Deagle, Ames & Co.

Deagle, Ames & Co. Offices located in Buhl and Twin Falls. Personalized services are our focus when it comes to working Our experience will benefit you now and for years to come.

To fuel your current activities, we offer business advisory services to help you maximize your current profits. We provide monthly accounting services including computer consulting, bookkeeping and payroll. Our financial statement preparation team has vast experience in audits, reviews and compilations. We provide services for start up clients to multi-million dollar companies. We commit the full resources of our firm to every client. You will receive personal attention from our professionals and staff. Deagle, Ames & Co. is a full service accounting and consulting firm providing a wide range of critical individual and business advisory services. We have provided these services in the Magic Valley for over 30 years and recognize that planning is the key ingredient to success - whether you are an individual entrepreneur, a small to mid-size company or a multi-billion dollar corporation. To provide superior service and value, we offer expertise in tax planning, estate planning, retirement planning, financial planning and college planning and funding. The planning process allows you to minimize taxes and costs and helps generate earnings potential as we prepare you for the future.

10/31/2021

We are now Harris CPAs.

08/09/2021

Find answers to questions you may have about House Bill 380 and tax rebates to Idaho taxpayers.

06/14/2021

REMINDER: 2nd Quarter Estimated Tax Payments are due tomorrow, June 15, 2021.

04/01/2021

IRS to recalculate taxes on unemployment benefits; refunds to start in May

To help taxpayers, the Internal Revenue Service announced yesterday 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 Plan.

The legislation, signed on March 11, allows taxpayers who earned less than $150,000 in modified adjusted gross income to exclude unemployment compensation up to $20,400 if married filing jointly and $10,200 for all other eligible taxpayers. The legislation excludes only 2020 unemployment benefits from taxes.

Because the change occurred after some people filed their taxes, the IRS will take steps in the spring and summer to make the appropriate change to their return, which may result in a refund. The first refunds are expected to be made in May and will continue into the summer.

For those taxpayers who already have filed and figured their tax based on the full amount of unemployment compensation, the IRS will determine the correct taxable amount of unemployment compensation and tax. Any resulting overpayment of tax will be either refunded or applied to other outstanding taxes owed.

For those who have already filed, the IRS will do these recalculations in two phases, starting with those taxpayers eligible for the up to $10,200 exclusion. The IRS will then adjust returns for those married filing jointly taxpayers who are eligible for the up to $20,400 exclusion and others with more complex returns.

There is no need for taxpayers to file an amended return unless the calculations make the taxpayer newly eligible for additional federal credits and deductions not already included on the original tax return.

For example, the IRS can adjust returns for those taxpayers who claimed the Earned Income Tax Credit (EITC) and, because the exclusion changed the income level, may now be eligible for an increase in the EITC amount which may result in a larger refund. However, taxpayers would have to file an amended return if they did not originally claim the EITC or other credits but now are eligible because the exclusion changed their income.

These taxpayers may want to review their state tax returns as well.

According to the Bureau of Labor Statistics, over 23 million U.S. workers nationwide filed for unemployment last year. For the first time, some self-employed workers qualified for unemployed benefits as well. The IRS is working to determine how many workers affected by the tax change already have filed their tax returns.

The new IRS guidance also includes details for those eligible taxpayers who have not yet filed.

03/15/2021

The IRS is holding a virtual event to help Small Business Taxpayers. Many of you own small businesses or have clients that are small businesses. Many of you cater to businesses both new and established. All of these small businesses could benefit from this information. The IRS would like to HEAR ALL VOICES!
We want to share information that is necessary and useful for small business.

02/26/2021

AUDIT PROTECTION: WHAT IT IS AND WHAT IT CAN DO FOR YOU

Nothing strikes fear in the heart of a taxpayer more than a notice from the Internal Revenue Service. It can be jolting to receive any type of communication from the IRS—no matter the complexity of the request or the issue outlined. That’s why so many taxpayers look to audit protection services—to ensure they have a partner to support them through the process.

So, what exactly is audit protection?

It’s fairly straightforward. Audit protection services provide you with representation on both the state and federal levels should you receive a notice from the IRS. The IRS sends out a wide range of notices—from the most common CP2000, Notice of Proposed Adjustment, to Letter 525, Examination Report (and many others in between). No matter the notice type, each requires time to properly respond and ultimately resolve.

This is where audit protection services provide great peace of mind. This type of service can be thought of as an “insurance policy” of sorts. Typically, for a fixed monthly fee you retain an accounting professional or firm to serve as your representative should you receive a notice. The service ensures the paperwork and communications back and forth with the IRS are handled on your behalf. All you need to do is hand over the notice to your professional…and then breathe easy.

What’s the value?

Audit protection services provide many benefits, including:

Time savings

Even with the simplest of notices, it can take hours to collect the needed paperwork, write responses and keep up with the back and forth of communicating with the IRS. Some issues can take weeks or even months to resolve, and who has time for that?

Cost savings

When you think about the potential hours required to resolve an IRS issue, it can really add up. Most often, you’ll save money by having an accounting professional manage the process for you.

Peace of mind

As mentioned above, great anxiety can come from receiving a notice from the IRS. Knowing you have an expert advocate in your corner to help resolve the issue relieves you of unneeded stress.

Now that you know the basics of what audit protection is and what it can do for you, take some time to think about whether this type of service would benefit you. It’s just nice to know that where the IRS is concerned, someone’s got your back!

02/23/2021

IRS Statement:

Earlier this month, the IRS issued notices to approximately 260,000 taxpayers stating they haven’t filed their 2019 federal tax return. These notices, referred to as CP59 notices, are issued yearly to identified taxpayers who have failed to file tax return that was due the prior calendar year (Tax Year 2019).

Due to pandemic related shutdowns, the IRS has not completed processing all 2019 returns at this time. Therefore, the CP59 notices should not have been sent because some portion of the recipients may actually have filed a return that is still being processed. People who filed their 2019 return but nevertheless received the CP59 notice, can disregard the letter and do not need to take to take any action. There is no need to call or respond to the CP59 notice because the IRS continues to process 2019 tax returns as quickly as possible.

The IRS regrets any confusion caused by this mailing.

02/18/2021

Teachers often have to pay for their own PPE, but now they can deduct up to $250 for unreimbursed expenses.

02/12/2021

Tax Tip:

The amount of your Economic Injury Payments (stimulus checks) must be provided to accurately file your 2020 tax return - even if you received the payment in 2021.

02/05/2021

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1020 Main Street
Buhl, ID
83316

Opening Hours

Monday 8am - 5pm
Tuesday 8am - 5pm
Wednesday 8am - 5pm
Thursday 8am - 5pm
Friday 8am - 5pm

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To fuel your current activities, we offer business advisory services to help you maximize your current profits. We provide monthly accounting services including computer consulting, bookkeeping and payroll. Our financial statement preparation team has vast experience in audits, reviews and compilations. We provide services for start up clients to multi-million dollar companies. Our experience will benefit you now and for years to come. We commit the full resources of our firm to every client. You will receive personal attention from our professionals and staff. Deagle, Ames & Co. is a full service accounting and consulting firm providing a wide range of critical individual and business advisory services. We have provided these services in the Magic Valley for over 30 years and recognize that planning is the key ingredient to success - whether you are an individual entrepreneur, a small to mid-size company or a multi-billion dollar corporation. To provide superior service and value, we offer expertise in tax planning, estate planning, retirement planning, financial planning and college planning and funding. The planning process allows you to minimize taxes and costs and helps generate earnings potential as we prepare you for the future.