Fawcett Tax and Accounting

11/19/2021

The House has passed Biden's $1.75 Trillion spending bill. $80 billion of those dollars are going to fund the IRS so they conduct twice as many audits as they do now. This is a quote that I pulled from Fox Business page.

"The Biden-backed proposal slated for inclusion in the spending bill would earmark approximately $80 billion in funding for the IRS over a 10-year period. Nearly $79 billion would be used to bolster tax enforcement efforts, hire more IRS agents, conduct more audits, improve taxpayer support services and modernize outdated technology."

"In September, the nonpartisan Congressional Budget Office estimated that an expanded IRS would yield an additional $200 billion in revenue over the next decade, or net income of $120 billion given the expansion’s cost. "

"The CBO found the proposal, if enacted, would "return audit rates to the levels of about 10 years ago; the rate would rise for all taxpayers, but higher-income taxpayers would face the largest increase."

"Even the top congressional scorekeeper finds that Democrats’ dangerous $80 billion expansion of the IRS more than doubles Americans’ chances of being audited," Brady said in a statement. "As so-called ‘moderates’ move towards passing this bill, they need to know that farmers, families, and small businesses will be the true targets of intensified auditing.""

03/12/2021

Third Stimulus Payment Update
Drake Software Customer,
The American Rescue Plan Act of 2021, which was signed into law on March 11, includes a third round of stimulus payments. The IRS will begin the process of depositing payments into accounts immediately, with the first wave of direct deposits hitting accounts early next week.
It is our understanding the IRS will use direct deposit (DD) information from 2020 and 2019 tax returns, with 2020 taking precedent if available. If DD info is not present on tax returns, the IRS will likely use DD info entered by the taxpayer into the Get My Payment (GMP) tool. If no DD info is available, the taxpayer will receive a check or debit card.
The GMP tool will not be updated with EIP3 data before Monday, March 15. Also, we don't believe the IRS will be collecting any additional DD info through the GMP tool for EIP3.
Payments received in this third round of stimulus do not impact 2020 tax returns.
For more information, look for an IRS Press Release later today:

A listing of current news releases published by the IRS.

03/19/2020

My office will remain open through April 15th to make sure all of my clients get their returns filed. Below are two highlights from what the President signed today. Any questions please reach out.

Highlights

Filing Deadline
The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can't file by the April 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request a six-month extension to file their return.

Payment Relief - Individuals
Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due. This payment relief applies to individuals, trusts and estates. IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief.

07/18/2019

I know I don't post too much on this page, but I am curious about something. If I were to add investment services to my business. Is that something that you think New London needs in our downtown, or do you guys not minding driving out of town to see your financial advisors? Thanks!

01/24/2019

Tax returns are rolling in! Many of you are have been receiving your tax documents. We will be open this Saturday and every Saturday until tax season is over. Tax season hours are Monday - Friday 8am-5pm and Saturday 8am-12pm. I am also available by appointment anytime that works for you I have had 8pm appointments and Sunday afternoon appointments in the past. If a national firm completed your return last year then you can save at least 50% on your tax prep fees this year!

The IRS will start accepting tax returns on January 28th. It was reported that refunds will be issued during the shutdown, but we have no idea what kind of timeframe at this point. We will hopefully know more by the beginning of next week.

09/24/2018

We are sponsoring this t-shirt to celebrate another Firelands Conference Championship for the Wildcat golfers! Congrats Coach Parr!