Carol E Smith CPA

02/25/2026

01/02/2026

Hope everyone is having a great New Years Day. We are gearing up for the new tax season and all the new tax changes. IRS has shutdown efiling for there seasonal updates to their system. Don't know year when they will be back online but we will have everything ready to go at that time.
Reach out if you have questions or need help. Best way to reach us is via our main phone # 928-337-1339 or email at [email protected].
We are crossing our fingers that there won't be another government shut down at the end of this month or if there is the IRS won't delay efiling availability. Though it may make it harder reach them which is hard enough right now!!!
Happy New Year!!

Call now to connect with business.

12/29/2024

For those of you that have an LLC or Scorp or Corp registered with a State, you may have heard about BOI (Beneficial Ownership information) Reporting that was originally to be filed by 1/1/2025 if the business was in existence starting 1/1/2024. They were saying there could be fines up to $500 a day if you didn't file. See BOI website: https://www.fincen.gov/boi for more information.

There have been several court battles related this this requirement. You can voluntarily file at any time and it is supposed to be quite easy to do at the above website. Many people are holding out as we aren't sure how our information may be shared and don't want to do something that we aren't required to do. This last week saw many changes from filing by 1/13/25 to now being put on hold indefinitely until the recent Texas Supreme Court case is heard ,possibly sometime in March 2025. Which is where we are at now.

We will keep updates out here on our FB page as this progresses. If you are a client and want to file but not wanting to do it on your own, please reach out to our office at 928-337-1339 or via our portal or via email [email protected]. We will do this for a fee. Or you can wait until a final decision is made.

Hope you all have a Great New Year and we are sending information out to our existing clients about the start of 2025 tax season & information that will help you get your return started.

IRS hasn't said when it will open efile but last couple of years it has been between 1/23 - 29th. Many returns may not be processed by the IRS until mid- February if you have Earned Income or Child Tax Credits or similar.

-sidebar-menu { display: none !important; } iframe { position: relative; margin: 10px auto; display: block; } /* New */ .ui-accordion .ui-accordion-header { display: block; cursor: pointer; position: relative; margin: 2px 0 0 0; padding: 0.5em 0.5em 0.5em 0.7em; font-size: 100%; } .ui-accordio...

06/20/2022

Our CPA office in Concho (next to the post office) is looking for part time front desk person. Answer Phone/Texts & emails. & computer experience - working with word & excel is needed. We don't need extensive back ground as we will train. If we can get someone with availablity Tues, Wed at least but could add on Thursday and Friday as well (especially August - October - our 2nd busy season). Hours are a minimum on those days 8:45 - 2:45 (office is open 9-2). Or we might spilt this into two positions if we can't find one person.
The position can grow into learning/being trained for tax work and bookkeepingif you have interest and of course pay increases and bonuses. (or if you have experience in these areas it is a definite plus.)
If interested email: [email protected] or call or text 928-205-2850. or PM me.
Please share with anyone that might be interested. thanks!

01/28/2022

Although tax season 2021 just "officially" started this week. Backlog is the key word when it comes to the IRS.
CBS reported the IRS currently has 4.75 Million in unprocessed mail, 6 million unprocessed 2020 individual returns, 2.8 mill business returns, 2.3 mill amended returns yet to be processed.

To get your return processed faster this year, confirm your numbers. 1) you need to report the 3rd stimulus payment(s) you and your family received during the Feb - March timeframe in 2021 and 2) if you have children and received advanced child tax credit payments between Aug - Dec 2021 you need to report what you received. The IRS has said they are sending letters out stating the amount of these payments you received to your last address on file with them, so keep an eye out for these and save them and send them to us or bring them in for processing for your return.

One of the biggest delays that could happen with your 2021 return is not reporting items 1 or 2 above accurately. This will cause your return to go through a manual review process if it doesn't agree with what the IRS has on record. (this happened last year).
They won't release the rest of your refund but will hold the whole amount until the manual review is finished.

Also make sure you e-file your return and request a direct deposit of your refund. Avoid mailing when ever possible right now.

Finally even if you do file right now, if you are getting Child Tax Credit, Earned income credit and several other credits, the IRS will not process returns with such credits until some time after 2/15/22 so they can electronically match them with w-2, 1099, etc. that employers, gov't agencies etc. are supposed to e-file by 1/31.

Reach out to us if you have any questions or need any help with getting your return(s) filed. Happy Tax Season!! We're here for you!!

05/05/2021

FYI we have heard that PPP loan funding has reached the limit. We don't know if they will add more funding or not at this point.

Will post if we hear there is.

05/04/2021

Had a client question about SAM.gov today. - it is a federal website SAM is System for Award Management. You can apply there to register to do business with the Federal Government. It is also being used to apply for some of the industry specific grants by the SBA. The Shuttered Venue Grant & the Restaurant Revitalization Grant. These are mainly for brick and mortar entertainment & food service business impacted by Covid. Information about these Grants are also on SBA.gov's covid page.

02/03/2021

1040 personal returns - you will need the amounts of the 1st and 2nd stimulus payments to report on your return or you may not be able to efile. IRS is asking for this so that if you didn't get paid enough (or nothing at all) they will "refund" the amount they owe you on your 2020 tax return. The stimulus is NOT taxable for payments 1 & 2. This is only to make sure you got paid what you (and your family) should have received under the stimulus rules.

02/03/2021

IRS will start processing Efiled returns on 2/12/21. We hope this will be all returns but in the past when extensive changes in the tax law at the last minute (Ie the bill signed on 12/27/20) they may delay certain forms. Hoping this won't happen but if it does we'll update you here!!

01/14/2021

To Business Owners - under the bill that was signed into law on 12/27/20, it was included that Meals can be deducted at 100% for 2021 & 2022 (corrected original post dates stating 2020 & 2021) up from 50%!! This includes take out/delivery meals as long as there is a business purpose for those meals. This is a big win for us as well as the restaurants we are trying to help keep open!!

01/11/2021

SBA loans / advances 2021 - SBA expected to have applications for qualifying businesses available on 1/17/21. See the following article for information about qualification, etc.

https://www.nfib.com/content/analysis/coronavirus/eidl-advance-grant-reopening-soon/ #:~:text=SBA%20says%20EIDL%20application%20will,available%20by%20January%2017%2C%202021.

The new federal recovery law includes more funding for Economic Injury Disaster Loan (EIDL) advance grants. SBA has indicated that the EIDL grant application will be available by January 17, 2021.

01/11/2021

The SBA has the information up on the PPP loans Paycheck Protection Program loan that can be 100% forgivable). There are 2 kinds - 1st Draw and 2nd Draw. 1st Draw are for businesses or self-employed people that have never received a PPP loan since it started back in April 2020. The 2nd Draw is if you have received a loan already and have used it up or have completed the forgiveness process. The link below takes you to the SBA page that talks about these programs and at the bottom of the page it has the links to the applications that can be submitted to your bank or a lender that has qualified with the SBA to complete these loans. There is also reports with "Top-Line Overview" for each of the above programs. These explain the requirements, etc. You can also contact your bank and find out what they are requiring. Some banks only take applications online. PayPal and Square can do these loans as well is my understanding but they may not start the application process later this week.

An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.