Gontar & Gontar, LLC

I found this on NewsBreak: You may soon get an IRS letter promising unclaimed tax refunds. It's a scam.

You may soon get an IRS letter promising unclaimed tax refunds. It's a scam. - NewsBreak Scammers are sending unusual tax-related letters this summer, including one that IRS warns will boldly ask for a picture of your driver's license.

To help millions of people, IRS today launched a new web tool allowing quick registration for Economic Impact Payments for those who don’t normally file a tax return.

The non-filer tool provides a free and easy option designed for people who don’t have a return filing obligation, including those with too little income to file. The feature is available only on IRS.gov, and users should look for Non-filers: Enter Payment Info Here to take them directly to the tool.

People can use this tool to give their basic information so they can receive Economic Impact Payments as soon as possible.

Internal Revenue Service | An official website of the United States government Non-Filers: Enter Payment Info Here Get Coronavirus Tax Relief Get Info on Economic Impact Payments Get Your Refund Status Do Your Taxes for Free Get Your Tax Record View Your Account Make a Payment Forms and Instructions 1040 and Schedules 1-3 Individual Tax Return Other 1040 Schedules Information....

Revocation or Denial of Passport by the IRS for Back Taxes

If you have over $53,000 delinquent tax debt, IRC § 7345 authorizes the IRS to certify that debt to the State Department for action. The State Department generally will not issue a passport to you after receiving certification from the IRS.
• Certification of Individuals With Seriously Delinquent Tax Debt
• Annual Adjustment for Inflation
• Taxpayer Notification – Notice CP 508C
• Reversal of Certification – Notice CP 508R
• Intent to ask the State Department to Revoke a Passport – Letter 6152
• Judicial Review of Certification
• Payment of Taxes
• Passport Status
• Travel
Upon receiving certification, the State Department shall deny your passport application and/or may revoke your current passport. If your passport application is denied or your passport revoked and you are overseas, the State Department may issue you a limited validity passport good only for direct return to the US.

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The IRS made changes on the business expense deduction for meals and entertainment.

The new 2017 TCJA eliminated the deduction for any expenses related to activities considered entertainment, amusement or recreation.

Taxpayers may continue to deduct 50 percent of the cost of business meals if the taxpayer (or an employee of the taxpayer) is present and the food or beverages are not considered lavish or extravagant. The meals may be provided to a current or potential business customer, client, consultant or similar business contact.

Food and beverages that are provided during entertainment events will not be considered entertainment if purchased separately from the event.

Prior to 2018, a business could deduct up to 50 percent of entertainment expenses directly related to the active conduct of a trade or business or, if incurred immediately before or after a bona fide business discussion, associated with the active conduct of a trade or business.

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The IRS advised self-employed individuals, shareholders of an S-corporations, partners, and even employees, whose 2018 federal income tax withholding falls short of their tax liability for the year that they can still avoid a tax-time surprise by making a quarterly estimated tax payment directly to the IRS. The deadline for making a payment for the 4th quarter of 2018 is Tuesday, Jan. 15, 2019. Form 1040-ES can be used to pay estimated taxes.

Dmitriy Klevansky, thank you for a nice hand made New Year present! This tree of life will bring good luck and prosperity!

The Tax Cuts and Jobs Act, enacted in December 2017, added a new tax credit – Credit for Other Dependents. It is a non-refundable credit of up to $500 per qualifying person. Taxpayers may be able to claim the new credit for dependents that these taxpayers claimed a dependency exemption for in the past.

These dependents may include dependent children who are age 17 or older at the end of 2018, or parents or other qualifying relatives supported by the taxpayer. Families with qualifying children under the age of 17 should first review their eligibility for the expanded Child Tax Credit, which is larger.

The Credit for Other Dependents and the Child Tax Credit begin to phase out at $400,000 of modified adjusted gross income for joint filers and $200,000 for other taxpayers.