Receiving a notice from the IRS can be a stressful moment, especially if it was unexpected and you are unsure of the reason for the notice. Below is some information from IRS.gov about why you may have received a notice, and what steps you might need to take next. Every situation is different, and so AMS is available to help you through the process. Contact us for assistance or further information: Call: 336-279-7254 Email: info@acctmgmtllc.com Book an Appointment Your notice or letter will explain the reason for the contact and give you instructions on how to handle the issue. If you agree with the information, there is no need to contact us. If, when you search for your notice or letter using the Search on this page, it doesn't return a result, or you believe the notice or letter looks suspicious, contact us at 800-829-1040. If you determine the notice or letter is fraudulent, please follow the IRS assistor's guidance or visit our Report Phishing page for next steps. To get a copy of your IRS notice or letter in Braille or large print, visit the Information About the Alternative Media Center page for more details. Why was I notified by the IRS? The IRS sends notices and letters for the following reasons: You have a balance due. You are due a larger or smaller refund. IRS has a question about your tax return. IRS needs to verify your identity. IRS needs additional information. IRS changed your return. IRS needs to notify you of delays in processing your return. Next steps Read Each notice or letter contains a lot of valuable information, so it’s very important that you read it carefully. If we changed your tax return, compare the information we provided in the notice or letter with the information in your original return. Respond If your notice or letter requires a response by a specific date, there are two main reasons you’ll want to comply: to minimize additional interest and penalty charges. to preserve your appeal rights if you don’t agree. Pay Pay as much as you can, even if you can’t pay the full amount you owe. You can pay online or apply for an Online Payment Agreement or Offer in Compromise. Visit our payments page for more information. Keep a copy of your notice or letter It’s important to keep a copy of all notices or letters with your tax records. You may need these documents later.

Phone calls from the IRS demanding immediate payment of taxes via gift cards over the phone are NOT legitimate. Hang up the phone and do not provide the callers any of your personal information. See the below statement directly from the IRS on this matter. If you believe you may have been the victim of a fraud or scam, and/or you believe your identity has been compromised, contact AMS for further assistance in halting fraudulent activity, reporting the identity theft, and protecting your identity. Call: 336-279-7254 Book an Appointment From IRS.gov Note that the IRS does not: Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail a bill to any taxpayer who owes taxes. Demand that you pay taxes without the opportunity to question or appeal the amount they say you owe. You should also be advised of your rights as a taxpayer. Threaten to bring in local police, immigration officers or other law-enforcement to have you arrested for not paying. The IRS also cannot revoke your driver’s license, business licenses, or immigration status. Threats like these are common tactics scam artists use to trick victims into buying into their schemes. If you owe taxes: The IRS instructs taxpayers to make payments to the "United States Treasury.” The IRS provides specific guidelines on how you can make a tax payment at irs.gov/payments.

