Wilson Tax Service

Wilson Tax Service Ronnie Wilson, Enrolled Agent.....Has Certificate of Enrollment to practice before the Internal Revenue Service

[email protected]

What to expect from your tax preparer:

***Taxes are prepared correctly.
***Largest refund allowed by law.
***Tax professional to communicate with IRS, if needed.

01/29/2024

Unlimited Representation Rights: Enrolled agents, certified public accountants, and attorneys have unlimited representation rights before the IRS. Tax professionals with these credentials may represent their clients on any matters including audits, payment/collection issues, and appeals.

Enrolled Agents – Licensed by the IRS. Enrolled agents are subject to a suitability check and must pass a three-part Special Enrollment Examination, which is a comprehensive exam that requires them to demonstrate proficiency in federal tax planning, individual and business tax return preparation, and representation. They must complete 72 hours of continuing education every 3 years. Learn more about the Enrolled Agent Program.

01/21/2024

What Is an Enrolled Agent (EA)?
An enrolled agent, or EA, is a kind of tax professional who focuses narrowly on managing tax arrangements for business or private entities. EAs boast a wide range of knowledge in such tax-related subjects as income, estate, gift, payroll, levies, returns, inheritance, non-profit and retirement taxes.

Once EAs have passed their qualifying exam, the federal government recognizes them as tax specialists. Typical EA responsibilities include representing business or individual clients in tax audits, tax appeals and tax collections. Additionally, EAs can also provide tax advice, tax return filing and more.

An EA is the highest credential the IRS awards. You’ll want to seek out an EA for any and all tax-related issues. In fact, the IRS says they are uncontested experts on such topics.

01/24/2022

Issue Number: IR-2022-18
Inside This Issue
IRS begins 2022 tax season; urges extra caution for taxpayers to file accurate tax returns electronically to speed refunds, avoid delays


IR-2022-18, Jan. 24, 2022


WASHINGTON – The Internal Revenue Service today kicked off the 2022 tax filing season with an urgent reminder to taxpayers to take extra precautions this year to file an accurate tax return electronically to help speed refunds.


The start of this year’s tax season – which takes place earlier than last year’s February 12 opening – signals the IRS is now accepting and processing 2021 tax returns.

01/20/2022

IRS suggests filing as early as possible this year. BUT NOT SO EARLY, that you don't have all your filing information such as ALL W-2'S, TAXABLE BANK INTEREST, UNEMPLOYMENT, LETTERS FROM IRS ABOUT CHILD TAX CREDIT OR THE 3RD STIMULUS, ETC

If you leave out some of these items, your refund can be delayed by WEEKS EVEN MONTHS!

Ronnie Wilson, Enrolled Agent 662-837-5292
Peggy Wilson, Office Mgr 662-587-9508

01/20/2022

Common tax return mistakes that can cost taxpayers

Tax laws are complicated but the most common tax return errors are surprising simple. Many mistakes can be avoided by filing electronically. Tax software does the math, flags common errors and prompts taxpayers for missing information. It can also help taxpayers claim valuable credits and deductions.

Using a reputable tax preparer – including certified public accountants, enrolled agents or other knowledgeable tax professionals – can also help avoid errors.

Filing too early. While taxpayers should not file late, they also should not file prematurely. People who don’t wait to file before they receive all the proper tax reporting documents risk making a mistake that may lead to a processing delay.

01/10/2022

IRS has announced January 24, 2022 as first day E-filing will began. Please make sure you have received all tax forms and information needed to correctly file your return. These include: W-2's, bank interest, Unemployment, mortgage interest, etc. Filing without needed forms can cause a delay of your refund.

Bring letter 6419 for Child Tax Payments and letter 6475 for stimulus as well. These letters will be sent out by IRS starting January 19, 2022.

If any questions or concerns, please call or text Ronnie (837-5292) or Peggy (587-9508)

DUE TO COVID CONCERNS, WE WILL TAKE YOUR FORMS AND INFORMATION AT THE DOOR. WE WILL BE AVAILABLE BY PHONE OR TEXT TO ANSWER YOUR QUESTIONS!

WE APPRECIATE ALL OF OUR CLIENT FRIENDS AND LOOK FORWARD SEEING EACH OF YOU!
THANK YOU VERY MUCH!!!

Ronnie Wilson (Enrolled Agent)

01/05/2022

IRS sending information letters to recipients of advance child tax credit payments and third Economic Impact Payments

The IRS started issuing information letters to advance child tax credit recipients in December. Recipients of the third round of the Economic Impact Payments will begin receiving information letters at the end of January. Using the information in these letters when preparing a tax return can reduce errors and delays in processing.

