July 10, 2020
Retirement planning by the numbers…
Saving for retirement requires a good deal of preparation—more so than just about any other area of life. Many people find this to be an overwhelming task, wondering how much to save,when to start and what’s a good spending-to-saving balance.
Developing a retirement savings strategy shouldn’t be difficult....
June 29, 2020
COVID Tax Tip 2020-71, June 16, 2020
For most taxpayers the filing and payment deadline was postponed July 15. Those who need more time to file beyond the postponed date, can request an extension to file. Taxpayers must request an extension to file by July 15. This gives them until October 15 to file their tax return. An extension to file is not an extension to pay. Taxes must be...
June 9, 2020
IR-2020-117, June 9, 2020
WASHINGTON — The Internal Revenue Service reminds taxpayers that estimated tax payments for tax year 2020, originally due April 15 and June 15, are now due July 15. This means that any individual or corporation that has a quarterly estimated tax payment due has until July 15 to make that payment without penalty.
In response to the COVID-19...
Joel Shabsin C.P.A
May 6, 2020
IAAI NEWSFLASH By: Joel Shabsin, C.P.A. CARES ACT CHANGES TO CHARITABLE DONATIONSOne of the provisions in the CARES Act revolves around changes to the Tax Cuts and Jobs Act surrounding charitable donations. Because of the TCJA, fewer taxpayers are able to itemize and take advantage of donations they make to 501(c)(3) organizations. The CARES Act created 4 tax breaks for charitabledonations....
April 27, 2020
Issue Number: IR-2020-82
Inside This Issue
IRS enhances Get My Payment online application to help taxpayers
WASHINGTON – The Internal Revenue Service today announced significant enhancements to the “Get My Payment” tool to deliver an improved and smoother experience for Americans eligible to receive Economic Impact...
March 16, 2020
To whom it may concern,
We understand that everyone is concerned about Coronavirus. And we are as well, which is why we are taking precautions to keep our clients and our staff safe.
While the threat of Coronavirus exists, we are asking both clients and staff who feel unwell or have sick loved ones to refrain from visiting Compton Accounting...
March 12, 2020
IRS Tax Tip 2020-33, March 10, 2020
Taxpayers who adopted or started the adoption process during 2019 should review the rules around the adoption credit. While the amount of the credit increases for qualified taxpayers, the rules remain the same.
Here are some facts to help people understand the credit and if they can claim it when filing their taxes:
January 2, 2020
IR-2019-215, December 31, 2019
WASHINGTON — The Internal Revenue Service today issued the 2020 optional standard mileage rates (PDF) used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel...
November 22, 2019
IRS Tax Tip 2019-164, November 21, 2019
A small business owner often wears many different hats. They might have to wear their boss hat one day, and the employee hat the next. When tax season comes around, it might be their tax hat.
They may think of doing their taxes as just another item to quickly cross off their to-do list. However, this approach could leave...
October 7, 2019
Compton Accounting is excited to announce the recent launch of our firm’s new website. We’ve been working very hard to enhance our website and give our firm a fresh look. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.
Take a moment to look...
October 2, 2019
IRS Tax Tip 2019-137, October 2, 2019
Now that fall is here and school has started, many teachers are dipping into their own pockets to buy classroom supplies. Doing this throughout the year can add up fast. Fortunately, eligible educators may be able to defray qualified expenses they paid in 2019 when they file their tax return in 2020.
Educators who work in schools may...
August 21, 2019
The U.S. tax system operates on a pay-as-you-go basis. This means that taxpayers need to pay most of their tax during the year, as the income is earned or received. Taxpayers must generally pay at least 90 percent (however, see 2018 Penalty Relief, below) of their taxes throughout the year through withholding, estimated or additional tax payments or a combination of the two. If...
IRS launches new Tax Withholding Estimator; Redesigned online tool makes it easier to do a paycheck checkup
August 8, 2019
IR-2019-139, August 6, 2019
WASHINGTON — The Internal Revenue Service today launched the new Tax Withholding Estimator, an expanded, mobile-friendly online tool designed to make it easier for everyone to have the right amount of tax withheld during the year.