From IRS.gov The Internal Revenue Service today continued its "Dirty Dozen" tax scams with a warning for people to watch out for predators using tax-related schemes ranging from fake charities to scams targeting seniors and immigrants. The IRS continues to see a group of ruses by dishonest people who trick others into doing something illegal or which ultimately causes them harm. Predators encourage otherwise honest people to do things they don't realize are illegal or prey on their good will to take something from them. Several schemes involve fraudsters targeting groups like seniors or immigrants, posing as fake charities impersonating IRS authorities, charging excessive fees for Offers in Compromise, conducting unemployment insurance fraud and unscrupulously preparing tax returns. Here are five of this year's "Dirty Dozen" scams. Fake charities The IRS advises taxpayers to be on the lookout for scammers who set up fake organizations to take advantage of the public's generosity. They especially take advantage of tragedies and disasters, such as the COVID-19 pandemic. Scams requesting donations for disaster relief efforts are especially common on the phone. Taxpayers should always check out a charity before they donate, and they should not feel pressured to give immediately. Taxpayers who give money or goods to a charity may be able to claim a deduction on their federal tax return by reducing the amount of their taxable income. But taxpayers should remember that to receive a deduction, taxpayers must donate to a qualified charity. To check the status of a charity, use the IRS Tax Exempt Organization Search tool. (It's also important for taxpayers to remember that they can't deduct gifts to individuals or to political organizations and candidates.) Here are some tips to remember about fake charity scams: Individuals should never let any caller pressure them. A legitimate charity will be happy to get a donation at any time, so there's no rush. Donors are encouraged to take time to do the research. Potential donors should ask the fundraiser for the charity's exact name, web address and mailing address, so it can be confirmed later. Some dishonest telemarketers use names that sound like large well-known charities to confuse people. Be careful how a donation is paid. Donors should not work with charities that ask them to pay by giving numbers from a gift card or by wiring money. That's how scammers ask people to pay. It's safest to pay by credit card or check — and only after having done some research on the charity. For more information about fake charities see the information on fake charity scams on the Federal Trade Commission web site. Immigrant/senior fraud IRS impersonators and other scammers are known to target groups with limited English proficiency as well as senior citizens. These scams are often threatening in nature. While it has diminished some recently, the IRS impersonation scam remains a common scam. This is where a taxpayer receives a telephone call threatening jail time, deportation or revocation of a driver's license from someone claiming to be with the IRS. Taxpayers who are recent immigrants often are the most vulnerable and should ignore these threats and not engage the scammers. The IRS reminds taxpayers that the first contact with the IRS will usually be through mail, not over the phone. Legitimate IRS employees will not threaten to revoke licenses or have a person deported. These are scare tactics. As phone scams pose a major threat to people with limited access to information, including individuals not entirely comfortable with the English language, the IRS has added new features to help those who are more comfortable in a language other than English. The Schedule LEP allows a taxpayer to select in which language they wish to communicate. Once they complete and submit the schedule, they will receive future communications in that selected language preference. Additionally, the IRS is providing tax information, forms and publications in many languages other than English. IRS Publication 17, Your Federal Income Tax, is now available in Spanish, Chinese (simplified and traditional), Vietnamese, Korean and Russian. Seniors beware Senior citizens and those who care about them need to be on alert for tax scams targeting older Americans. The IRS recognizes the pervasiveness of fraud targeting older Americans, along with the Department of Justice and FBI, the Federal Trade Commission and the Consumer Financial Protection Bureau (CFPB), among others. In an effort to make filing taxes easier for seniors, the IRS reminds seniors born before Jan. 2, 1956 that the IRS has re-designed the Form 1040 and its instructions, and that they can use the Form 1040SR and related instructions. The IRS reminds seniors that the best source for information about their federal taxes is the IRS website. Offer in Compromise "mills" Offer in Compromise mills contort the IRS program into something it's not – misleading people with no chance of meeting the requirements while charging excessive fees, often thousands of dollars. "We're increasingly concerned that people having trouble paying their taxes are being duped into misleading claims about settling their tax debts for 'pennies on the dollar'," said IRS Commissioner Chuck Rettig. "The IRS urges people to take a few minutes to review information on IRS.gov to see if they might be a good candidate for the program – and avoiding costly promoters who advertise on radio and television." The IRS reminds taxpayers to beware of promoters claiming their services are needed to settle with the IRS, that their tax debts can be settled for "pennies on the dollar" or that there is a limited window of time to