/reservation/31263180?bookingSourceId=1

Book an appointment online with Terrazas & Company CPA, PC in Springfield, Virginia

03/08/2021

AICPA asks Congress for deadline extension on PPP loans
The American Institute of CPAs has requested an extension of at least 60 days from Congress on the March 31 deadline for submitting applications for Paycheck Protection Program loans.

The AICPA urged Congress on Tuesday to extend the deadline, pointing out that many small businesses are encountering error codes when trying to apply for the loans and the Small Business Administration has not yet issued new rules for how underserved minority-owned small businesses can qualify under a recently unveiled program.

The SBA revived the PPP in January after Congress passed a COVID-19 relief package in December that included $284 billion in funding for the program, which provides forgivable loans to businesses that retain their employees during the pandemic. The latest round of funding was supposed to be more targeted toward small and minority-owned businesses that often found themselves outgunned last year by larger well-connected companies in applying for the initial round of loans as the big companies had existing relationships with lenders. The Biden administration even gave the smallest businesses a two-week period of exclusivity from Feb 24 through March 9. (www.accountingtoday.com)

03/30/2020

Everything we know about the 2020 CARES Act and stimulus checks
By: National Association of Tax Professionals
March 27, 2020
Due to the economic impact COVID-19 is creating on working Americans and their families, the Coronavirus Aid, Relief, and Economic Security Act (CARES) was passed and signed into law by the president late last week. Included in the legislation are 2020 recovery rebates for individuals.

According to the Senate Committee on Finance summary:

All U.S. residents with adjusted gross income up to $75,000 ($150,000 married), who are not a dependent of another taxpayer and have a work eligible Social Security number are eligible for the full $1,200 ($2,400 married) rebate. In addition, they are eligible for an additional $500 per child. This is true even for those who have no income, as well as those whose income comes entirely from non-taxable, means-tested benefit programs, such as SSI benefits.

For the majority of Americans, no action on their part will be required to receive a rebate check as the IRS will use a taxpayer’s 2019 tax return if filed, or alternatively, their 2018 return. This includes many low-income individuals who file a tax return in order to take advantage of the refundable earned income tax credit and child tax credit. The rebate amount is reduced by $5 for each $100 that a taxpayer’s income exceeds the phaseout threshold. The amount is completely phased out for single filers with incomes exceeding $99,000, $146,500 for head of household filers with one child, and $198,000 for joint filers with no children.

01/23/2020

FIRPTA (Foreign Investment in Real Property Act).

This applies to foreign SELLERS of US real estate .the withholding is based on the gross sale. There are three categories:
1.- $0-300K , and depends on the buyer's intent the withholding can be 0% to 15%.
2.- $300K-$1000,000 , rate 10% to 15% depends on buyers intent as well.
3.- over $1000,000 , FIRPTA 15% applies automatically.
Assuming a $500K sale to a buyer whose intent will be to use the house as primary residence, the settlement agent is required to withhold 10% of $500K, $50,000 it is a lot of money, despite the fact of a loss or small gain, the IRS requires to withhold your money.There are ways to protect the sellers to reduce or eliminate the withholding.
If you are a foreign investor, a Real Estate agent, or settlement agent, give us a call, we will be glad to discuss tax options to eliminate, reduce and get your FIRPTA withholding issues solved.

01/21/2020

TAX ASPECTS OF THE FURTHER CONSOLIDATED APPROPRIATIONS ACT OF 2020

Individual Tax Extenders

Just a few of the more popular individual tax extenders include the reduction in the Adjusted Gross Income (hereinafter “AGI”) floor for medical and dental expense deductions from 10% to 7.5%; the above-the-line deduction for tuition and fees; the treatment of mortgage insurance premiums as deductible qualified resident interest, and the exclusion of qualified residence indebtedness from gross income. In addition, this new Act will encompass retirement plan funding, distribution, and administrative changes to Individual Retirement Accounts and I.R.C. § 401(k) plans.
In addition, these extenders are retroactive to 2018, therefore if you had in last year disallowed mortgage insurance, you can “amend” 2018 tax return to claim additional interest on schedule A.
If you need further assistance, book now or call to set up an appointment