The Tax Withholding Estimator replaces the Withholding Calculator, which offered workers a convenient online...
August 6, 2019
IRS Tax Tip 2019-105, August 6, 2019
Taxpayers who must pay the heavy highway vehicle use tax should remember they can file and pay electronically. While some taxpayers who file Form 2290 are required to file electronically, all 2290 filers can do so. These taxpayers can use e-file software to both file Form 2290 and pay what they owe.
The 2019 deadline to file...
July 24, 2019
IRS Tax Tip 2019-97, July 23, 2019
Tax planning should happen all year long, not just when someone is filing their tax return. An important part of tax planning is recordkeeping. Well-organized records make it easier for a taxpayer to prepare their tax return. It can also help provide answers if a taxpayer’s return is selected for examination or if the...
June 14, 2019
Despite “the Amazon effect” on the world of retail, the dream of setting up a brick-and mortar retail space is still a reality. However, it does take a lot of initial work, including ample marketing research to ensure your concept has legs in your geographic marketspace. With this in mind, take note of the following additional advice to help you succeed.
First, write a...
June 10, 2019
All taxpayers should check their withholding ASAP
All taxpayers should check their withholding – also known as doing a Paycheck Checkup – as soon as possible. They should do a checkup even if they did one last year.
By checking their withholding, taxpayers can make sure enough is being taken out of their paychecks or other income to cover the tax owed. Here...
May 28, 2019
Lately we have been discussing cyber threats and what kind of preventive measures would be best to use to protect ourselves and our clients. Earlier in the week one of staff members listened to a webinar that explained new phishing techniques that are being used to obtain people’s personal records or trick people into handing over their hard-earned money. Phishing techniques have been...
May 15, 2019
IR-2019-93, May 10, 2019
WASHINGTON — During Small Business Week, the Internal Revenue Service reminds small business owners and self-employed individuals to take deductions and credits that will help their bottom line.
This year, National Small Business Week is May 5-11. For more than 50 years, the week has recognized the important contributions of America’s...
April 24, 2019
IRS Tax Tip 2019-33, April 1, 2019
Taxpayers filing their tax returns to meet the upcoming tax filing deadline should know that the easiest way to check on their tax refund is to use "Where’s My Refund?" This tool is available on IRS.gov and through the IRS2Go app. The fastest way to get that tax refund is to use IRS e-file and direct deposit.
Taxpayers can use...
December 5, 2018
Our hours for Christmas and New Years are:
December 24th: 8 AM - 12 PM
December 25th: Closed
December 26th: Closed
January 1st: Closed
We hope you have a safe and happy
November 13, 2018
Taking advantage of tax savings is a gift that keeps on giving. Read on and take advantage of these eight tips before the end of the year.
First, use up your Flexible Spending Account (FSA) funds. Make sure you use all of the money in your FSA by December 31st, so you don’t lose it. Buy new Glasses or contact lenses, visit your dentist, and purchase any other necessary (and...
October 25, 2018
Issue Number: IR-2017-193
IR-2017-193, Nov. 27, 2017
WASHINGTON – During the online holiday shopping season, the IRS, state tax agencies and the tax industry remind people to be vigilant with their personal information. While shopping for gifts, criminals are shopping for credit card numbers, financial account...
September 5, 2018
First, know your numbers. Do you know how much income you need to maintain your current lifestyle in retirement? If not, you are like many others who don’t have a clear retirement saving goal. While working with a financial professional will help you drill down to an exact number, a good rule of thumb is that you will need approximately 80 percent of your current annual income in...
August 7, 2018
FS-2018-12, May 2018
Crooks impersonating the IRS either by phone, email or in person cost people their time and money. The IRS urges people to stay vigilant against schemes and scams and avoid becoming a victim.
Here are some important tips for taxpayers to keep in mind to avoid scams:
July 18, 2018
IRS Tax Tip 2018-95, June 20, 2018
Every year the IRS mails millions of letters to taxpayers for many reasons. Here are some tips and suggestions for taxpayers who receive one:
Don’t ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a specific issue and includes specific instructions on what to...