resolve tax debts through the Offer in Compromise (OIC) program. An "offer," or OIC, is an agreement between a taxpayer and the IRS that resolves the taxpayer's tax debt. The IRS has the authority to settle, or "compromise," federal tax liabilities by accepting less than full payment under certain circumstances. However, some promoters are inappropriately advising indebted taxpayers to file an OIC application with the IRS, even though the promoters know the person won't qualify. This costs honest taxpayers money and time. Taxpayers should be especially wary of promoters who claim they can obtain larger offer settlements than others or who make misleading promises that the IRS will accept an offer for a small percentage. Companies advertising on TV or radio frequently can't do anything for taxpayers that they can't do for themselves by contacting the IRS directly. Taxpayers can go to IRS.gov and review the Offer in Compromise Pre-Qualifier Tool to see if they qualify for an OIC. The IRS reminds taxpayers that under the First Time Penalty Abatement policy, taxpayers can go directly to the IRS for administrative relief from a penalty that would otherwise be added to their tax debt. Unscrupulous tax return preparers Although most tax preparers are ethical and trustworthy, taxpayers should be wary of preparers who won't sign the tax returns they prepare, often referred to as ghost preparers. For e-filed returns, the "ghost" will prepare the return, but refuse to digitally sign as the paid preparer. By law, anyone who is paid to prepare, or assists in preparing federal tax returns, must have a valid Preparer Tax Identification Number (PTIN). Paid preparers must sign and include their PTIN on the return. Not signing a return is a red flag that the paid preparer may be looking to make a quick profit by promising a big refund or charging fees based on the size of the refund. Unscrupulous tax return preparers may also: Require payment in cash only and will not provide a receipt. Invent income to qualify their clients for tax credits. Claim fake deductions to boost the size of the refund. Direct refunds into their bank account, not the taxpayer's account. It's important for taxpayers to choose their tax return preparer wisely. The Choosing a Tax Professional page on IRS.gov has information about tax preparer credentials and qualifications. The IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications can help identify many preparers by type of credential or qualification. Taxpayers should also remember that they are legally responsible for what is on their tax return even if it is prepared by someone else. Consumers can help protect themselves by choosing a reputable tax preparer. Unemployment insurance fraud Unemployment fraud often involves individuals acting in coordination with or against employers and financial institutions to get state and local assistance to which they are not entitled. These scams can pose problems that can adversely affect taxpayers in the long run. States, employers and financial institutions need to be aware of the following scams related to unemployment insurance: Identity-related fraud: Filers submit applications for unemployment payments using stolen or fake identification information to perpetrate an account takeover. Employer-employee collusion fraud: The employee receives unemployment insurance payments while the employer continues to pay the employee reduced, unreported wages. Misrepresentation of income fraud: An individual returns to work and fails to report the income to continue receiving unemployment insurance payments, or in an effort to receive higher unemployment payments, applicants claim higher wages than they actually earned. Fictitious employer-employee fraud: Filers falsely claim they work for a legitimate company, or create a fictitious company, and supply fictitious employee and wage records to apply for unemployment insurance payments. Insider fraud: State employees use credentials to inappropriately access or change unemployment claims, resulting in the approval of unqualified applications, improper payment amounts, or movement of unemployment funds to accounts that are not on the application. Below is a short list of financial red flag indicators of unemployment fraud: Unemployment payments are coming from a state other than the state in which the customer reportedly resides or has previously worked. Multiple state unemployment payments are made within the same disbursement timeframe. Unemployment payments are made in the name of a person other than the account holder or in the names of multiple unemployment payment recipients. Numerous deposits or electronic funds transfers (EFTs) are made that indicate they are unemployment payments from one or more states to people other than the account holder(s). A higher amount of unemployment payments is seen in the same timeframe compared to similar customers and the amount they received. If you continue to have concerns, and are unsure of what to do, contact Accounting Management Solutions and we will help you through the process. Phone: 336-279-7254 Email: info@acctmgmtllc.com Book Appointment