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.

Advance child tax credit payments letter can help people get remainder of 2021 credit
To help taxpayers reconcile and receive all the 2021 child tax credits to which they are entitled, the IRS started sending Letter 6419, 2021 advance CTC, in late December 2021 and will continue into January. This letter includes the total amount of advance child tax credit payments taxpayers received in 2021 and the number of qualifying children used to calculate the advance payments. People should keep this and any other IRS letters about advance child tax credit payments with their tax records.

Families who received advance payments need to file a 2021 tax return and compare the advance payments they received in 2021 with the amount of the child tax credit they can properly claim on their 2021 tax return.

The letter contains important information that can make preparing their tax returns easier. People who received the advance payments can also check the amount of their payments by using the CTC Update Portal available on IRS.gov.

Eligible families who did not receive any advance child tax credit payments can claim the full amount of the child tax credit on their 2021 federal tax return. This includes families who don't normally need to file a tax return.

Economic Impact Payment letter can help people claim the 2021 recovery rebate credit
The IRS will begin issuing Letter 6475, Your Third Economic Impact Payment, to EIP recipients in late January. This letter will help Economic Impact Payment recipients determine if they are entitled to and should claim the recovery rebate credit on their 2021 tax returns when they file in 2022.

Letter 6475 only applies to the third round of Economic Impact Payments, which 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. Plus-up payments were also sent to people who were eligible for a larger amount based on their 2020 tax return.

Most eligible people already received the payments. However, people who are missing stimulus payments should review information on IRS.gov to determine their eligibility and whether they need to claim a recovery rebate credit for 2020 or 2021. This includes people who don't normally need to file a tax return.

The Economic Impact Payment letters include important information that can help people quickly and accurately file their tax return.

11/12/2021

To contact Peggy and I call our cell phones:
662-837-5292 Ronnie
662-587-9508 Peggy

Our home phone is not operational.

07/15/2021

How many of you are opting out of the child tax credit monthly payments?

How many of you are having problems when accessing the IRS portals trying to opt out?

06/15/2021

Concerning unemployment refunds this summer:
I received a call today from a friend/client from Pontotoc who said he received a letter from IRS stating his money would be sent out in 2 to 3 weeks. These one time refunds will be sent out throughout the summer, according to IRS. I haven't received any additional information on when everyone that qualifies might receive their refund.

06/04/2021

IR-2021-123, June 4, 2021

WASHINGTON — The Internal Revenue Service is sending more than 2.8 million refunds this week to taxpayers who paid taxes on unemployment compensation that new legislation now excludes as income.

IRS efforts to correct unemployment compensation overpayments will help most affected taxpayers avoid filing an amended tax return. So far, the IRS has identified 13 million taxpayers that may be eligible for the adjustment. Some will receive refunds, which will be issued periodically, and some will have the overpayment applied to taxes due or other debts. For some there will be no change.

The American Rescue Plan Act of 2021 (ARPA) excluded up to $10,200 in unemployment compensation per taxpayer paid in 2020. The $10,200 is the maximum amount that can be excluded when calculating taxable income; it is not the amount of refunds.

Earlier this month, the IRS began its programming review of tax returns filed prior to the enactment of ARPA to identify the excludible unemployment compensation. The IRS also is making corrections for the Earned Income Tax Credit, Premium Tax Credit and Recovery Rebate Credit affected by the exclusion.

Taxpayers who have qualifying children and who become eligible for EITC after the exclusion is calculated may have to file an amended return to claim any new benefits. The IRS can adjust tax returns for those who are single with no children and who become eligible for EITC. The IRS also can adjust tax returns where EITC was claimed and qualifying children identified.

To date, the IRS has reviewed over 3.1 million returns, with more than 2.8 million receiving refunds.

The IRS plans to issue the next set of refunds in mid-June. The review of returns and processing corrections will continue during the summer as the IRS continues to review the simplest returns and then turns to more complex returns.

Taxpayers will receive letters from the IRS, generally within 30 days of the adjustment, informing them of what kind of adjustment was made (such as refund, payment of IRS debt payment or payment offset for other authorized debts) and the amount of the adjustment.

06/02/2021

IRS was to start sending out these unemployment monies in May 2021. It's now June 2021, has anyone received any of this????

The IRS will automatically refund money to eligible people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan.

These refunds are expected to begin in May and continue into the summer.

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