July 2, 2018
Compton Accounting will be closing at noon July 3rd and will be CLOSED July 4th.
We hope everyone has a safe and happy
June 26, 2018
Did you receive a tax refund this year? Did you make some financial goals way back in January? Do you want to reach a new level of financial security? If you answered yes to any of these questions, then this article is for you. Check out these monetary goals to make sure you are on the right track, monetarily speaking.
June 14, 2018
We just wanted to remind everyone that it is now baseball/softball season! There is a wonderful concession stand in Altona. That is ran by one of our very own, Stacy Rodriguez! Come visit Stacy and our Lions Club members for some yummy treats. Then sit and enjoy the little ones play
May 29, 2018
Topic Number 308 - Amended Returns
If you discover an error after filing your return, you may need to amend your return. The IRS may correct mathematical or clerical errors on a return and may accept returns without certain required forms or schedules. In these instances, there's no need to amend your return. However, do file an amended return if there's a change in your filing status,...
February 7, 2018
Only a few days into the tax-filing season, the IRS is sounding an alarm about a new tax scam. Specifically, it's warning tax preparers to be on guard about the scam, which is aimed at stealing taxpayers' refunds by using data compromised in tax preparers' offices.
The agency said it has already received a number of fake tax returns that had accurate taxpayer...
December 4, 2017
Compton Accounting will be closed Monday December 25th and Monday January 1st. There will also be limited staff Friday December 22nd and Tuesday December 26th. Please contact us if you have any questions 844-484-8881. Thank you and Happy
November 15, 2017
Since the holidays are quickly approaching an article produced by the IRS was sent to us about Charitable Contribution facts. I have copied and pasted it below. Please read if this is something that pertains to you.
Five Facts about Charitable Contributions
With the holidays around the corner, many people will be making donations to benefit charitable organizations....
August 29, 2017
Walking in to a grocery store with a budget is easy, but sticking to that budget can get a little tricky. The stores are good at strategically placing things in the perfect spot to make us buy it. I took it upon myself to do some research about how to avoid spending unnecessary money.
First, make a list before you leave the house. It’s important to go into a grocery store with a...
July 25, 2017
Compton Accounting is constantly updating and training our staff in the newest tax laws to better serve our clients. Recently we sent our staff to an Accredited Tax Preparers (ATP) course. In this course the tax preparers learned the existing tax code and the preparation of individual tax returns. Their expertise covers comprehensive 1040 issues including:...
July 17, 2017
If a vacation is part of your summer plans, but your budget is tighter than you would like, check out these tips to keep your cash outlay reasonable- without sacrificing any of the fun or adventure.
Tip 1: Time your vacation right. When planning your vacation, time your trip so that you arrive when the local kids are either...
June 5, 2017
Throughout the day we put ourselves at risk for identity theft without even knowing it. I recently read an interesting article on msn.com explaining the things we do every day that puts our identity at risk. We will touch base on a few of the most common mistakes I hear about or do myself. We live in such a tech savvy world it is easy to make these common mistakes.
May 5, 2017
Recently at Compton Accounting we have had the unfortunate conversation about identity theft. With that being said we wanted to do some research about the scams that are costing taxpayers so much money. If you want to reference this information please go to www.irs.gov and type the “Dirty Dozen” in the search bar. Unfortunately identity theft is everywhere and is...
March 17, 2017
If you’re lucky enough to get a tax refund, it’s important to not lose sight of the fact that it’s not a gift from the IRS. It is in fact your hard-earned money coming back to you, which means it’s important to use the money wisely. Here are a few ways to do that.
First option, Rev-Up your rainy day fund. It...
January 16, 2017
The IRS expects to issue more than nine out of 10 refunds in less than 21 days. However, the Protecting Americans from Tax Hikes (PATH) Act mandates the IRS hold refunds on tax returns claiming the EITC or the Additional Child Tax Credit (ACTC) until mid-February. The change helps ensure that taxpayers get the refund they are owed by giving the IRS more time to help detect and prevent tax...
