Northwest Tax Service

2025 Organizers have been sent out and are now available in our portal! Log in today! https://nwtax.taxdome.com

Unfortunately at this time we are only accepting new clients by referral. Thank you!

Northwest Tax Service Login JavaScript enables interactive features and enhances the user experience. You can allow it for this site in your browser settings.

The IRS website got a refresh! (And after yesterday's hiccups, I was able to get into the TDS.)

Online accounts for individuals, businesses, and tax professionals are now featured prominently on the website.

Haven’t signed up for yours yet? With an online account, you can:

* View prior-year returns and other tax records, including your adjusted gross income, or AGI (which you’ll need for some tax software programs) and official IRS transcripts;
* Make payments, schedule future payments, enter into installment agreements, and review your payment history;
* Access or retrieve your Identity Protection PIN (IP PIN), a six-digit number that provides an extra layer of security against tax-related identity theft; and
* Authorize a tax professional, like a tax attorney, enrolled agent, or accountant, to view your tax records and talk to the IRS on your behalf without you having to sign Form 2848.

(And it's a lifesaver for tax pros.)

It's free, but you will have to verify your identity (which most commonly requires ID and a smartphone).

Head over to irs.gov for more details.

Beware of new scams- The IRS will never text you.

Got a $1,400 rebate text from the IRS? It's a scam, BBB warns. (CBS News) If you get a text claiming you're due a $1,400 stimulus check from what looks to be the...

If you have an LLC (or other business entity, active or dormant) registered with the corporation commission or Secretary of State, you MUST file a beneficial ownership report with FINCEN.

Clarifying announcement on information you may have seen regarding the newly enacted Corporate Transparency Act/BOI reporting requirements implemented earlier this year (2024):

In 2021 Congress passed the Corporate Transparency Act, aimed at reducing money laundering. It is a small business reporting requirement with potential penalties including prison for committing a felony by not reporting.

You read correctly- failing to fill out this form is a potential felony with two years of prison time, plus a potential $500 daily penalty.

If your business is an LLC or corporation, including a single member LLC, you must fill out this report by the end of 2024, and if you start a new business in 2024, you must report within 30 days of formation. Reporting is done with a special electronic filing with the Treasury Department’s Financial Crimes Enforcement Network (Not the IRS).

Initial Reporting:
• New companies formed after 1/1/2024 within 30 days of formation.
• Existing companies formed before 1/1/2024 by 1/1/2025.

Updates:
Within 30 days of a change in beneficial ownership, name or address change.

Annual reporting: None

The required information includes owners information; for new businesses formed in 2024, information regarding the company or person submitting formation documents to your secretary of state or corporation commission.

To clarify, even if you have set up an LLC merely to own or manage a rental property, this form is required, and a separate filing and form is required for every single entity, whether an LLC, an S corporation, or a C Corporation.

Some exemptions exist, primarily for larger companies and not-for-profit entities. We are particularly concerned about folks that have set up their own LLC online, for whom the potential filing penalty is also $500 for each day late plus potential prison time.

Please make sure you have these filings completed in the appropriate timeframe. If you would like help filing, our company has decided to make ourselves available for a nominal filing fee. Please contact us directly if you'd like help.

Great advice!

IRS will start accepting 2023 Tax return filings on 1/29/24. Our portal is now open for existing clients! Please call to make your appointment soon!

Happy New Year from our family to yours! Tax season starts in a couple of weeks- are you ready?

Happy Halloween, Everyone!

Dear clients- Time is ticking on extensions filed for 2022 Taxes! If we filed an extension for you, please upload your documents to the portal and/or call our office if you have questions or need help! We will need your documents ASAP to meet the extended deadline for you!

IRS opens 2023 Dirty Dozen with warning about Employee Retention Credit claims; increased scrutiny follows aggressive promoters making offers too good to be true | Internal Revenue Service IR-2023-49, March 20, 2023 — In a further warning to people and businesses, the Internal Revenue Service added widely circulating promoter claims involving Employee Retention Credits as a new entry in the annual Dirty Dozen list of tax scams.

Thinking of an electric vehicle in 2023? Here is the current list of vehicles that still qualify for tax credit. Keep in mind, when filing tax years before 2022, vehicles stop qualifying for tax credit once sales meet the credit quota.

Here's every electric vehicle that currently qualifies for the US federal tax credit As sales of electric vehicles continue to surge, many new and prospective customers have questions about qualifying for federal tax...