M.A.P Tax & Consulting

11/08/2023

2023 TAX SEASON CALENDAR: KEY DATES TO AND DEADLINES TO REMEMBER.

* JANUARY 23: The IRS starts accepting and processing 2022 tax returns.

* APRIL 18: Deadline to file your 2022 tax return or request a six-month extension, though you’ll still need to pay any taxes you owe to avoid penalties or fees.

* APRIL 19: Deadline to file 2022 tax return for taxpayers who live in Maine or Massachusetts.

* MAY 15: Deadline to file 2022 tax returns for storms victims in Alabama, California and Georgia

* OCTOBER 16: Deadline to file 2022 tax return if you requested a six month extension

CHECK WITH YOUR STATE’S TAX AGENCY TO DETERMINE WHEN YOUR STATES TAXES ARE DUE.

11/08/2023

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11/08/2023

M.A.P TAXES AND CONSULTING LLC HAS SOME NEW PRODUCTS TO OFFER.

11/08/2023

HELLO EVERYBODY IT ALMOST THE END OF THE YEAR. ARE YOU READY TO FILE. NEW RULES APPLY STAY TUNE!

10/27/2021

Hello Everyone I hope everyone had a prosperous Tax Year.
Stay-Tune of updates coming soon!
BE SAFE

01/21/2021

January 20th 2021

Good Evening: Update

Advance funds of up to $10,000 will be available to applicants located previously received an EIDL Advance for less than $10,000, or those who receive no advance due to lack of available program funding.

Applicants do not need to take any action at this time. SBA will reach out to those who qualify.

SBA will first reach out to EIDL application that already received a partial payment of $1,000- $9,000. Applicants will be contacted directly by SBA via email instructions to determine eligibility and submit documentation.

01/20/2021

January 20th 2020

Good Morning:

As we begin receiving our W2’s and 1099 IRS forms for this tax season, I strongly encourage you to begin E-filing your returns.

The IRS has announced that it is delaying the start of the 2021 tax season to February 12th to allow the agency to get clear of the double burdens of millions of unprocessed tax returns from last year and stimulus relief payments.

The IRS received roughly 16 million paper individual returns last year. As of December 25th, the agency said, it still had 6.9 million individual tax returns in the “processing pipeline” which is over 40 percent. Interestingly, the IRS changed the language of its update from saying the returns were “unprocessed”. I assume it was to give people some hope that there’s movement on their returns.

The IRS said it is rerouting tax returns and taxpayers correspondence to locations where more staffing is available. Often than responding to any request for information, the IRS said here’s nothing people can do.

“For returns that could not be issued in 2020 because the tax return is being corrected, reviewed or awaiting correspondence from a taxpayer, the refund will be issued as a paper check in 2021 per our normal processes, “the IRS said in an operations update. “Taxpayers are encourage to continue to check “Where’s My Refund” for there personalized refund status.”

The IRS said it chose to delay to February 12th to prevent further backlogs.

The delay means people who claim Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) won’t get their refunds until the first week of March — Provided that they file electronically with direct deposit and there are no issues with their tax returns, the IRS said.

You don’t have to wait until February 12th to start on your tax returns. If you have everything you need for your return, you can e-file now using the IRS Free File program. It allows people earning $72,000 or less to electronically file their federal- and in many cases state returns for free. “Our -e-file partners will hold your return and transmit it to us then.

And yes again the filing deadline is APRIL 15TH 2021

01/11/2021

January 11th 2021

Good Morning:

The PPP (Paycheck protection Program) will reopen on January 11th (Today) offering forgivable loans to small businesses and allowing certain cash-strapped firms to borrow a second time, according to the U.S. Small Business Administration.

Congress authorized up to 284 billion toward the small business loan program as part of the sweeping Covid relief act that went into effect near the end of 2020.

That measure also included additional aid for small businesses in the form of tax deductibility for expenses covered by PPP, as well as tax credits for firms that kept their employees on payroll and simplified forgiveness for loans under $150,000.

This time, the SBA and Treasury Department have staggered the reopening.

THE BOTTOM LINE:

That means at first only community financial institution’s-this includes banks and credit that lend in low-income communities will be able to initiate PPP loan applications on January 11th.

They will offer second PPP loans to qualifying business starting on January 13th, the SBA said.

Firms taking a second infusion of loan proceeds must meet certain qualifications, including having no more than 300 employees and experiencing at least a 25% reduction in gross receipts in a quarter between 2019 and 2020.

The program will reopen to all participating lenders shortly thereafter, according to the agency.

Published Friday January 8th 2021

Darla Mercado, CFP

01/08/2021

January 8th 2021

I’m sure, you heard unless you are hiding under a rock that Congress finally passed the 900 Billion Dollars Stimulus package. Checks have began processing and have been deposited under the accounts of individual’s who are receiving direct deposit as early as New Years Eve. It very unfortunate that some individuals that quality for the stimulus will not receive their checks any time soon. Federal officials reported that individual checks have been placed in the wrong bank account.

For those who used Intuit Turbo Tax like my business and personal taxes a state was recently posted on their web site regarding their customers. It reads:

Great news: your stimulus payment is on the way!

We are happy to share that your stimulus payments will begin to be deposited starting January 8th. We expect most payments to be available that dat day, but your bank could take a few business days to process. Your payment will be deposited into the same bank account that your received your 2019 tax refund.

We have been working tirelessly with the Treasury and IRS to get your stimulus payment to you. We know how important these funds are for so many Americans and we regret than an IRS error caused a delay in you receiving your stimulus.

For more information about stimulus payments, please go to IRS.gov

Respectfully,
Greg Johnson
Executive Vice President & General Manager
Intuit, inc | Turbo Tax

Get My Economic Impact Payment Get Coronavirus Tax Relief Get Your Refund Status Tax Professionals: Renew Your PTIN Get Your Tax Record View Your Account Make a Payment Apply for an Employer ID Number (EIN) Forms and Instructions 1040 and Schedules 1-3 Individual Tax Return Other 1040 Schedules Info...

12/29/2020

I will post the latest information about the new 900 Billion Spending Bill. Stay tune.