December 19, 2016
Many businesses incur costs on wining and dining clients—especially at holiday time. You might be tempted to think that this is an easy tax deduction, but this is not always the case. Here are the rules you need to know to optimize these types of deductions.
First, only 50% of your meal expense is deductible. If you hold a customer lunch that includes a business-related...
October 6, 2016
Estate Sale Tips:
When a relative passes away, leaves their home to live in a nursing facility or just downsizes their estate as they grow older, family members must often decide what to do with the assets of their estate. This is where an estate sale may come into play. If you’re considering holding one, here are some pointers from U.S. News & World Report to...
August 31, 2016
Good Afternoon, I would like to take this time to go over all of the services that Compton Accounting offers. Compton Accounting does not only specialize in tax returns. We also specialize in: Tax Planning & Preparation, Accounting & Bookkeeping, Full-Service Payroll, Controllership, Business Consulting, Licensing for automobiles, water billing, and notarizing...
August 12, 2016
IRS Summertime Tax Tip 2016-14, August 3, 2016
If you pay for...
July 25, 2016
There are three driving forces behind every successful business; cash flow, credit and creativity. Those forces take on even more importance when it comes to a seasonal business. Here are some helpful tips to use in improving your current business or starting a new one.
First, know the numbers. Seasonal businesses are tough, and their owners must be tougher with a thorough knowledge...
June 15, 2016
Compton Accounting has gone through many changes and updates in the last several months. Our first change has been offering portals to our clients. Portals are a more secure way to exchange information. Our goal is to have as many clients as possible on portals, so that we can communicate with everyone more securely. If you can login to an email, you can use a portal. It is that easy. You can...
May 13, 2016
We have been receiving a lot of phone calls from our clients stating that they have been getting phone calls from the IRS stating that they owe money. We are here to inform you that these phone calls are 100% fake. There is no truth to these phone calls at all.
The caller will call your phone and claim to be an employee of the IRS. They are very convincing when they call. They use...
April 27, 2016
There are many ways to save and properly spend your money. At Compton Accounting it is our job to help you use your money wisely. I found some helpful tips to help you get the most out of your paycheck.
Now if you are just starting out on your own it is important to start saving for your retirement sooner rather than later. I know most of us think that when you’re 25...
March 22, 2016
Many of us view a tax refund as ‘bonus’ cash; however, it really should be utilized just as any of your other income would be and managed purposefully. So if you’re anticipating a tax refund this year, make sure you have a plan for your money. Prior to receiving a tax refund, think about your personal financial situation to determine what your needs are.
February 19, 2016
Compton Accounting just recently found out that there is a new IRS scam happening right now. USA Today Reporter Kevin McCoy reports that email and texting scams are designed to trick U.S tax payers into providing personal data. So far this year 400%, the IRS warned Thursday in a renewed consumer alert.
The Schemes involve “phishing” messages designed to trick taxpayers...
January 25, 2016
Tax time is quickly approaching, you may have started receiving tax information in the mail. Taking action now is the best way to avoid the stress associated with last-minute tax filing. By taking the following steps, you will be breathing a lot easier when tax time comes.
First, collect and consolidate your information. Gather all of your tax-related documents in one place. These...
December 9, 2015
It’s time to celebrate the holidays again. We all know that this time of year can be very stressful. Between cooking a big meal, running to numerous holiday parties, sending Christmas cards, and not to mention all of the holiday gifts you buy for your family and friends. No wonder why you are so stressed out. So we here at Compton Accounting have come up with some helpful hints to make...
November 19, 2015
It's getting to be that time of year again. Tax time is quickly approaching and it's time to start preparing for the upcoming tax season. If you have any questions about what you need to do for this tax season please give us a call and we will be happy to help you.
Compton Accounting is also taking pre tax appointments for anybody who has questions or just...
October 15, 2015
Good Morning! I hope everyone is enjoying this beautiful fall weather. I wanted to update everybody on how we are bettering ourselves to serve you more efficiently.
