Whitewood & Associates

10/27/2024

Well my amazing wifey and I did one of our old favorite hikes today. 6 miles of trails in Griffith Park to the Observatory overlook at around 1500 feet. This hike was impossible for me for the last 2 years. Two angiograms and two heart stents later and I'm back to where I was. I have great doctors, great friends and family, and a truly Blessed life. Thank you Lord! 🙏🔥

07/04/2024

Happy 4th!

Love of country can be expressed in a number of ways, so we asked Americans how they display their patriotism.

05/30/2022

https://www.ramseysolutions.com/debt/money-traps-to-avoid?utm_source=cnl&utm_medium=email&utm_content=5.29_cnl_blog_1_ramseyplus&utm_term=rplus_bu&utm_campaign=cnl_newsletter&utm_id=cnl_newsletter&cd17=RSCOM-11412_CNL-Eng&_kx=LORNsbkNfzE8YblXFKrZn2OaZJR0ZPUdy0x5pqqRNLRSy6oCukQwZp9_KwTaJZH5.RzHn5B

So you want to be smart with your money? Great! Then you’re going to want to watch out for these money traps and start avoiding debt with everything you’ve got.

04/06/2022

https://www.cnbc.com/2022/04/04/these-are-the-top-reasons-why-your-tax-return-may-be-flagged-by-irs.html

If you're among the millions scrambling to meet the April 18 tax deadline, it's critical to avoid errors that may flag your return or even trigger an IRS audit.

01/27/2022

According to recent reports, the IRS has a backlog of more than 6 million unprocessed individual returns; however, it has opened most of its mail and processed the payments accompanying these returns.

As a result, many taxpayers received a CP-80 notice, which states the IRS has a credit on the taxpayer’s account but has not yet received a 2020 tax return. In most cases, though, the IRS has received the tax return, but just hasn’t processed it.

This erroneous notice contains more conflicting information, as the CP-80 notice states, “Please file today. Send your signed tax return to the address shown on the top of your notice.” However, the IRS has stated in many news releases that taxpayers should not resubmit a tax return.

The notice also states “If you don’t file your return or contact us, you may lose this credit. The Internal Revenue Code sets strict time limits for refunding or transferring credits.”

In addition to the CP-80 notice, some taxpayers have received failure to file notices resulting in penalties and liens. In some cases, payments to the IRS were returned to the taxpayer.

09/28/2021

The IRS is sending taxpayers Letter 6470 notifying them of “errors” in the Recovery Rebate Credit claimed on their 2020 income tax return. The letters are vague and confusing for a few reasons:

07/15/2021

NATP Encourages IRS Action on Notices and Penalties

"The IRS processing is taking months, and when the taxpayer or tax professional tries to contact the IRS for assistance, the IRS is unreachable."

06/07/2021

Wow . . .

Finance ministers for the G7 reached an agreement on Saturday supporting a global minimum tax rate of at least 15%. Here’s how it would work and what might happen next.

04/16/2021

03/18/2021

April 15 filing deadline extended to May 17 — but not for everyone (03-17-21)

The IRS announced today that it is moving the April 15, 2021, filing deadline to May 17, 2021, for individual taxpayers (including Schedule C filers) only. However, the extension does not apply to estimated tax payments for the first quarter of 2021. These payments are still due April 15, 2021.

Taxpayers do not have to request an extension for the one-month delay, but if returns are not filed by May 17, they must file for an extension by that date.

The March 15 filing deadline for calendar-year partnerships and S corporations was not extended, nor was the April 15 filing deadline for C corporations or trusts.

We have asked the FTB if California will conform, but the FTB has said they cannot answer yet. However, as the California return is based on the federal return, we believe California will conform.

We will keep you posted as more details are made available.

The IRS announcement is available at:

www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline

IR-2021-59, March 17, 2021 — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.

03/05/2021

https://www.irs.gov/newsroom/irs-reminds-businesses-to-report-large-cash-transactions-e-file-encouraged

IR-2021-47, February 26, 2021 — The IRS today reminds businesses of their responsibility to file Form 8300, Report of Cash Payments Over $10,000, and encourages e-filing to help them file accurate, complete forms.