Loomis Tax Service

IRS: Deadline to return distributions to retirement accounts is Aug. 31 WASHINGTON The Internal Revenue Service today reminds IRA owners, beneficiaries or workplace retirement plan participants who received a Required Minimum Distribution (RMD) this year that they have until Aug. 31 to rollover or repay the distribution to avoid paying taxes.

We are open and working but limiting appointments until further notice. Please feel free to drop off your materials for tax preparation. Be safe and well.

Some new scams out there. As always, be aware - take a minute before clicking: Here's one.... IRS warns of Tax Transcript email scam... The Internal Revenue Service and Security Summit partners today warned the public of a surge of fraudulent emails impersonating the IRS and using tax transcripts as bait to entice users to open documents containing malware. The scam is especially problematic for businesses whose employees might open the malware because this malware can spread throughout the network and potentially take months to successfully remove. This well-known malware, known as Emotet, generally poses as specific banks and financial institutions in its effort to trick people into opening infected documents. The Summit partnership of the IRS, state tax agencies and the nation’s tax industry remind taxpayers to watch out for this scam. However, in the past few weeks, the scam masqueraded as the IRS, pretending to be from IRS Online. The scam email carries an attachment labeled Tax Account Transcript or something similar, and the subject line uses some variation of the phrase tax transcript. The IRS reminds taxpayers it does not send unsolicited emails to the public, nor would it email a sensitive document such as a tax transcript, which is a summary of a tax return. The IRS urges taxpayers not to open the email or the attachment. If using a personal computer, delete or forward the scam email to [email protected]. If you see these using an employer’s computer, notify the company’s technology professionals.

The most sweeping changes to tax law since 1981 in effect for 2018. After many hours of education and updates we've got you covered.

Lots of confusion and questions. Maybe this might help: "The Internal Revenue Service advised tax professionals and taxpayers today that pre-paying 2018 state and local real property taxes in 2017 may be tax deductible under certain circumstances. The IRS has received a number of questions from the tax community concerning the deductibility of prepaid real property taxes. In general, whether a taxpayer is allowed a deduction for the prepayment of state or local real propert...y taxes in 2017 depends on whether the taxpayer makes the payment in 2017 and the real property taxes are assessed prior to 2018. A prepayment of anticipated real property taxes that have not been assessed prior to 2018 are not deductible in 2017. State or local law determines whether and when a property tax is assessed, which is generally when the taxpayer becomes liable for the property tax imposed." Happy New Year - we'll figure this all out together!!