Styer Business Services LLC

01/13/2025

BIG NEWS:

IRS Announces January 27th, 2025 as the Official Start of 2025 Tax Season

11/06/2024

ATTENTION:

IRS Announced that E-Filing Will Close for the Year On Saturday, November 30th, 2024

10/24/2024

Hello Clients,

The IRS just send us a missive that we feel the need to pass on to you.

In IR-2024-278, the IRS is now encouraging ALL taxpayers to sign up for Identity Protect Pins before the 2025 Tax Season. Why do it now? Because, despite how far away the next tax season may seem for you (especially with Holiday season mere weeks away), the "signing up early will ensure taxpayers have extra safety by having an IP PIN to electronically file their returns when the filing season begins."

If you're interested, go to the official IRS website to creative an IRS Online Account, which will provide a fast, user-friendly way to obtain an IP PIN.

https://www.irs.gov/payments/online-account-for-individuals

As we learn more, we'll do our best to share that info with you. In the meantime, stay safe, stay healthy, and take care.

~ The S.B.S. Staff

Sign in or create an online account. Review the amount you owe, balance for each tax year, payment history, tax records and more.

09/10/2024

Hello Clients,

The IRS needs your input.

"The Department of the Treasury and the Internal Revenue Service today issued a notice requesting comments on Saver’s Match contributions to be paid by Treasury under the SECURE 2.0 Act of 2022. Notice 2024-65 requests comments on all aspects of Saver’s Match contributions and asks specific questions on a variety of Saver’s Match topics. "

For those unfamiliar, the new Saver's Match contributions is, "a new approach to promoting retirement savings and an important opportunity to improve the long-term financial security for millions of low- to moderate-income Americans. Beginning in 2027, by making annual contributions of up to $2,000 to a 401(k)-type plan or an Individual Retirement Account (IRA), an individual can receive as much as an annual $1,000 Saver’s Match contribution from the Treasury."

If you're interested in offering feedback, please head to the official IRS website via the link below to learn how: https://www.irs.gov/newsroom/treasury-and-irs-request-comments-on-issues-related-to-savers-match-contributions

As more news comes our way, we'll do our best to share it with you. Until next time, stay safe, stay healthy, and take care.

~The S.B.S. Staff

IR-2024-232, Sept. 5, 2024 — The Department of the Treasury and the Internal Revenue Service today issued a notice requesting comments on Saver’s Match contributions to be paid by Treasury under the SECURE 2.0 Act of 2022.

09/09/2024

Hello Clients,

The IRS shared some recent good news with us that we'd like to pass on.

You may remember a massive piece of legislation the brain-trust known as Congress passed three years ago called the Inflation Reduction Act (or IRA). Contained within that package was a large chunk of funding for the IRS to enable them finally to upgrade their systems and re-prioritize their efforts on high income taxpayers (i.e. people making $1 million or more a years), who've failed to file since 2017.

In the time since the IRA's passage into law, the IRS has already collected $1.3 Billion Dollars in delinquent funds owed. That's $1.3 Billion more into the public coffers to hopefully go towards good works for the citizens and residents here at home (we can hope, but don't hold our breaths).

If you'd like to learn more about this work, please visit the official IRS website via the link below for more details: https://www.irs.gov/newsroom/us-department-of-the-treasury-irs-announce-13-billion-recovered-from-high-income-high-wealth-individuals-under-inflation-reduction-act-initiatives

As more news comes our way, we'll do our best to share it with you. Until then, stay safe, stay healthy, and take care.

~The S.B.S. Staff

IR-2024-233, Sept. 6, 2024 — Today, U.S. Secretary of the Treasury Janet L. Yellen and Commissioner of the Internal Revenue Service Danny Werfel are delivering remarks at the Austin, Texas, IRS campus to announce new milestones under Inflation Reduction Act initiatives to ensure wealthy individual...

06/12/2024

Hello Clients,

We wanted to clarify and elaborate a little on our post from this Monday.

This past Tax Season, the IRS had a "trial run" in 12 states to test their new Direct File system. According to the survey results they received afterwards, 90% of users who responded LOVED the program. Thus, the IRS intends to expand access to the Direct File tool to more States, starting next year.

What does this mean for you and us here at S.B.S.? Well, according to IR-2024-151, "Direct File will continue to be one option among many from which taxpayers can choose. It is not meant to replace other important options by tax professionals or commercial software providers, who are critical partners with the IRS in delivering a successful tax system for the nation."

In other words, for much simpler returns, say taxpayers who only have one W-2 to report, Free File will become a permanent option for all taxpayers. Naturally, the more complicated situations involving businesses, rentals, investments, etc. may require experts like our Boss here at S.B.S., but for people who want a simple, cheap, D.I.Y option, Direct File will now be there for the foreseeable future. Why spend the money on a tax professional if your situation is simple enough?

How extensive the expansion of access will be for next tax season is still unclear, but once more information is available, we'll do our best to share it with you.

Until then, stay safe, stay healthy, and take care.

~ The S.B.S. Staff

06/11/2024

Hello Clients,

For once in Washington D.C., good sense prevailed.

We here at S.B.S. recently learned that the current tax code, established by the 2017 Tax Cuts & Jobs Act, that was set to expire at the end of 2024 has, in fact, been extended for one more year. Turns out someone in Congress slipped a one-year extension to the current tax guidelines into the last budget bill that dollar store brain trust on Capital Hill passed.

This is a good thing though. It means the tax code will not be a political football, despite it being an election year. And it also means, unlike in 2018, we won't have to worry about changes coming at us mid-tax season as the new Congress scrambles to get something workable on its feet.

To everyone we spoke to, warning them of the upcoming changes, we apologize. Any potential changes won't appear until the year after next, at the earliest.

As more news comes our way, we'll do our best to share it with you. Until next time, stay safe, stay healthy, and take care,

~ The S.B.S. Staff

06/10/2024

Hello Clients,

GOOD NEWS!

04/16/2024

Hello Clients,

Now that the frantic dust of tax season has settled, we wanted to reach out and inform you of an updated form.

For at least two years, we've been anticipating an update to the Form W-9. Recently, the IRS finally issued the latest iteration of the form. In fact, they issued it came out only last month.

Going forward, if you engage a new independent contractor for services costing $600 or more, for which you do not pay them with a credit card, be sure to request a W-9 from them using this version of the form. And, with the new version of the form now available, we advise requesting an updated W-9 from all the independent contractors you plan to engage again.

PDF downloads of this updated Form are available on the official IRS website at the link below:https://www.irs.gov/pub/irs-pdf/fw9.pdf

As more updates come our way, we'll do our best to share them with you. Until next time, stay safe, stay healthy, and take care.

~The SBS Staff

03/21/2024

Hello Clients,

Big News! The IRS just release an official announcement regarding a FREE means to file an Extension on your taxes.

According to Issue Number IR-2024-73, "An easy way to file an extension is through IRS Free File on IRS.gov. All individual filers can use the program software to request an extension on Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, regardless of income. Taxpayers must estimate their tax liability and file by the deadline to receive the extension."

If you'd care to investigate the IRS Free File yourself if you're running a bit behind on your taxes, follow the link below to learn more: https://www.irs.gov/irs-free-file-do-your-taxes-for-free

As more news comes our way, we'll do our best to share it with you. Until next time, stay safe, stay healthy, and take care.

~ The S.B.S. Staff

Prepare and file your federal income tax return online for free. File at an IRS partner site with the IRS Free File Program or use Free File Fillable Forms. It's safe, easy and no cost to you.