TWS

03/09/2024

Tyrene West

03/09/2024

02/14/2024

OKAY IT’S NOT TUESDAY!! A DAY LATE BUT NOT SHORT ON THE DOLLAR $$

Yesterdayy the IRS issued a news alert regarding the employee retention credit (ERC). As the March 22, 2024, deadline nears for the ERC Voluntary Disclosure Program, individuals who mistakenly filed a claim and received payment should take note. This program enables businesses to repay only 80% of the claim amount.

Taxpayers who filed a claim that hasn’t been processed should also review the guidelines and quickly pursue the claim withdrawal process if they now see their claim is ineligible.

The news alert, IR-2024-39, encourages taxpayers to talk to a reputable tax professional for help with an ERC claim. If a taxpayer used an ERC promoter, they should review these warning signs to determine if they should participate in the disclosure program.

7 suspicious signs an ERC claim could be incorrect

-Too many quarters being claimed
-Government orders that don’t qualify
-Too many employees and wrong calculations
-Business citing supply chain issues
-Business claiming ERC for too much of a tax period
—Business didn’t pay wages or didn’t exist during eligibility period
-Promoter says there’s nothing to lose

01/31/2024

Possible Federal Tax Refund Due to the Earned Income Credit (EIC)

What Is the EIC?
The EIC is a refundable tax credit for certain workers.

What Is the Purpose of This Notice?
Your employer will send a notice to make you aware of an
important federal tax benefit. Even if you had no income tax
withheld from your wages during the year, you may be
eligible for the EIC.

How Much Is the EIC?
For 2023, the EIC can be as much as $3,995 if you have one
qualifying child who has a valid SSN; $6,604 if you have two
qualifying children who have valid SSNs; $7,430 if you have
three or more qualifying children who have valid SSNs; and
$600 if you have no qualifying children who have a valid
SSN.

How Do You Claim the EIC?
To claim the EIC, you must:
1. Be eligible for the EIC, and
2. File a 2023 tax return (including Schedule EIC if you
have a qualifying child).

If eligible, you can claim the EIC to get a refund even if
you had no tax withheld from your pay or owe no tax. For
example, if you had no tax withheld in 2023 and owe no tax
but are eligible for a credit of $800, you must file a 2023
income tax return to get the $800 refund.

Let's see if you are eligible for this and other credits. Comment "EITC"

01/23/2024

The Internal Revenue Service will automatically waive failure to pay penalties on assessed taxes less than $100,000 for tax years 2020 or 2021.

Individual, business, estate, trust or tax-exempt taxpayers are eligible for automatic failure to pay penalty relief if they:

* filed a Form 1040, 1041, 1120 series or Form 990-T tax return for years 2020 and/or 2021,

* were assessed taxes of less than $100,000, and

* received an initial balance due notice, typically the CP14 or CP161, between Feb. 5, 2022, and Dec. 7, 2023.

They do not have to take any additional actions to receive this relief:

* If they made payments on their account or their balance is paid in full, they are eligible for automatic failure to pay penalty relief on assessed taxes less than $100K per year.

* A credit will automatically be applied to any other tax year with a balance due, otherwise they will receive a refund.

* If their address has changed, they'll need to update their account to make sure they receive any IRS refunds or notices.

Taxpayers with assessed taxes of $100,000 or more are not eligible for automatic relief and can apply for penalty relief under the reasonable cause criteria or the First-Time Abate program. Visit IRS.gov/penaltyrelief for details.

01/17/2024

Guess what?

It's okay to shop around to get quotes but there are some things that you must remember.

** BE prepared to pay for a quote because not all Tax Professionals do them for free.
** TAKE into consideration that with every quote you may be sharing your personal and confidential information with various individuals.
** GET with a knowledgeable and trusted Tax Professional!
** STICK with them!

Most important -- that your taxes are filed correctly and audit-proof. We will thoroughly review your information to determine your eligibility for the credits and deductions that will reduce your tax liability...LEGALLY!!!

Request a no obligation, FREE quote...no social security or driver license number is required until you agree to file your return through TWS Financial Services, LLC. Go to https://form.jotform.com/230015304259041 and complete the form.

✅ IRS Annual Filing Season Program
✅ CTEC-registered
✅ Individuals and small businesses
🎯 Secure and accurate tax preparation for all 50 states
💰 Cash advances up to $7,000 (upon bank approval)
💲 Referral Incentives are available

Olga (Kim) Sanders
TWS Financial Services, LLC
[email protected]

01/15/2024

HAPPY MARTIN LUTHER KING DAY!!

"Let us not seek to satisfy our thirst for freedom by drinking from the cup of bitterness and hatred. We must forever conduct our struggle on the high plain of dignity and discipline." --- Dr. Martin Luther King, Jr.

01/14/2024

DID YOU KNOW?