Welcome to Reeves CPA PLLC
IRS takes steps to help prevent refund delays by accepting duplicate dependent returns with an IP PIN for 2025 filing season; taxpayers encouraged to sign up soon for IP PIN, Online Account
IR-2024-294, Nov. 21, 2024
WASHINGTON — The Internal Revenue Service is making it easier for taxpayers to protect their information and avoid refund delays by accepting certain e-filed tax returns that claim dependents who have already been claimed on another taxpayer’s return. This change will benefit filers claiming important tax credits like the Earned Income Tax Credit and Child Tax Credit.
Beginning in the 2025 filing season, the IRS will accept Forms 1040, 1040-NR and 1040-SS even if a dependent has already been claimed on a previously filed return as long as the primary taxpayer on the second return includes a valid Identity Protection Personal Identification Number (IP PIN). This change will reduce the time for the agency to receive the tax return and accelerate the issuance of tax refunds for those with duplicate dependent returns. In previous years, the second tax return had to be filed by paper.
Using an IP PIN is a way for taxpayers to help protect themselves against identity theft. With the new changes being made by the IRS, the IP PIN will also help protect taxpayers when someone fraudulently claims a taxpayer’s dependent. The IRS encourages taxpayers who plan to file early in 2025 to sign up for an IP PIN before Nov. 23, 2024. After that date, the IP PIN system will be offline for annual maintenance until early January 2025.
See IRS Notice IR-2024-294, 21 November 2024
Year -end tax form changes by QuickBooks payroll
Starting in January 2025 for tax season 2024, QuickBooks is changing how they will provide W-2 tax forms and 1099 tax forms.
- QuickBooks will no longer be printing and mailing W-2 tax forms as part of your QuickBooks Online Payroll subscription.
- QuickBooks will no longer be printing and mailing 1099 tax forms as part of the subscription to QuickBooks Online Payroll or QuickBooks Contractor Payments.
Corporate Transparency Act
U.S. Beneficial Ownership Information Filing Effective January 1, 2024
FinCEN Publishes Beneficial Ownership Reporting Outreach and Education Toolkit
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued another resource to familiarize small business owners with beneficial ownership reporting requirements. These reporting requirements are mandated by the Corporate Transparency Act, a bipartisan law enacted to curb illicit finance by supporting law enforcement efforts. This law requires many small businesses to report basic information to the Federal government about the real people who ultimately own or control them.
The toolkit contains templates and sample content that has been structured to allow private, public, and non-profit organizations to share and amplify this important information. The toolkit includes general background on the reporting requirements, as well as templates for newsletters, websites, and emails; sample social media posts and images; and information on how to contact FinCEN.
News Release: https://www.fincen.
Toolkit: https://www.fincen.gov/boi/
March 2024
The bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires many companies doing business in the United States to report information about the individuals who ultimately own or control them.
Filing is simple, secure, and free of charge. Companies that are required to comply (“reporting companies”) must file their initial reports by the following deadlines:
- Existing companies: Reporting companies created or registered to do business in the United States before January 1, 2024 must file by January 1, 2025.
- Newly created or registered companies: Reporting companies created or registered to do business in the United States in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective.
For more information see the Financial Crimes Enforcement Network website.
IRS deadlines
The IRS provided tax relief for individuals and businesses in Mississippi that were affected by severe storms, straight-line winds, tornadoes and flooding that began on April 8, 2024. These taxpayers now have until Nov. 1, 2024, to file various federal individual and business tax returns and make tax payments.
Upcoming deadline reminders
Taxpayers who live or have a business in these disaster-affected areas have filing deadlines in coming months for filing 2023 returns and paying any taxes due:
- July 31 for Massachusetts: Bristol and Worcester counties
- Aug. 7 for Hawaii: Hawaii and Maui counties
- Sept. 3 for Ohio: Auglaize, Crawford, Darke, Delaware, Hancock, Licking, Logan, Mercer, Miami, Richland and Union counties
- Oct. 7 for Israel, the West Bank or Gaza
Summer Day Camp
Money you pay for day camp or other child care expenses during the summer may be eligible for the child and dependent care tax credit. Contact us to find out if you can claim a child care tax credit.
Check your federal withholding to decide if you need to give your employer or pension administrator a new W-4 (P).
If you owed more money when you filed your tax return than you wanted or incurred a penalty, now is a great time to adjust your withholding with your employer by completing a new Form W-4 or with your pension administrator by completing a new Form W-4P. You can us the IRS Tax Withholding Calculator located under the Resources link.
Hours of Operation:
Tax Season hours: Monday – Friday 09:00 AM – 5:00 PM
Off-season hours: Advance appointments only
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Reeves CPA exists to provide clients and potential clients with information about us and our unique, low-pressure approach to personal and professional services. We are extremely proud of the high-quality services we provide. We are a small business and understand the uniqueness of the small business. We care about you and your family.
In addition to understanding small businesses, we understand the military families as military service is part of the CEO’s family. Reeves CPA is also passionate about ranches and farmers who are the very backbone of our food supply. Reeves CPA also educates the elderly on Social Security regarding marketing scams so that they do not become victims to (e-mail) phising scams or targeted by unscrupulous sales tactics as family members have been in the past.
When you are ready to learn more about what we can do for you, we encourage you to contact us.
MaryValerie Reeves
Principal
