Blog

*** For those affected by the Underpayment Penalty ***

*** For those affected by the Underpayment Penalty ***

Did you pay in 80% or more of your 2018 tax liability, have already filed your return, and were subject to an underpayment penalty because you fell short of the usual 90% required level?  In an effort to help taxpayers who weren’t able to properly adjust their 2018 quarterly estimated tax payments and/or federal income tax withholdings to meet the tax law changes brought about by the Tax Cuts and Jobs Act enacted in 2017 (and would be subject to the underpayment penalty,) the Internal Revenue...

Read More

Surprise! A visit from the IRS?

Surprise!  A visit from the IRS?

While their roles include education and investigation, IRS revenue officers are also tasked with collecting from individuals and businesses and can make unannounced visits to “discuss taxes owed or returns due.”  A surprise visit from the Internal Revenue Service can be stressful enough, but how do you know the person knocking on your door is really with the IRS?  In this age of phone and in-person scams, it is important to make sure the person (or people in some cases) you are meeting wit...

Read More

Beware of the latest phone scams.

Beware of the latest phone scams.

Maybe you have already heard but there seems to be a new phone scam going around and this time it's from someone posing as an employee from the Social Security Administration.  I have heard a couple different scenarios and actually just had a call from my mom who received one of these calls. In my mom's situation it seemed to be an automated call.  The speaker gave their name and said they were from Social Security and then proceeded to say that there is legal action being taken against the...

Read More

IRS Operations During the Government Shutdown

IRS Operations During the Government Shutdown

Our goal at Apel Associates is to keep you informed of the latest information, from tax law changes to the government shutdown, and how it may impact you.  Some of the questions you may have with the current shut down are: How is the IRS affected? Will I be able to file my taxes? When will I get my refund? Is there anyone at the IRS I can speak with? I had a pending appointment with the IRS.  What should I do? These are all very understandable concerns.  We wanted to share...

Read More

Retirement Account Limits Increased for 2018+

The Treasury Department has announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $18,500 to $19,000. The limit on annual contributions to an IRA is increased from $5,500 t...

Read More

Third Party Verification Letter- Can Your CPA Help You?

Your CPA is often the first person you think of to help with financial issues. While most of the time they can help, there are instances when the information requested can create unique challenges.  One of those times is when a request for a third-party verification letter comes across his or her desk. The third-party verification letter, sometimes called a “comfort letter,” usually comes from lenders, employers, and even insurance providers. The most common information requests are to: ...

Read More

Get the Top 10 Things
to Look for When Choosing an Accountant Report