R. Gary Clark Associates

12/03/2022

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

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.

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.

03/21/2020

U.S. Treasury Secretary announced today: TAX DEADLINE EXTENDED to JULY 15, 2020. What does this mean for you... since most filers are anticipating a refund, we are still prepared to do as much as we can prior to April 15th. At this time, clients that are comfortable meeting for a one-on-one appointment, may do so. We have a plan in place for sanitization during the COVID-19 outbreak, including staggering appointments, sterilizing all chairs, surfaces, doorknobs, etc. between each client. However, if you feel more comfortable mailing your tax information; please mail it to: 1275 Wampanoag Trail • Ste. 3A • Riverside, RI 02915 and call us at (401) 433-5858 to let us know to be on the lookout. If you'd prefer to email your information to us, we have the ability to send you a link to our secure data portal. Please call us at (401) 433-5858 for directions on how to do so.

01/18/2016

Happy New Year from all of us at R. Gary Clark Associates & Woodard & Clark! It’s that time of the year again! Please take a moment to schedule your tax appointment as soon as possible:

(401) 433-5858 Monday through Friday between 9am and 4pm
(with the exception of 12pm to 1pm where you can feel free to leave a message)

For those of you that don’t know, we have purchased the unit across the hall from where we have been located for the past 4 seasons. So, please come see us in Suite 202 rather than Suite 201!

We look forward to seeing you soon!

04/16/2015

Thank you to all our clients for another successful tax season! Enjoy your spring and summer!! Finally seeing and feeling some sunshine!!

01/26/2015

Call soon to set up your tax appointment!

For new clients (and existing ones, too!)...some tips to get you ready to file your taxes...these tips can be helpful for our already established, extremely valuable clients, as well!!

1. Get your numbers in order

First, get everyone’s Social Security numbers. You’ll need one for everyone on your tax return: yourself, your spouse, and everyone you support (dependents), including your parents or children.

If your children don’t already have a Social Security number, get one now. Fill out the Application for a Social Security Card from the U.S. Social Security Administration website and locate your child’s birth certificate. You’ll need to bring the application, birth certificate, and your child to your local office. Anyone 12 or older applying for an original SSN has to be interviewed in person.

2. Tally your income

Next, gather any documents that show the income you earned in 2012, as well as income earned by your spouse if filing jointly. If you’ve only had one job, no problem – you just need a W2 from your employer. You can see a sample here.

If you’ve done contract or freelance work, you’ll need a 1099-MISC if you made $600 or more from any company or client, according to the IRS. You can see a sample here.

If you didn’t work last year but collected unemployment, you’ll need a 1099-G. If you received interest on savings accounts, made short or long-term capital gains, collected Social Security, or received a pension, you’ll need proof of that as well, which you’ll get from other 1099 forms.

See a pattern here? Proof of income you earned comes either on a W-2 or 1099.

Pull out last year’s tax return and see what income you reported. If you had income from the same sources this year, make sure you have all forms in hand. If you don’t have all documentation by Jan. 31, call employers, clients, or bank reps and ask.

3. Find last year’s returns

As noted above, your 2013 tax return is a great guide to prepare for 2014 filing. Unless your life has changed radically, you’ll have many of the same sources of income, as well as deductions like mortgage interest, property taxes, charitable contributions, etc. Checking last year’s return is a handy reminder of what you’ll need to include this year.

If you can’t find last year’s returns, you can order a copy online through the IRS website at Order a Transcript.

4. Line up deductions

Now figure out what deductions you can claim for the year. There are loads of possibilities, but you’ll need documentation to prove anything you claim. For example:

Some commonly overlooked deductions that can save you big, such as child care expenses. If you paid for someone to watch your child, disabled spouse, or dependent family member while you were working, you might be able to deduct part of the cost. And then there are medical expenses: If yours exceeded 7.5 percent of your adjusted gross income, it will lower your taxable income.

Work from home? There are home office deductions, but they come with sticky rules.

Other things are deductible too, like mortgage interest, business travel, and work-related education expenses. Check out the Internal Revenue Service’s Itemized Deductions site for a list. Take your time and go over it carefully. Remember, every $100 of deductible expenses can mean up to $35 in refunds.

5. Pile on the contributions

If you were charitable last year, you may have earned yourself a tax discount. Charitable donations made to legitimate organizations (no individuals or political campaigns) are deductible. Donations can be in the form of cash, property, or stock, but the rules can be complex. Check out the IRS’s "Eight Tips for Deducting Charitable Contributions" for a relatively easy-to-follow set of rules.

6. Plan for your refund

Last but not least, plan for your refund. You’ll get it a lot sooner if you sign up for direct deposit. The IRS allows splitting your direct deposit into up to three different checking and savings accounts. Just bring a voided check or your banking information and we will arrange to have your refund deposited directly.

At R Gary Clark Associates, we can eFile your return which, according to the IRS, has a turnaround time of about 10 days!