Alpha Income Tax Services, Inc.

Alpha Income Tax Services, Inc. Income Tax Services Accountant

We are really thankful to clients like you who have helped us grow. We look forward to serving you for many more years. ...
11/23/2022

We are really thankful to clients like you who have helped us grow. We look forward to serving you for many more years. Warm wishes on Thanksgiving.

03/21/2020

Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave

IR-2020-57, March 20, 2020
WASHINGTON — Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020.
The Act will help the United States combat and defeat COVID-19 by giving all American businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee's own health needs or to care for family members. The legislation will enable employers to keep their workers on their payrolls, while at the same time ensuring that workers are not forced to choose between their paychecks and the public health measures needed to combat the virus.

03/21/2020

Dear Clients and Friends,

Earlier today, the Treasury Secretary Steve Mnuchin announced the filing deadline for Federal income tax returns due on April 15, 2020 will be postponed to July 15, 2020.

This follows IRS Notice 2020-17 that allowed a deferral of tax payments normally due on April 15 until July 15.

Please be advised, applications for qualified emergency loan programs will require copies of tax returns. We encourage you to complete your returns based on the original deadline of April 15, 2020. We have the capacity now to work primarily remote and can continue to meet your needs.

If you have any questions, please do not hesitate to contact us.

Thank you,

03/14/2020

IRS: High-deductible health plans can cover coronavirus costs

IR-2020-54,
WASHINGTON — The Internal Revenue Service today advised that high-deductible health plans (HDHPs) can pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status. This also means that an individual with an HDHP that covers these costs may continue to contribute to a health savings account (HSA).
In Notice 2020-15 (PDF), posted today on IRS.gov, the IRS said that health plans that otherwise qualify as HDHPs will not lose that status merely because they cover the cost of testing for or treatment of COVID-19 before plan deductibles have been met. The IRS also noted that, as in the past, any vaccination costs continue to count as preventive care and can be paid for by an HDHP.
Today's notice applies only to HSA-eligible HDHPs. Employees and other taxpayers in any other type of health plan with specific questions about their own plan and what it covers should contact their plan.

Happy 4th of July! We all should be so proud to be a part of the most wonderful country in the world.
07/03/2019

Happy 4th of July! We all should be so proud to be a part of the most wonderful country in the world.

Annual Report Deadline is TomorrowThis is a friendly reminder to file your annual report with the state of Florida, if y...
04/30/2019

Annual Report Deadline is Tomorrow

This is a friendly reminder to file your annual report with the state of Florida, if you haven't already done so for 2019. The deadline to file is May 1, 2019. Remember, late filers face a penalty of $400.

You can file online at Sunbiz.org under Filing Services - Annual Report. If you have any questions please feel free to reach out to us for assistance.

Tax Time here again: Check out the list below to familiarize yourself with some of the forms that are likely to hit your...
01/29/2019

Tax Time here again:

Check out the list below to familiarize yourself with some of the forms that are likely to hit your mailbox this tax season:

For Earnings:
W-2 - Wages received from an employer during a calendar year.
W2-G - Gambling earnings. You can expect to receive one of these from a casino or other betting entity if you have gambling earnings above a certain level. The minimum amounts that require a form depend on the kind of gambling.
1099-MISC - Income earned when you are not an employee, but a contractor, small-business owner, etc. Each customer billed more than $600 should send you one.
1099-K - Business payments received through credit cards (you may get one if you are an Uber driver or make a lot of sales through websites like Ebay or Amazon).
1099-G - Government payments, including for unemployment insurance or state and local tax refunds.
K-1 - Earnings from business partnerships, LLCs and S corporations.

For Investments:
1099-INT - Interest earned. You'll get one for every interest-paying account, no matter how small.
1099-DIV - Dividends paid to you.
1099-B - Investment sales, documenting taxable capital gains. You'll get these if you sold stocks or mutual funds during the year.
1099-R - Distributions from retirement accounts (like a 401k or IRA).

For Health Care:
1095 - Proof of health insurance, required under the Affordable Care Act. NOTE: The IRS has approved delays in sending many of these to you. Just make sure you have proof of insurance prior to filing your tax return!
1099-SA - Documents the use of HSAs to pay medical expenses.