Business Tax Extenders
Just some of the more popular business entity tax extenders relate to the recovery or expensing of business income investments, including the special expensing rules for film, television, and live-theatrical performances that have all been extended through 2020, retroactive to 2018. In addition, the New Markets Tax Credit Program and the incentives for investments in Empowerment Zones have all been extended through 2020. It should be duly recalled that the New Markets Tax Credit Program was not scheduled to expire until the end of 2019, so only the Empowerment Zone incentives needed to be retroactively extended.

01/01/2020

As 2019 draws to a close and with the start of a new decade on the horizon, it’s a time to reflect and look forwards as we prepare to welcome new tax year 2020. Happy new year to everyone!

09/05/2019

** EXTENSIONS DUE DATE TO FILE YOUR TAXES **
Individuals Due date: October 15, 2019
Individuals - If you have an automatic 6-month extension to file your income tax return for 2018, file Form 1040 and pay any tax, interest, and penalties due.

Corporations 1120 - Due date October 15, 2019

S Corporation and Partnerships (1120 S and 1065)
Due date September 16 ,2019
* S Corporations - File a 2018 calendar year income tax return (Form 1120S) and pay any tax due. This due date applies only if you timely requested an automatic 6-month extension. Provide each shareholder with a copy of Schedule K-1 (Form 1120S) or a substitute Schedule K-1.

* Partnerships - File a 2018 calendar year return (Form 1065). This due date applies only if you were given an additional 6-month extension. Provide each partner with a copy of Schedule K1 (Form 1065) or a substitute Schedule K1.

Source:

Our firm provides outstanding service to our clients because of our dedication to the three underlying principles of professionalism, responsiveness and quality.

08/21/2019

ITIN Renewal
Important Reminders
Your ITIN may expire before you file a tax return in 2020. All ITINs not used on a federal tax return at least once in the last three years will expire on December 31, 2019. Additionally, all ITINs issued before 2013 with middle digits of 83, 84, 85, 86, or 87 (Example: (9XX-83-###X) will also expire at the end of the year.
If you need to file a tax return in 2020, IRS recommends you submit a Form W-7, Application for IRS Individual Taxpayer Identification Number, or Formulario W-7 (SP), Solicitud de Número del Identificación Personal del Contribuyente del Servicio de Impuestos Internos, now to renew your ITIN. As a reminder, ITINs with middle digits 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81 or 82 that expired in 2016, 2017, or 2018 can also be renewed.
call at 703-776-9861 to set up an appointment.
Source www.irs.gov/individuals

08/21/2019

ITIN RENEWAL
El Servicio de Impuestos Internos IRS anunció cambios importantes para ayudar a los contribuyentes a cumplir con las revisiones al programa del Número de Identificación Personal del Contribuyente (ITIN, por sus siglas en inglés) bajo una nueva ley. Los cambios requieren que algunos contribuyentes renueven su ITIN a partir de ahora. Y Puede que su ITIN venza antes que presente una declaración de impuestos en 2020.
Todo ITIN que no se usa en una declaración del impuesto federal al menos una vez en los tres años pasados vencerá el 31 de diciembre de 2019. Además, todos los ITIN emitidos antes del 2013 cuyos dígitos del medio sean 83, 84, 85, 86 u 87 (Ejemplo: 9XX-83-###X, 9XX-84-###, 9XX-85-### y 9XX-86-###) vencerán al final del año y deberán ser renovados.
Si los contribuyentes tienen un ITIN caducado y no lo renuevan antes de presentar una declaración de impuestos el año próximo, podrían enfrentarse a una demora en sus reembolsos y podrían no ser elegibles para ciertos créditos tributarios, tales como el Crédito Tributario por Hijos y el Crédito Tributario de la Oportunidad Americana, hasta que se renueve el ITIN.