Lee CPA Services, PLLC

Existing companies have one year to file.

New companies (2024) must file within 90 days of creation or registration.

Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports. Existing companies have one year to file and new companies must file within 90 days of creation or registration.
https://www.fincen.gov/news/news-releases/us-beneficial-ownership-information-registry-now-accepting-reports

Find more information and resources by visiting TXCPA's BOI Reporting Page: https://www.tx.cpa/resources/news/articles/boi---beneficial-ownership-reporting

How to Pay Your Taxes There are several ways you can pay your IRS tax bill. For more information, go to https://www.irs.gov/payments Follow us:Twitter – https:/...

The deadline is fast approaching to file your annual franchise tax reports. Avoid procrastinating (and penalties and interest) by filing today, and get back to doing what you do best: growing your business. Get all the info here: bit.ly/1Ojdld1

https://www.irs.gov/newsroom/2022-tax-filing-season-begins-jan-24-irs-outlines-refund-timing-and-what-to-expect-in-advance-of-april-18-tax-deadline

The IRS announced that they will begin accepting and processing 2021 tax year returns on January 24th, 2022.

The filing deadline to submit Personal 2021 tax returns or an extension to file and pay tax owed is Monday, April 18, 2022

The filing deadline for S corporations and Partnerships is March 15, 2022.

There is no extended deadline at this time.

The IRS points out that they are still backlogged with processing 2020 tax returns and is still impacted by the pandemic. Last tax filing season, many legislative changes were made at the height of tax season. This resulted in many early filers overpaying in taxes, and the IRS is still trying to correct this on their end and issuing refund checks for the difference.

We anticipate more changes to tax forms and legislation this tax season. We are working to be nimble and diligent this tax season to ensure the best experience for you.

Reach out to us to have your 2021 taxes completed. Thank you.

2022 tax filing season begins Jan. 24; IRS outlines refund timing and what to expect in advance of April 18 tax deadline | Internal Revenue Service IR-2022-08, January 10, 2022 — The IRS announced that the nation's tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.

Never forget

Today marks the 20th anniversary of the Sept. 11 attack on our nation. We honor those who bravely ran into harm’s way to help, those who lost their lives and the friends and families that were impacted by that day. We will .

There have been unprecedented delays in processing refunds due to decreased funding to the agency over the past years and the new demands on the agency as a result of COVID-19.

Refunds are so important to keep money flowing through your business and household. The delay is understandably frustrating. Continue waiting and checking the IRS website: https://www.irs.gov/refunds for processing status.

For 2021, lets schedule a mid year review with me to discuss your numbers and any opportunities to adjust the timing of your tax refunds. This may help you keep your money now and avoid having to request a refund next tax season.

If you are receiving the earned income credit, have a more complex return, or requires additional review then unfortunately you are likely experiencing this delay.

"The backlog includes about 16.8 million paper tax returns, some 15.8 million returns suspended for further review and 2.7 million amended returns. The backlog is nearly THREE TIMES LARGER than it was in 2020, and a fourfold increase from 2019."

"To make matters worse, the agency was inundated with phone calls and unable to keep up.... only 9% of calls were answered by a live customer service representative."

https://www.cnbc.com/2021/06/30/the-irs-has-35-million-unprocessed-tax-returns-from-2021.html

Refunds | Internal Revenue Service Get information about tax refunds and updates on the status of your e-file or paper tax return.

Happy Easter!

Wishing you and your loved ones a blessed Sunday. May your heart be filled with joy and hope this .

IRS has automatically extended due date for Individual returns to May 17th.

Key reminders regarding this update:

1) Postponement only applies to Individual Federal returns. You will need to file an extension for Corporation, Trusts, or Non Profits.

2) Automatic extension does not include Individual state returns

3) Automatic Extension does not impact the previous June 15th extension for Winter storm disaster relief for Louisiana, Oklahoma and Texas

4) Estimated Income Tax payments for 2021 are still due April 15th

Please contact me if you have questions and need assistance filing an extension and preparing your tax returns.

Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline | Internal Revenue Service IR-2021-59, March 17, 2021 — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.

The recent deal is expected to include a tax waiver on the first $10,200 of 2020 unemployment benefits. It would "...ensures that unemployed workers will not face a surprise bill on their 2020 taxes"

"...many out-of-work Americans could not afford a 10% reduction in their benefits or did not realize that their unemployment payments were taxable"

If you have already filed your 2020 taxes, then you would need to amend your tax return to recover this tax benefit.

https://www.cnbc.com/2021/03/05/unemployment-benefits-deal-to-waive-taxes-on-first-10200-dollars-of-ui.html?fbclid=IwAR3ANtPmSnAjAisnOh75JawXF_ohHTbdNYXki8tMrQJpyTAEWWDQmk8jomc

Latest Democrat deal would give Americans a tax waiver on the first $10,200 of their 2020 unemployment benefits As part of a compromise reached Friday by Senate Democrats, Americans who received unemployment benefits last year could get a portion of their taxes waived.