Amanda & Company ~ CPA

03/05/2025

NAEA Newsletter, February 21. 2025
According to the National Association of Enrolled Agents (NAEA), the IRS has begun the process of terminating approximately 7,000 employees, including 3,500 Small Business/Self-Employed Division employees who are still on probationary status and have generally
served less than two years. Employees deemed critical to tax filing appear to be exempt from this round of layoffs.The IRS is claiming that there should be no disruption to the current tax filing season, although organizations like NAEA are advising tax professionals to
encourage their clients to file early and avoid paper filing, such as filing amended returns.

NAEA is also reporting that the White House and Treasury Department have agreed to prohibit the Department of Government Efficiency team from accessing personal tax-
payer data at the IRS. This action was taken after a lawsuit was filed, suing the Trump administration for granting Elon Musk’s government efficiency agency access to the tax
records of millions of U.S. citizens.

10/10/2024

The Internal Revenue Service has announced comprehensive tax relief for individuals and businesses affected by Hurricane Helene. The IRS has extended tax deadlines for the entire states of Alabama, Georgia, North Carolina, and South Carolina, as well as designated counties in Florida, Tennessee, and Virginia. All taxpayers in these areas now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments.

This extension applies to:

• 2024 individual and business returns normally due in March and April 2025
• 2023 individual and corporate returns with valid extensions
• Quarterly estimated tax payments due on Jan. 15, 2025, and April 15, 2025
• Quarterly payroll and excise tax returns due on Oct. 31, 2024, Jan. 31, 2025, and April 30, 2025

It's important to note that while the filing deadline for 2023 returns with extensions is postponed, payments for these returns are not eligible for relief as they were due before the hurricane.

Additional areas may be added based on FEMA disaster declarations. Stay informed by regularly checking the Tax Relief in Disaster Situations page on IRS.gov.

10/11/2022

I am asked almost daily about the calls my clients are receiving from solicitors telling them they qualify and are missing out on the employee retention credits. Each client and business requires a prudent look to determine if this credit is available to their business. Please ask your trusted advisor if they have considered this for you, rather than talking with someone who has cold-called your business. Chances are, they have already reviewed your situation and would be happy to share their assessment with you.

One of the biggest issues being discussed by the IRS, Congress and the AICPA is the millions of businesses that are being targeted by tax credit companies looking to help them claim the employee retention tax credit.

09/23/2021

Washington State's single-use bag ban goes into effect October 1-2021. Read the attached Special Notice for more detail.

06/24/2021

If you want to opt out - now is the time to do it! Portal is up and running now!

Some families may prefer to wait until the end of the year and receive the entire Child Tax Credit instead of receiving advance payments. There is an IRS tool that lets them do just that: https://go.usa.gov/x6y6s

06/23/2021

View your eligibility and unenroll from advance payments of the Child Tax Credit.

06/23/2021

The UNENROLL portal is now open if you want to opt out of receiving the Advanced Child Tax Credit!

View your eligibility and unenroll from advance payments of the Child Tax Credit.

03/18/2021

March 12, 2021 — The IRS is reviewing implementation plans for the newly enacted American Rescue Plan Act of 2021. Additional

01/17/2021

The Internal Revenue Service (IRS) has announced that tax season will open on Friday, February 12, 2021. Yes, on a Friday.

Story here: https://www.forbes.com/sites/kellyphillipserb/2021/01/15/irs-announces-filing-season-open-date-its-later-than-you-expected/?sh=d1d458c7bee8

01/06/2021

01/05/2021

This is a good summary of the parts of the relief package impacting small businesses, independent contractors, and not-for-profit organizations.

The U.S. Chamber of Commerce has issued this guide and cheat sheet to help small businesses and self-employed individuals prepare to file for a loan from the CARES Act's Paycheck Protection Program.

01/04/2021