From IRS.gov Taxpayers should be on the lookout for new variations of tax-related scams. In the latest twist on a scam related to Social Security numbers, scammers claim to be able to suspend or cancel the victim’s SSN. It’s yet another attempt by con artists to frighten people into returning ‘robocall’ voicemails. Scammers may mention overdue taxes in addition to threatening to cancel the person’s SSN. If taxpayers receive a call threatening to suspend their SSN for an unpaid tax bill, they should just hang up. Make no mistake…it’s a scam. Taxpayers should not give out sensitive information over the phone unless they are positive they know the caller is legitimate. When in doubt –hang up. Here are some telltale signs of this scam. The IRS and its authorized private collection agencies will never: Call to demand immediate payment using a specific payment method such as a prepaid debit card, iTunes gift card or wire transfer. The IRS does not use these methods for tax payments. Ask a taxpayer to make a payment to a person or organization other than the U.S. Treasury. Threaten to immediately bring in local police or other law-enforcement groups to have the taxpayer arrested for not paying. Demand taxes be paid without giving the taxpayer the opportunity to question or appeal the amount owed. Taxpayers who don’t owe taxes and have no reason to think they do should: Report the call to the Treasury Inspector General for Tax Administration. Report the caller ID and callback number to the IRS by sending it to phishing@irs.gov. The taxpayer should write "IRS Phone Scam” in the subject line. Report the call to the Federal Trade Commission. When reporting it, they should add "IRS Phone Scam” in the notes. Taxpayers who owe tax or think they do should: View tax account information online at IRS.gov to see the actual amount owed and review their payment options. Call the number on the billing notice Call the IRS at 800-829-1040. If you continue to have concerns, and are unsure of what to do, contact Accounting Management Solutions and we will help you through the process. Phone: 336-279-7254 Email: info@acctmgmtllc.com Book Appointment

The Advance Child Tax Credit Payments are a brand new program which may affect your tax situation. Below is information from IRS.gov about Child Tax Credit eligibility, and how to unenroll from the program if you do not wish to receive advance payments. Every situation is different, and so AMS is available to help you through the process. Contact us for assistance or further information: Call: 336-279-7254 Email: info@acctmgmtllc.com Book an Appointment From the IRS.gov official website: "The IRS recently upgraded the Child Tax Credit Update Portal to enable families to update their bank account information so they can receive their monthly Child Tax Credit payment. The tool also allows families to unenroll from the advance payments if they don't want to receive them. The Update Portal is available only on IRS.gov. Any updates made by August 2 will apply to the August 13 payment and all subsequent monthly payments for the rest of 2021. Families will receive their July 15 payment by direct deposit in the bank account currently on file with the IRS. People without current bank account information can use the online tool to update their information so they can get the payments sooner by direct deposit. Those who are not enrolled for direct deposit will receive a check. How to update direct deposit information First, families should use the Child Tax Credit Update Portal to confirm their eligibility for payments. If eligible, the tool will also indicate whether they are enrolled to receive their payments by direct deposit. If so, it will list the full bank routing number and the last four digits of their account number. This is the account that will receive their July 15 payment. If they choose, they can change the bank account receiving the payment starting with the August13 payment. If the Update Portal shows a family is eligible to receive payments but not enrolled to receive them by direct deposit, they will receive a mailed check each month. If they want to receive their payments by direct deposit, they can use the Update Portal to add their bank account information. Couples who are married and file jointly must both update their bank account information the same day to the same account to continue getting joint payments. Any family receiving checks should consider switching to direct deposit to access their money quicker. Direct deposit removes the time, worry and expense of cashing a check, and eliminates the chance of a lost, stolen or undelivered check." "Families can stop payments anytime Even after payments begin, families can stop all future monthly payments by using the unenroll feature in the Child Tax Credit Update Portal. Eligible families who make this choice will still receive the rest of their child tax credit as a lump sum when they file their 2021 federal income tax return next year.To stop all payments starting in August and the rest of 2021, they must unenroll by August2, 2021. Who should unenroll? Some families may prefer to receive the entire credit as a refund when they file their 2021 return. The portal's unenroll feature can also be helpful to any family that no longer qualifies for the child tax credit or believes they will not qualify when they file their 2021 return. Married filing joint taxpayers both need to unenroll. If one spouse does not unenroll, they will get half of the joint payment they were supposed to receive with their spouse. For more information about the unenrollment process, including deadlines, see Topic J of the Child Tax Credit FAQs on IRS.gov. The IRS will add more features to the Child Tax Credit Update Portal through the summer and fall. Soon people will be able update their mailing address. By fall, people will be able to use the tool to update changes to family status and income. More information is on the Advance Child Tax Credit Payments in 2021 page of IRS.gov"

