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Monday 9am - 5:30pm Tuesday 9am - 5:30pm Wednesday 9am - 5:30pm Thursday 9am - 5:30pm Friday 9am - 5pm

Affiliated Tax Solutions

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United States
Lubbock, TX
Affiliated Tax Solutions

Lubbock owned and operated firm of Enrolled Agents, helping you or your small business with your IRS

10/28/2024

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06/21/2023

If you claimed ERC because of a "partial suspension of business" and get audited, you will need to prove AT LEAST a 10% reduction in business opportunity directly due to a government order (not a shutdown of suppliers or customers), including providing a copy of the government order.

If your business claimed an ERC and you get audited, call us and we can assist you.

06/09/2023

The IRS continues to warn against fraudulently claiming Employee Retention Tax Credits. Anyone who reaches out to you to get you to file for the ERTC and charges a percentage fee is incentivized to commit fraud to help you obtain the ERTC. If your business did not truly qualify for the ERTC, the IRS will make you pay it back, plus penalties and interest. Your business revenue and/or operations must have been "significantly impacted" by Covid-19, not just inconvenienced. If you believe that you have received the ERTC without actually qualifying, we can help to determine if you do qualify and, if you do not, assist with undoing the claim and returning the funds to the IRS. DO NOT WAIT FOR THE IRS TO COME TO YOU.

04/04/2023

The IRS and Treasury Department issued preliminary guidance and intend to issue more detailed guidance soon on the tax treatment of nonfungible tokens, digital collectibles that became popular investment vehicles before the cryptocurrency market plunged last year. Until additional guidance is issued, the IRS intends to determine when an NFT is treated as a collectible by using a "look-through analysis." Under the look-through analysis, an NFT is treated as a collectible if the NFT's associated right or asset falls under the definition of collectible in the Tax Code. For example, a gem is considered to be a collectible under Section 408(m) of the Tax Code, so that means an NFT that certifies ownership of a gem is a collectible as well.

03/21/2023

Criminals try and scam people all year long but come tax time, some thieves focus on taxes, according to an article from Accounting Today. Cyber criminals are experts in deception, making it hard to tell the difference between legitimate or fake websites, emails and texts. They also instill fear and a sense of urgency in their victims. A common tactic is telling people they owe money to the IRS and some scan public records to see who owes money. Cyber criminals also target people who've recently received their tax refund, claiming the refund was wrong, needs to be sent elsewhere and they'll send the proper refund. Remember ... the IRS will almost never call, text, or email someone about tax-related issues. Be careful and if you have a question about something you've been sent, run it past us.

03/03/2023

Businesses should be wary of third parties telling them to claim the employee retention credit when they may not qualify. Please check with us before agreeing to what is many times a scam. These third parties often charge large upfront fees or a fee that is contingent on the amount of the refund. Be cautious of schemes and direct solicitations promising tax savings that are too good to be true. The credit is for businesses who paid employees while shutdown due to the COVID-19 pandemic or had significant declines in gross receipts from March 13, 2020–December 31, 2021. Taxpayers are always responsible for the information reported on their tax returns. Improperly claiming the ERC could result in taxpayers being required to repay the credit along with penalties and interest.

02/28/2023

Taxpayers receiving nine different notices telling them to send information to the IRS now can send their documentation online through IRS.gov. The notices include military personnel serving in combat zones and recipients of important credits like the Earned Income Tax Credit and Child Tax Credit. All nine are:
* CP04, relating to combat zone status.
* CP05A, information request related to a refund.
* CP06 and CP06A, relating to the Premium Tax Credit.
* CP08, relating to the Child Tax Credit.
* CP09, relating to claiming the Earned Income Tax Credit.
* CP75, relating to the EITC.
* CP75a, relating to the EITC.
* CP75d, relating to the EITC and other credits.

02/14/2023

If you switched jobs in the middle of 2022, you may owe more in taxes than you were expecting. We can help. A lot of people who switch jobs don't adjust their withholding properly. We can help you complete your W-4 and help you avoid an unexpected tax bill.

02/02/2023

According to an article in Accounting Today, there's a debate focused on if expensive electric SUVs should get an EV tax credit. "General Motors Co. has taken a central role in pushing the Treasury Department to change how the government defines a sport utility vehicle and expand how many buyers can get electric-vehicle tax credits under the Inflation Reduction Act. Billions of dollars in EV incentives over the next decade are at stake as the government and companies hash out final rules, expected in March. At the center of the debate is this question: What's a car and what's an SUV? That's because SUVs costing up to $80,000 can get $7,500 in tax credits, while passenger-car buyers get nothing if the vehicle costs more than $55,000. Adding to the complexity is the IRS, which is currently writing regulations for the tax credits, has a more narrow SUV definition than the Environmental Protection Agency. GM and other automakers are lobbying for the EPA's broader definition to dictate who can get tax breaks for buying EVs."

01/26/2023

Passage earlier this month of the Veterans Auto and Education Improvement Act gives military spouses more choice on what they choose for their domicile. Previously, the spouse of a military taxpayer could use the military taxpayer’s domicile for tax purposes. Now, the spouse can use either their state of residence, the military taxpayer’s state of residence or the permanent duty station of the taxpayer. Have questions? Come see us!

01/16/2023

The IRS will start accepting and processing individual tax returns on January 23 for the 2022 tax year. We're ready to help you!

01/12/2023

Today's the first day the IRS will accept E-File business returns, but the IRS hasn't announced a start date for Individual tax returns.

Address

4630 50th Street, Suite 230
Lubbock, TX
79414

Opening Hours

Monday	9am - 5:30pm
Tuesday	9am - 5:30pm
Wednesday	9am - 5:30pm
Thursday	9am - 5:30pm
Friday	9am - 5pm

Website

http://www.affiliatedtaxsolutions.com/

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