Joseph Folsom CPA, LLC

09/11/2024

Meet our new office mascot, Zazu! He goes from home to work with me most days and has his own "work station" where he oversees all office operations. We adopted him a couple of months ago from Majestic Wings Rescue, a local bird rescue in Cassett, SC.

01/23/2024

We are still accepting annual tax return clients, both individual and business. We look forward to working with you!

11/15/2022

The South Carolina Department of Revenue has started issuing 2021 tax year "rebates" to taxpayers that paid 2021 SC income tax. The amount of the rebate is up to $800. If you had a 2021 SC tax refund and elected direct deposit, the rebate should be direct deposited to that same account. Here is a link to the SC Department or Revenue's website with more details about the rebate:

After SC state lawmakers approved state tax rebates in June, the South Carolina Department of​ Revenue will be issuing close to one billion​ dollars to eligible taxpayers who filed a 2021 state Individual Income Tax return.​

02/09/2022

To all current clients, please make sure to include the completed questionair and engagement letter that were included in the year end tax preparation letter. The letter was mailed at the end of December. Due to all the tax changes we will be unable to complete your tax return without the completed questionair and engagement letter. Thanks!

04/02/2020

The Treasury Department reversed course and now says that social security recipients who don't normally have to file a tax return, DO NOT have to file a 2019 tax return in order to receive the recovery rebate checks. They will use the direct deposit information on file with the Social Security Administration to direct deposit the funds. Please more detail here:

About Treasury General Information Role of the Treasury The Secretary Officials Organizational Chart Orders and Directives Offices Domestic Finance Economic Policy General Counsel International Affairs Management Tax Policy Terrorism and Financial Intelligence Inspectors General Bureaus Alcohol and....

04/01/2020

The Treasury Department provided updated rules regarding the recovery rebate checks. People who have not filed a tax return because they were not required to will actually have to file a 2019 tax return in order to receive the recovery rebate check. This would include people who only receive social security benefits. Tax should not be owed if filing only for this reason and there is not any taxable income. IRS.gov/coronavirus will soon provide updated information on how to file a simple tax return to satisfy this requirement.

03/30/2020

General information regarding "Recovery Rebate Checks":
- In general, each taxpayer will receive a $1,200 advance “recovery rebate.” In the case of a married couple, the amount would be $2,400 (1,200 for each person). Dependent children under the age of 17 increase the amount by $500 per eligible child.

- The recovery rebates are based off of 2019 income tax returns or 2018 income tax returns if a 2019 return has not been filed yet.

- The recovery rebates begin to be phased out (reduced by 5%) by amounts over $75,000 for single taxpayers, $150,000 for married taxpayers, and $112,500 for taxpayers filing as head of household.

- The recovery rebates are meant to help pay living expenses such as rent, house payments, utilities, food and clothing, etc.

- The recovery rebates are not taxable

02/24/2020

Be on the alert for a new phone scam referred to as a "Grandparent scam." In summary, what happens is somebody calls claiming to be a relative, typically a son or daughter, in distress and urgently needs money sent. These people some how get actual names from social media or public databases and try to make the call seem real. Below is a link with more information about this scam:

In a typical Grandparent Scam, a con artist calls or emails the victim posing as a relative in distress or someone claiming to represent the relative (such as a lawyer or law enforcement agent). The "relative" of the grandparent explains she is in trouble and needs their grandparent to wire them fun...

04/15/2016

If you have not filed your tax return, remember to file it or get an extension. We have 3 extra days this year! Monday, April 18th is the final day though. If you cannot file your tax return by then, make sure to file an extension. It does not cost anything, but you need to pay any taxes you might owe in with the extension.

03/31/2016

Scammers pretending to be the IRS have increased greatly. Remember, the IRS will not call you or email you about your tax account. Never give any of your personal information to anybody asking for it. The IRS should already have your social security number, etc. You can report any of these fraudsters on the US Treasury Inspector General for Tax Administration's website, https://www.treasury.gov/tigta/

TIGTA: promoting integrity in the administration of internal revenue laws. The United States Treasury Inspector General for Tax Administration (TIGTA) was established in January 1999 in accordance with the Internal Revenue Service Restructuring and Reform Act of 1998 (RRA 98) to provide independent…

03/29/2016

I've prepared a number of new client's tax returns this year that had a "big box" tax prep service do their taxes last year. It is a normal practice to review the prior year tax return as part of the current year tax prep process. You would not believe the number of errors I have found in these prior year tax returns. Please remember to look over your tax return before allowing it to be filed.

01/21/2016

Remember to make your IRA or Roth IRA contributions for 2015. You can still make a contribution for 2015 as long as it is completed by April 15. Also if your company matches your 401(k), be sure to take advantage of it.