We want to help you get ready for your tax return preparation for 2021.  Here is an organizer you can use to make sure you gather all the needed documents.  Not everyone will use all of the sections; we wanted to include as many as we could to help trigger the information needed to do your tax return.  Remember, all tax documents will be mailed to you in January for the previous year so make sure you put them all in a safe place, or go ahead and upload them to our secure portal as soon as you get them.

Tips to help taxpayers choose a reputable tax return preparer
As taxpayers get ready to file their 2022 tax return, they may be considering hiring a tax return preparer. The IRS reminds taxpayers to choose a tax return preparer wisely. This is important because taxpayers are responsible for all the information on their return, no matter who prepares it for them.
There are different kinds of tax preparers, and a taxpayer's needs will help determine which kind of preparer is best for them. With that in mind, here are some quick tips to help people choose a preparer.
When choosing a tax professional, taxpayers should:

• Check the IRS Directory of Preparers. While it is not a complete listing of tax return preparers, it does include those who are enrolled agents, CPAs and attorneys, as well as those who participate in the Annual Filing Season Program.
  
• Check the preparer's history with the Better Business Bureau. Taxpayers can verify an enrolled agent's status on IRS.gov.
• Ask about fees. Taxpayers should avoid tax return preparers who base their fees on a percentage of the refund or who offer to deposit all or part of their refund into their financial accounts.
• Be wary of tax return preparers who claim they can get larger refunds than others.
• Ask if they plan to use e-file.
• Make sure the preparer is available. People should consider whether the individual or firm will be around for months or years after filing the return. Taxpayers should do this because they might need the preparer to answer questions about the preparation of the tax return.
• Ensure the preparer signs and includes their preparer tax identification number. Paid tax return preparers must have a PTIN to prepare tax returns.
• Check the person's credentials. Only attorneys, CPAs and enrolled agents can represent taxpayers before the IRS in tax matters. Other tax return preparers who participate in the IRS Annual Filing Season Program have limited practice rights to represent taxpayers during audits of returns they prepared.

More information:
Tax Time Guide: Free tax return help available in-person and online
Publication 17, Your Federal Income Tax
Share this tip on social media -- #IRSTaxTip: Tips to help taxpayers choose a reputable tax return preparer. https://go.usa.gov/xe7PY

We at WB Elite take this pandemic very seriously.  We disinfect daily and limit how many people are in our offices at one time.  Our office is open Monday through Friday, from 9:00am to 5:00pm with other times by appointment only.  To give the best customer service, we suggest you either drop off your documents into the box right inside our front door, or if you have them in digital format, you can upload to our secure portal.  If you do not have access to that portal, please call the office and we can set you up and send you an invitation.  It is rather easy to use and would be more convenient than having to drive over and drop them off.  It is against IRS rules to send them through email.

Your tax preparer will go over your documents, call with any questions, and work on your tax return.  Once completed, they will talk to you about the best way to finalize them and sign the documents needed to file.  Some have done them completely through our portal and have not even set foot in our office this year.  Others will schedule a time for you to come in, sign, and you are out in a few minutes.

Please call our office 804-715-4243, Monday through Friday, between 9:00am and 5:00pm if you have any questions.

Are you still waiting for your stimulus money? The latest payments are causing a lot of confusion. In fact, some people think the new envelope looks like junk mail and tossed it in the garbage.  Across the country, some 4 million people are still waiting for their stimulus checks. The Department of Treasury and IRS sent out the last batch on May 18 but in another new twist, instead of paper checks, the stimulus checks are now debit cards.  If you are missing your stimulus check, look for an envelope from “Money Network Cardholder Services.” The letter says it’s from the Department of Treasury. It has a debit card attached to it that says it’s issued by “MetaBank.” Then there are steps for how to create a pin and activate it online.

Like the check, please handle it safely so no one scams you out of it.

TIGTA URGES TAXPAYERS TO STAY ALERT AND SAFEGUARD
THEIR ECONOMIC IMPACT PAYMENT
WASHINGTON — J. Russell George, the Treasury Inspector General for Tax Administration, today urged all taxpayers to stay alert to ensure that they do not lose their Economic Impact Payments (EIPs), also known as stimulus payments, to thieves and scammers.  The Coronavirus Aid, Relief, and Economic Security Act, signed into law on March 27, 2020, authorized the Internal Revenue Service (IRS) to deliver EIPs to approximately 160 million eligible taxpayers.

