Elite Tax Firm

02/21/2021

Get your Taxes done fast and right by filing online. In a safe environment from COVID 19, by not even leaving from the comfort of your home. While still getting a great consultation from a Tax Professional online. Give me a call at 305.321.5651!

Send us an email at [email protected]

Deneric M Forbes

01/20/2021

Elite Tax Firm wants to make sure that you are prepared for the upcoming tax season. Please make sure that when you file, you submit ALL TAX DOCUMENTS. To this end, it is not wise to file omitting documents and later do an amendment. That could be very costly for you.

Also, as you receive your documents, whether email or the US mail, store them all in a safe location or scan them and email them to [email protected] and your file will be created. If you received unemployment, please do not forget to provide that form to this office.

Leaving off documents and under reporting will delay your refund for MONTHS and you may be subject to penalties and fines.

We are just a phone call away, 305.321.5651 call or text. If your call is not answer, please send a text and your call will be returned as soon as possible, due to high call volume. Deneric M Forbes

01/16/2021

https://www.irs.gov/newsroom/2021-tax-filing-season-begins-feb-12-irs-outlines-steps-to-speed-refunds-during-pandemic

The IRS has announced the date they will officially begin the tax season. Yes, this is much later than normal but please read to get informed, get your documents ready and get in contact with Elite Tax Firm. You can reach us at
305.974.2920 (Office) or 305.321.5651 (Cell).

IR-2021-16, January 15, 2021 — The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

01/01/2021

TAX SEASON IS HERE!!

This office CANNOT/WILL NOT file your tax return with your last pay advice/pay stub. You can only provide it for an estimate. If you were advised that this technique is permissible, please verify that preparers credentials!

This is permitted only after February 15th by attaching IRS FORM 4852 to the Tax return. Even completing this form, there’s research that must be performed by the IRS. If a return is filed using your last pay stub, this will result in a major delay and prolonged processing of your tax return. Don’t believe all the postings, signs and the likes. This practice is ILLEGAL.

01/01/2021

I hope this helps you understand why the banks like Republic and Santa Barbara can't deposit your check. Money, why the IRS can't deposit your check to the same place as last time.

When you use the professional services of a tax preparer and have to pay the fees using your Refund, the 3rd party bank like Republic opens a temporary account in your name. The routing number is the banks and the account number is Your tax preparers EFIN+year of taxes+ your social.

This is how the Refund Banks can collect any fees owed to them, then they deposit fees owed to the tax preparer (or software like turbo tax) and also deposit the remaining refund into your account.

Because this is how it works when the IRS looks at your account it shows that temporary account with The Refund Bank. NOT your personal account number.

Last stimulus check these banks were able to communicate with the IRS and deposit your checks or mail them.

Because these accounts are only temporary, what happened is they closed, so there is no way for the IRS or the banks to know what your personal deposit information is. So it will be rejected and mailed back out in 2 weeks. Unless you used the IRS Payment Tool LAST time and updated your account info.

I knew this would happen when they started announcing how fast they would deposit these. Once again the IRS gave us no way to update anything. And now its just a headache and grief for both tax preparers and taxpayers.

12/31/2020

🛑Important Notice to Clients and those considering using our Professional Services🛑

Elite Tax Firm LLC values and appreciates your continued/future business. As we prepare for the upcoming season we’d like to share with some and inform others what will take place.

All clients will be required to complete a Client Intake Form and other pertinent documents, present valid government issued ID (even if I know you personally) and present proper documents that verifies you are eligible for Head of Household.

If you, your spouse or anyone that will be claimed on your tax return is seeking to claim education credit, you MUST present Form 1098T. Also if you are claiming dependents you will need to provide necessary documentation which states you are eligible for the Earned Income Credit (EIC). Please understand as a tax professional there are non-negotiables this office will deal with. The penalties and fees that will be assessed to this office is far greater than you could imagine. If you did receive the stimulus in the early part of 2020 and you received unemployment benefits, please make sure you have the necessary documents to present to this office.

This year, keeping your safetyfirst, this office has worked tirelessly to credit most, if not all, forms in a electronic method. A link will be texted/emailed to you that you can complete and simply press submit and it will automatically be sent back to this office.

