Peggiann McCoy CPA, P.C.

08/25/2022

📣 Just announced: New one-time student loan cancellation to be granted based on income: StudentAid.gov/debtrelief. Additionally, the student loan payment pause has been extended through 12/31/2022.

04/12/2022

https://www.wsj.com/articles/the-safe-investment-that-will-soon-yield-almost-10-11649769505

The March surge in the consumer-price index is the latest boon to buyers of U.S. savings bonds that are adjusted for inflation, known as I Bonds.

01/24/2022

This is important! Be sure to give this letter to your CPA!!

03/19/2021

Are you still waiting on your tax refund?
FYI - Tax returns filed between February 11 and February 18th may be subject to IRS processing errors. They are being processed as if a paper return was mailed. There was not an error in what you submitted, but an error in the way the IRS is processing it. IRS is telling me it could take 10 weeks from the date of filing to process these refunds. Unfortunately, the early filers are typically the people who really need the money.

If this is a financial hardship for you, call the IRS Taxpayer Advocate Office (877) 777-4778 Monday thru Friday 7am - 7pm. They will create a case for you and you will be contacted by phone within 7 - 10 days.

03/18/2021

FYI - due date extended. I am assuming NY state will conform with IRS. Still waiting to hear if NY will allow the $10,200 exemption of unemployment income.

The news that the IRS is delaying filing deadline to May 15 is great news for everyone. Many people won’t be ready by May 15 either, but you can now make the decision later whether to file on time (by May 15) or to extend until October.

03/12/2021

Wait to Submit Amended 1040 Returns Until Official IRS Guidance is Received
As you know, the American Rescue Plan Act passed 3/10/21and is expected to be signed into law shortly. The most notable change for tax purposes makes the first $10,200 of unemployment relief received in 2020 exempt from tax for households with up to $150,000 of income.

Please be advised that it is unclear how the IRS or the states will handle this change in treatment of unemployment compensation for taxpayers who have already filed their 2020 returns.

Consequently, we strongly recommend that you delay filing amended returns pertaining to these changes until the IRS and the states release official guidance, as doing so now may require you to make additional adjustments later.

02/14/2021

Should you file early or delay? Below is an Important article about when you should file your taxes to strategize to get the maximum in the next round of stimulus payments. Everyone's situation is different. If you have any questions about this or other tax matters, give me a call 631-981-6646.

You can start filing tax returns on February 12. But waiting to file could mean a bigger third stimulus check.

02/01/2021

FYI- if you Collected unemployment during 2020 you need to print your form 1099G from the New York State Department of Labor website. This document is required to complete your tax return. Below are the instructions on how to obtain the form.

01/31/2021

https://www.youtube.com/watch?v=hg1Uk60rBsc

FYI - Write-off's should be ordinary & necessary!!!!!

"That's not a write-off" scene from Schitt's Creek

01/15/2021

IRS will not be accepting E-filed personal tax returns until February 12, 2021. This is about 3 weeks later that usual.

01/14/2021