I'm not sure if everyone is aware of all of the training and conferences that our staff goes through, to make sure we are as up to date as possible for all your tax...
September 29, 2015
You love to [insert hobby] but does that mean you should make it your livelihood? Here's what you should consider before making the leap.
Am I up for the challenge? Starting a business based on your hobby can be deeply fulfilling, but it almost definitely won't be easy. If you're looking for an escape, a life break, or simply a less effortful alternative to a straight job, then...
August 27, 2015
I hope everyone has had a lovely summer so far. Here at Compton Accounting we have been busy with many changes trying to update our systems and our client procedures.
The first major change that is going to happen is we are updating our phone system. We have been working closely with a phone distributing company that will help us update our system so that we as a firm will run more...
July 31, 2015
Abstract: In late June, the Supreme Court determined that same-sex couples can exercise the fundamental right to marry in all states and that there is no lawful basis for a state to refuse to recognize a lawful same-sex marriage performed in another state. This article describes the decision's impact on many same-sex couples in regard to state taxation, estate planning, and a wide variety of...
June 25, 2015
We get a few clients calling and asking about FEIN numbers. The typical questions we get are: What is it, Do I need one, How do I get one? According to www.irs.gov "An Employer Identification Number(EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entitiy. Generally, businesses need an EIN."
May 18, 2015
The Internal Revenue Service has issued a consumer alert recently providing taxpayers with tips to protect themselves from email and telephone scam artists pretending to be with the IRS.
These callers/emailers may demand money or may say that you have a refund coming to you and request your private information. DO NOT give them any information, this is a SCAM. They may...
April 28, 2015
At Compton Accounting we get a lot of questions regarding how long our customers should keep their tax documents. If you look at some resources they will tell you to save up to 3 years. However, Compton Accounting recommends that you save up to 7 years, and here is the reason why.
According to www.irs.gov the time period to file a claim for a credit or refund is generally 3 years from...
March 20, 2015
A service that Compton Accounting has added to its criteria is licensing for cars and trucks. We not only can do registration stickers, but at the Altona location you can do title and registration work as well. So no more going to the DMV, taking a number and waiting. However there are small convenience fees, such...
February 16, 2015
Good Morning everyone! I just wanted to give a quick reminder that we are offering all of our clients the opportunity to use portals for their tax returns and other financial documents. They are easy to use and 100% secure. All you have to do to use the portal is have an active email account, and give us your email when you bring us your information. After that we will set up your portal. You...
January 16, 2015
Good Morning I hope everybody is keeping warm durning these cold wintery months. I know here at Compton Accounting we have been busy prepping the office for tax season to make sure that everything runs as smoothly as possible. However we do need some help from you to make sure that we get everything done and mailed on time for tax season. For example we need all of your 1099 information so we...
December 15, 2014
Season's Greetings, I hope all is well with everyone. As most of you are aware tax season is quickly approaching. I know here at Compton Accounting we are busy preparing for yet another busy tax season. We have been gathering, printing, and stuffing envelopes full of tax information for clients to make sure that you are as up to date as possible on all of the new tax information. If you...
October 27, 2014
We have another new service that is offered at Compton Accounting. Recently we have started doing corporate meeting minutes for businesses. You may ask, "Why does my company need these?" Well the answer to that is simple. Minutes protect the corporation by legally documenting all the decisions made by the corporation and the shareholders that it is...
October 3, 2014
Good morning, I hope everybody is having a wonderful day on this lovely Fall morning. We here at Compton Accounting have been very busy updating our systems, and cleaning up some old clutter we had lying around. So we can get things in tip top shape for tax season which is just around the...
August 13, 2014
Good Morning, it's a beautiful day at Compton Accounting! We are eager to announce that we are trying to keep up with the times and the continuously changing technology. We are in the process of creating new portals for all of our clients to access their records more securely and efficiently. These portals will give each client access to any document requested and you can access it at any...
March 24, 2014
It's a New Brand Day at Compton Accounting! We are excited to announce the recent launch of our firm’s new brand. We’ve been working very hard to enhance our website, develop helpful new client communications, and give our firm a facelift. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we...