Every situation is different, and so AMS is available to help you through the process. Contact us for assistance or further information: Call: 336-279-7254 Email: info@acctmgmtllc.com Book an Appointment From IRS.gov: The Earned Income Tax Credit (EITC) helps low- to moderate-income workers and families get a tax break. If you qualify, you can use the credit to reduce the taxes you owe – and maybe increase your refund. Did you receive a letter from the IRS about the EITC? Find out what to do. Who Qualifies You may claim the EITC if your income is low- to moderate. The amount of your credit may change if you have children, dependents, are disabled or meet other criteria. To claim the Earned Income Tax Credit (EITC), your filing status must be single, head of household, qualifying widow or widower, or married filing jointly. You cannot claim the EITC if your filing status is married filing separately. If you claim this credit, your refund may be delayed. By law, we must wait until mid-February to issue refunds to taxpayers who claim the Earned Income Tax Credit. Click Here to Check if you Might Qualify

The shortest answer to this question is no. You cannot deduct your mortgage payments by virtue of owning a home business. However, the complete answer is a little more complex than that. If you need help to determine what will work best for your situation, please contact us for assistance: Call: 336-279-7254 Email: info@acctmgmtllc.com Book an Appointment From IRS.gov : Small business owners who work from home may qualify for a home office deduction. They have two options for figuring this deduction. The regular method divides expenses of operating the home between personal and business use. Self-employed taxpayers file Form 1040, Schedule C, and compute this deduction on Form 8829. The simplified method, has a rate of $5 a square foot for business use of the home. The maximum deduction is $1,500. Special rules apply for certain business owners: Daycare providers complete a special worksheet, found in Publication 587. Self-employed individuals use Form 1040, Schedule C, Line 30 to claim deduction Farmers claim the deduction on Schedule F, Line 32. If you use part of your home for business, you may be able to deduct expenses for the business use of your home. The home office deduction is available for homeowners and renters, and applies to all types of homes. Simplified Option For taxable years starting on, or after, January 1, 2013 (filed beginning in 2014), you now have a simplified option for computing the home office deduction (IRS Revenue Procedure 2013-13, January 15, 2013). The standard method has some calculation, allocation, and substantiation requirements that are complex and burdensome for small business owners. This new simplified option can significantly reduce the burden of recordkeeping by allowing a qualified taxpayer to multiply a prescribed rate by the allowable square footage of the office in lieu of determining actual expenses. Regular Method Taxpayers using the regular method (required for tax years 2012 and prior), instead of the optional method, must determine the actual expenses of their home office. These expenses may include mortgage interest, insurance, utilities, repairs, and depreciation. Generally, when using the regular method, deductions for a home office are based on the percentage of your home devoted to business use. So, if you use a whole room or part of a room for conducting your business, you need to figure out the percentage of your home devoted to your business activities. Requirements to Claim the Home Office Deduction Regardless of the method chosen, there are two basic requirements for your home to qualify as a deduction: Regular and exclusive use. Principal place of your business. Regular and Exclusive Use. You must regularly use part of your home exclusively for conducting business. For example, if you use an extra room to run your business, you can take a home office deduction for that extra room. Principal Place of Your Business. You must show that you use your home as your principal place of business. If you conduct business at a location outside of your home, but also use your home substantially and regularly to conduct business, you may qualify for a home office deduction. For example, if you have in-person meetings with patients, clients, or customers in your home in the normal course of your business, even though you also carry on business at another location, you can deduct your expenses for the part of your home used exclusively and regularly for business. You can deduct expenses for a separate free-standing structure, such as a studio, garage, or barn, if you use it exclusively and regularly for your business. The structure does not have to be your principal place of business or the only place where you meet patients, clients, or customers. Generally, deductions for a home office are based on the percentage of your home devoted to business use. So, if you use a whole room or part of a room for conducting your business, you need to figure out the percentage of your home devoted to your business activities. If the use of the home office is merely appropriate and helpful, you cannot deduct expenses for the business use of your home. For a full explanation of tax deductions for your home office refer to Publication 587, Business Use of Your Home. In this publication you will find: Requirements for qualifying to deduct expenses (including special rules for storing inventory or product samples). Types of expenses you can deduct. How to figure the deduction (including depreciation of your home). Special rules for daycare providers. Tax implications of selling a home that was used partly for business. Records you should keep. Where to deduct your expenses (including Form 8829, Expenses for Business Use of Your Home, required if you are self-employed and claiming this deduction using the regular method). The rules in the publication apply to individuals.