Many taxpayers have already received their EIP by direct deposit.  Others will receive their EIP by a physical U.S. Treasury check delivered to them by the U.S. mail.  A number of taxpayers will receive their EIP by a prepaid debit card. 

With millions of dollars of payments in various forms issued by the IRS to taxpayers across the country, TIGTA reminds all taxpayers to exercise caution to avoid becoming victimized by thieves and scammers looking to take their EIPs.  Here are some DOs and DON’Ts:

DO:

• Contact TIGTA to report any potential fraud or scams involving the IRS on our website at TIPS.TIGTA.gov.  You can also call us at 1-800-366-4484.
• Forward any unsolicited e-mail claiming to be from the IRS to [email protected] and then delete it.
• Always verify the web address of websites to ensure authenticity and always manually type them into your web browser.

DON’T:

• Use any other website or service that claims to be able to process your EIP or act as an intermediary between you and the IRS.
• Share your personal information with anyone, whether claiming to be from the IRS or some other business or agency offering to assist you with your EIP.  Payments will come directly from the U.S. Department of the Treasury.
• Open attachments or click on any links within e-mails from senders you do not recognize.
• Provide your username, password, date of birth, Social Security Number, financial data, or other personal information in response to an e-mail or robocall.
• Accept or deposit any EIP check that someone else offers you other than one received directly from the U.S. Department of the Treasury through the U.S. mail. 

After your EIP has been issued, the IRS will mail you a letter confirming the payment.  To check on the status of your EIP, please visit www.IRS.gov and click on “Get My Payment,” by manually typing “www.IRS.gov” into your web browser.

The PPP is another loan for small businesses affected by the COVID-19 virus.  While it is backed by the Small Business Administration, you have to go through your bank in order to apply.  The basics are you will need to prove what payroll you had last year.  Take your annual gross payroll, divide by 12 to get your average monthly payroll.  Then multiply that by 2.5 to come up with the estimated loan you could receive.  This money is strictly to retain your employees by paying them their regular paychecks so they don't have to go on unemployment.  You must retain them and pay them for 8 weeks after you receive the loan.  The additional .5 can be used toward rent and utilities only.  If you adhere to these strict rules, the loan should be forgiven.  If you don't use it for what it is intended, you can be fined, have to pay interest, pay it back, or possibly even charged for fraud.

We have processed several of these loans for our clients through their banks with success.  Please contact your bank to begin the application.

The EIDL has been around for a long time for people to use when there is a disaster like a hurricane or tornado.  The federal government declared the COVID-19 pandemic as a disaster so small businesses can use the EIDL to get a loan that may be forgiven.  To apply you need to go to the Small Business Administration website and apply for it.

Unfortunately, there has been an overwhelming response to it and they are no longer taking new applications.  If you were lucky enough to get an application in, then you should get an email from them with instructions.  It appears they are giving out $1,000 per employee to a maximum of $10,000 in order to help as many as they can.  They say they are processing them on a first come, first serve basis.

The stimulus checks are already being deposited!  If the IRS, or the Treasury Department has your direct deposit information, there is nothing else you need to do.  The money will just show up in your account.  This also goes for those getting Social Security, SSI, and Railroad Retirement benefits.  Think about it, you get your deposit into your account now so they can just put that stimulus money in your account right along with it.

If you have not used direct deposit for your refund and don't get any federal benefits, then you will need to enter in your information on the IRS page.  https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here

Just follow the directions on the page to enter in the information they ask for.  If you want to see if you are eligible for this money, please go to this page https://www.irs.gov/coronavirus/economic-impact-payment-information-center

The IRS has also opened a link where you can check the status of your money.  If it comes back as unavailable, then you probably receive your benefits from an agency, like Social Security, and the IRS doesn't have that information at its disposal.  Don't stress it, eventually that money will be deposited.  https://www.irs.gov/coronavirus/get-my-payment 

For security reasons, the IRS plans to mail a letter about the economic impact payment to the taxpayer’s last known address within 15 days after the payment is paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment. If a taxpayer is unsure they’re receiving a legitimate letter, the IRS urges taxpayers to visit IRS.gov first to protect against scam artists.