For Tax Breaks:
1098 - Mortgage interest statement.
1098-T - Confirmation of tuition and fees paid to qualified educational institutions.
1098-C - Confirmation of the value of property (such as used clothes or vehicles) donated to charitable organizations.
1098-E - Student loan interest paid, from a lender.

Gathering all these forms is important, because the IRS gets copies of each form sent to them as well. Missing one can trigger a letter from the IRS and a correspondence audit that can make extra work and delay your refund. Create a list of expected forms and check them off as they arrive.

As you await your forms, reach out to schedule your tax-filing appointment ahead of the April 15 filing deadline.

We wish you health, comfort, and prosperity this holiday season and beyond.
12/20/2018

We wish you health, comfort, and prosperity this holiday season and beyond.

WASHINGTON – The Internal Revenue Service today warned of a new twist on an old phone scam as criminals use telephone nu...
05/25/2018

WASHINGTON –

The Internal Revenue Service today warned of a new twist on an old phone scam as criminals use telephone numbers that mimic IRS Taxpayer Assistance Centers to trick taxpayers into paying non-existent tax bills.

The IRS and its Security Summit partners – the state tax agencies and tax industry – urge taxpayers to remain alert to tax scams year-round, especially immediately after the tax filing season ends. Even after the April deadline passes, the tax scam season doesn’t end.

In the latest version of the phone scam, criminals claim to be calling from a local IRS Taxpayer Assistance Center (TAC) office. Scam artists have programmed their computers to display the TAC telephone number, which appears on the taxpayer’s Caller ID when the call is made.

If the taxpayer questions their demand for tax payment, they direct the taxpayer to IRS.gov to look up the local TAC office telephone number to verify the phone number. The crooks hang up, wait a short time and then call back a second time, and they are able to fake or “spoof” the Caller ID to appear to be the IRS office calling. After the taxpayer has “verified” the call number, the fraudsters resume their demands for money, generally demanding payment on a debit card.

Fraudsters also have been similarly spoofing local sheriff’s offices, state Department of Motor Vehicles, federal agencies and others to convince taxpayers the call is legitimate.
🔻
IRS employees at TAC offices do not make calls to taxpayers to demand payment of overdue tax bills. The IRS reminds taxpayers it typically initiates most contacts through regular mail delivered by the United States Postal Service.
There are special, limited circumstances in which the IRS will call or come to a home or business, such as when a taxpayer has an overdue tax bill, to secure a delinquent tax return or a delinquent employment tax payment, or to tour a business as part of an audit or during criminal investigations.
Even then, taxpayers will generally first receive several letters (called “notices”) from the IRS in the mail.

🚫Note that the IRS does not: 🚫

Demand that you use a specific payment method, such as a prepaid debit card, gift card or wire transfer. The IRS will not ask for your debit or credit card numbers over the phone. If you owe taxes, make payments to the United States Treasury or review IRS.gov/payments for IRS online options.

Demand that you pay taxes without the opportunity to question or appeal the amount they say you owe. Generally, the IRS will first mail you a bill if you owe any taxes. You should also be advised of your rights as a taxpayer.

Threaten to bring in local police, immigration officers or other law-enforcement to have you arrested for not paying. The IRS also cannot revoke your driver’s license, business licenses, or immigration status. Threats like these are common tactics scam artists use to trick victims into buying into their schemes.
Taxpayers who receive the IRS phone scam or any IRS impersonation scam should report it to the Treasury Inspector General for Tax Administration at its IRS Impersonation Scam Reporting site and to the IRS by emailing [email protected] (Subject: 'IRS Phone Scam.')[email protected] (Subject: 'IRS Phone Scam.')

Address

1423 W Fairbanks Avenue Ste 1
Winter Park, FL
32789

Opening Hours

Monday 9am - 7pm
Tuesday 9am - 7pm
Wednesday 9am - 7pm
Thursday 9am - 7pm
Friday 9am - 7pm
Saturday 1pm - 7pm

Telephone

(407) 644-1040

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