Archive for News – Page 3

Providing peace of mind and financial security for Missouri workers and families moving forward as we combat COVID-19 is a top priority for Governor Parson. The Department of Revenue has contributed to our state’s response by easing the burden and short-term uncertainty facing our state.

Mirroring the federal guidance issued by the Internal Revenue Service (IRS), the Missouri Department of Revenue (DOR) will provide special filing and payment relief to individuals and corporations:

  • Filing deadline extended: The deadline to file income tax returns has been extended from April 15, 2020, to July 15, 2020.
  • Payment relief for individuals and corporations: Income tax payment deadlines for individual and corporate income returns with a due date of April 15, 2020, are extended until July 15, 2020. This payment relief applies to all individual income tax returns, income tax returns filed by C Corporations, and income tax returns filed by trusts or estates. The Department of Revenue will automatically provide this relief, so filers do not need to take any additional steps to qualify.
  • This relief for individuals and corporations will also include estimated tax payments for tax year 2020 that are due on April 15, 2020.
  • Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. Individuals and corporations that file their return or request an extension of time to file by July 15, 2020, will automatically avoid interest and penalties on the tax paid by July 15.

To alleviate public congestion in local license offices, DOR has implemented automatic extensions for expiring driver licenses and motor vehicle registrations. These extensions are effective immediately:

  • Vehicle owners with registrations or license plates expiring in March and April have been granted an automatic two-month extension. Owners will be able to continue operating their vehicles on Missouri roadways without penalty until they can apply for renewal.
  • The time frame in which a vehicle safety and emission inspection is valid for March and April license plate expirations has also been extended an additional 60 days. Applicants for title will not be assessed a late title penalty when visiting a license office, effective immediately; this waiver will continue through April 30, 2020.

Valid Missouri driver licenses, nondriver licenses and noncommercial instruction permits with original expiration dates of March 1, 2020, through April 30, 2020, have been granted an automatic 60-day extension:

The approved extension does not waive the mandatory retesting requirement for persons who have allowed their license to expire for more than 184 days. Also, individuals who were provided notice to complete additional testing as part of a medical review program requirement may be granted an additional 60 days to comply with such requirements.

Wamhoff Accounting Services Reduced Hours Notice

Wamhoff Accounting Services is committed to keeping our employees and clients healthy and safe.

Effective Monday March 23rd we are working reduced hours:

M-F 9 am to 5 pm

Closed Saturday March 28th

Saturday April 4th and 11th 8 am to 4 pm

If you are unable to gather and send in your tax information, please let us know and we can contact you after this quarantine.  With both Federal and Missouri extending the due date of the tax return as well as any balances due and first quarter estimated tax payments, you can assure no late penalties or interest.

Stay healthy and be safe.

Sandy Furuya, President

Wamhoff Accounting Services

 

On March 17th, 2020 the Treasury Secretary, Mnuchin announced that tax returns are still due by April 15th, 2020.  However payments due on that day may be delayed until July 15, 2020 without occurring penalty or interest. 

The only way to delay payment is to file the return by April 15th, 2020 or file an extension.

According to the IRS they will continue to process returns and issue refunds that are due to taxpayers.

At this time we are not taking tax appointments.  We will review your tax returns through a telephone conference.  Our goal is to keep our clients as well as our employees’ and families safe at this time.

We appreciate your understanding during this difficult time. 

Wamhoff Accounting Services will keep you up to date on any updates or changes.

 

Sandy

The Wamhoff Workplace: Coronavirus Tax-Season Precautions

Good afternoon. Like many of you, we at Wamhoff Accounting are closely following the news and developments regarding the Coronavirus. We understand the collective concerns of clients, employees, and the community and are taking serious precautions to help create a clean and safe environment. These include:

  • Encouraging team members and clients to stay home in the case of illness
  • Wiping down all door handles and surfaces after all meetings—client and internal
  • Using disposable towels and wipes, and not touching the surface of the towel used
  • Washing our hands after handling files and paperwork as often as possible
  • Sanitizing our work areas, including computers, phones, calculators, printers, copiers and fax machines after every use

We do understand that you may feel some hesitation about keeping scheduled, in-person appointments. There are several options we offer if you prefer an alternative to visiting the office, including:

  • Mail In’s- a return signature is required upon completion of the return. Wamhoff will provide you with a postmarked envelope and send it via priority mail to you.
  • E-Mail- documents will be transmitted through our secure email server, and an e-signature is required upon completion of the return.
  • Portal Upload- we may exchange documents via our secure, Net Client CS Portal.

In some cases, either you or the Wamhoff team may need to clarify details, obtain final numbers for your returns, or perform a review of your returns. If you prefer, these conversations may take place via phone, or whichever route is most comfortable for you.

The Wamhoff team takes your health and safety very seriously and are committed to providing you with a convenient tax filing experience with the exceptional service you’ve come to expect. We thank you for your support and are here to answer any questions you may have or explore which option may be best for your situation.

Sincerely,

Sandy

Employee Appreciation Day

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New Form W-4 for 2020 can be challenging!

The new form takes into account a 2nd job, children under 17 (for the possible child tax credit), and children over 17 (for the possible dependent credit).  It also takes into account if your Spouse works as well as any additional income.

The new Form W-4 is divided into 5 steps:

Step 1 is required; this is where you will enter your personal information like name, address, social security number, and filing status.

Step 2 may or may not apply.  If you hold more than one job or your spouse works you will need to use the estimator at www/irs.gov/W4App to calculate the most accurate withholdings.

Step 3 is the qualifying children under age 17 or other dependents.

Step 4 is where you report additional withholding you may need if you have investments or other sources of income (not a 2nd job) that does not have any withholdings.

Step 5 is where you sign and submit to your employer.

Your tax professional will need you to bring in a current paystub for each job you or your spouse holds.  Additional income with no withholding as well as be able to answer questions about your children you are claiming.  The withholding estimator is a great tool provided by the IRS to ensure you are withholding the correct amount and will not be subject to a penalty.

Happy Valentine’s Day!

Happy  Valentine’s Day from the staff at Wamhoff Accounting!