Please be advised that tax preparation fees can be paid in advanced or you have the option of having the fees deducted from your tax return. I do my best to keep fees low but please understand each client is different and there are unique circumstances, for not all tax returns are the same.

This office does use a Bank Product for those clients who cannot pay the fees in advance. Therefore, when looking for your refund stays and it says deposited to your account, the Bank Product issues you a customized account which will either be direct deposit into hour own account or a check printed in the office. Please be sure when you submit your documentation you inform this office is your address has changed.

I hope this detailed message is clear as we work hard to get you the refund you deserve.

12/30/2020

🛑🚨BREAKING NEWS 📰 🚨
The Treasury Department started has initiated sending out EIP’s last night. Some may have received Direct Deposits, they will be disbursed in waves over the next week.

If you used a Professional Tax Preparer, they use bank products for those clients who have the fees deducted from their refunds. In this case, your checks will be mailed to you from the IRS to the last known address that the IRS has on file. Meaning if your address has changed from your last filing, it will go to that address. However, once you file hour tax return in a few weeks, please advise your preparer your address has changed.

Get My Payment is currently down for maintenance and will be available later this week according to their site.

I imagine the IRS lines will be flooded and you will not be able to get through.

I hope this provides you the information you need. I don’t have any more information than what’s here. As soon as I get updates, I try to share it. Please be patient during this process. I understand that you may have more questions, I get it. Tax professionals are getting the information just like tax payers. By calling us, you are only hearing the same information, we are keeping secrets! Please govern yourselves accordingly.

12/30/2020

✅ Deposits for the $600 Stimulus started tonight

✅ Tomorrow 12/30 They will start mailing checks out

✅ Last day of payments will be Jan 15th. So if you didn't receive any portion for yourself or your children (or if you had a baby in 2020) you can claim the credit on your taxes.

✅The stimulus is $600 per person and per child. (There is no limit on children)

✅There is no way to update or change account or mailing addresses. If deposited to a bank you no longer have it will get rejected and mailed to the last address IRS has on file.

✅I still have not seen proof in the bill Child support won't take the stimulus so I guess we will find out in the next few days!!

12/29/2020

Taxpayers, in order to file your 2020 Tax return, you will need your W2. Also, if you have worked multiple jobs, you will need TK wait for all W2s and pertinent tax documents. Omitting documents can be costly and you will face penalties and fees from the IRS.

In order to receive Advance Loans, this must be done using ALL documents! You possibly heard of loans being issued using your last pay stubs, those were Holiday Loans. This office can provide you an estimate using your last pay stub, but nothing can be submitted to IRS without your W2s. Due to the pandemic many employers are moving to W2s online. Be patient and we will get through this.

Elite Tax Firm has been operating virtually for years and we have helped our clients become comfortable with this process. If you must see this preparer, it will be on appointments only. We are also providing a curbside service as well. Let’s stay healthy and safe folks.
Deneric M Forbes

12/22/2020

Please see below

Many of my clients are calling and asking questions. This is still in the works but hopefully this will help some of you.

Some taxpayers could possibly receive their second stimulus before 2021 from the IRS if they had direct deposit to their bank account. If you received your tax return as a check you picked up from your preparers office or via a net spend card, that’s not considered direct deposit. As of this moment, no additional information is available about those methods of disbursement.

If your direct deposit information has changed, at this time there is no information how to update that information. I anticipate all of this information will be on the IRS website within the next week.

Let’s continue to be patient, a little bit of help is on the way! I hope this information has answered some of those questions you may have. Deneric M Forbes Deneric M. Forbes, Realtor

12/22/2020

Many of my clients are calling and asking questions. This is still in the works but hopefully this will help some of you.

Some taxpayers could possibly receive their second stimulus before 2021 from the IRS if they had direct deposit to their bank account. If you received your tax return as a check you picked up from your preparers office or via a net spend card, that’s not considered direct deposit. As of this moment, no additional information is available about those methods of disbursement.

If your direct deposit information has changed, at this time there is no information how to update that information. I anticipate all of this information will be on the IRS website within the next week.

Let’s continue to be patient, a little bit of help is on the way! I hope this information has answered some of those questions you may have. Deneric M Forbes Deneric M. Forbes, Realtor