Woodard & Clark Tax and Wealth Management

12/03/2022

https://www.perrymcstay.com/obituaries/Raymond-Gary-Clark,-Sr.?obId=26505392 #/celebrationWall

View Raymond Gary Clark, Sr.'s obituary, contribute to their memorial, see their funeral service details, and more.

04/15/2021

IRS clarifies application of 2020 overpayments to Q1 estimated payments -

The service offered information on how to elect to apply an overpayment on 2020 taxes against Q1 2021 estimated taxes, which are still due on April 15.

04/06/2021

UNEMPLOYMENT COMPENSATION TAXATION

A Timeline on the Frustrating Ever Changing Guidance on Preparing Your 2020 Tax Return

On March 11th the Feds passed legislation that would exclude up to $10,200 of unemployment benefits from being taxed on the federal level, among other tax law changes.

We were instructed to wait to receive guidance from each State and from our tax software providers before e-filing any tax return that contained unemployment compensation.

On March 22nd, the IRS provided the new Tax Code and Filing location to report the exclusion.

On March 26th the IRS computers were fixed and software companies notified of changes that would prevent tax returns electronically filed with unemployment benefits from being rejected.

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03/15/2021

With 4 weeks remaining this tax season, it looks like many people will need an amended return for 2020.

The tax software providers and the IRS computers are not yet prepared to handle the newly passed legislation.

If you have already filed your 2020 tax return, and you need an amended tax return, we will not be able to process them until after April 15th.

3/13/2021Broadcast Emails
2021.03.13 Broadcast - Unemployment Compensation – New Exclusion


Drake Software Broadcast Center
Unemployment Compensation - New Exclusion
Last night, the IRS released more details on how to report the new exclusion of up to $10,200 (per spouse) of Unemployment Compensation.

Our goal, as always, is to make timely changes to the software. We ask for your continued patience while we analyze, implement and test the necessary software changes. We will be working diligently to incorporate this new Unemployment Compensation Exclusion Worksheet and we'll email you again when we release the update.

In addition, we are actively working with state tax agencies to determine how states plan to address the federal tax law changes brought about by the American Rescue Plan Act of 2021. For state conformity updates, please see KB article 17148. We will update this article as we receive information from the states.

Please stay tuned for information about the Advance Premium Tax Credit (APTC) — the IRS's first priority was the Unemployment Exclusion change and we expect more information on the APTC in the near future.

The IRS has advised that you should not yet amend returns that had Unemployment Compensation or Repayment of the Advance Premium Tax Credit. Official IRS guidance is forthcoming.

Source:

f your modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan enacted on March 11, 2021, excludes from income up to $10,200 of unemployment compensation paid in 2020, which means you don’t have to pay tax on unemployment compensation of up to $10,200.

03/13/2021

Updates To THIS YEAR'S TAX FILING - STAY TUNED

Unemployment and Premium Tax Credit - ARP Act
The American Rescue Plan Act of 2021 makes a portion of unemployment compensation non-taxable for certain filers and eliminates repayment of excess funds received through the Advance Premium Tax Credit.
We ask for your patience while we work closely with the IRS and state taxing authorities to implement any necessary changes.
We know many of you are holding 2020 returns that have unemployment benefits or the Advance Premium Tax Credit. We expect the IRS to issue official guidance on these items in the near future.
For returns that have been filed with these items, we advise that you hold off on filing amended returns until the IRS provides official guidance.

05/15/2020

There is certainly still confusion surrounding the PPP loan, especially for businesses that applied for the loan and received the money, only to subsequently be forced to shut down due to government stay at home orders. However, the SBA has issued safe harbor rules for PPP loans under $2 million.

The US Small Business Administration issued guidance stating that businesses that together with their affiliates accepted Paycheck Protection Program loans totaling less than $2 million will be assumed to have certified their loans in good faith.

04/22/2020

VISITATION ARRANGEMENTS FOR DOUG ROSENHOLM

SUNDAY, APRIL 26, 2020

CURRENTLY PLANNING ON PFD MEMBERS

1200HRS - 1300HRS

RAYMOND WATSON FUNERAL HOME
350 WILLETT AVENUE, RIVERSIDE, RI

ONLY 5 PEOPLE AT A TIME INSIDE FUNERAL HOME

TRY TO MAINTAIN SOCIAL DISTANCING OUTSIDE THE FUNERAL HOME.

PLEASE CONTACT WOODIE (JOHN WOODARD)
AT MY OLD E-MAIL ADDRESS

[email protected]

SO WE CAN TRY TO GET A HEAD COUNT IN CASE WE NEED TO EXTEND HOURS BACK TO AN EARLIER TIME