Every situation is different, and so AMS is available to help you through the process. Contact us for assistance or further information: Call: 336-279-7254 Email: info@acctmgmtllc.com Book an Appointment Answer from IRS.gov : To determine if the sale of inherited property is taxable, you must first determine your basis in the property. The basis of property inherited from a decedent is generally one of the following: The fair market value (FMV) of the property on the date of the decedent's death (whether or not the executor of the estate files an estate tax return (Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return)). The FMV of the property on the alternate valuation date, but only if the executor of the estate files an estate tax return (Form 706) and elects to use the alternate valuation on that return. See the Instructions for Form 706. For information on the FMV of inherited property on the date of the decedent’s death, contact the executor of the decedent’s estate. Also, note that in 2015, Congress passed a new law that, in certain circumstances, requires the recipient’s basis in certain inherited property to be consistent with the value of the property as finally determined for Federal estate tax purposes. Check What's New - Estate and Gift Tax for updates on final rules being promulgated to implement the new law. If you or your spouse gave the property to the decedent within one year before the decedent's death, see Publication 551, Basis of Assets. Report the sale on Schedule D (Form 1040), Capital Gains and Losses and on Form 8949, Sales and Other Dispositions of Capital Assets: If you sell the property for more than your basis, you have a taxable gain. For information on how to report the sale on Schedule D, see Publication 550, Investment Income and Expenses. Under the new law passed by Congress in 2015, an accuracy-related penalty may apply if an individual reporting the sale of certain inherited property uses a basis in excess of that property’s final value for Federal estate tax purposes. Again, check What's New - Estate and Gift Tax for updates on final rules being promulgated to implement the new law. For estates of decedents who died in 2010, basis is generally determined as described above. However, the executor of a decedent who died in 2010 may elect out of the Federal estate tax rules for 2010 and use the modified carryover of basis rules. Under this special election, the basis of property inherited from a decedent who died during 2010 is generally the lesser of: The adjusted basis of the decedent, or The FMV of the property at the date of the decedent’s death. Under this special election for estates of decedents who died in 2010, the executor of the decedent’s estate may increase the basis of certain property that beneficiaries acquire from a decedent by up to $1.3 million (plus certain unused built-in losses and loss carryovers, if applicable), but the increased basis cannot exceed the FMV of the property at the date of the decedent’s death. The executor may also increase the basis of certain property that the surviving spouse acquires from a decedent by up to an additional $3 million, but the increased basis cannot exceed the FMV of the property at the date of the decedent’s death. The executor of the decedent’s estate is required to provide a statement to all heirs listing the decedent’s basis in the property, the FMV of the property on the date of the decedent’s death, and the additional basis allocated to the property. Contact the executor to determine what the basis of the asset is. Report the sale on Schedule D (Form 1040) and on Form 8949, as described above.

Every situation is different, and so AMS is available to help you through the process. Contact us for assistance or further information: Call: 336-279-7254 Email: info@acctmgmtllc.com Book an Appointment Answer from IRS.gov : For estimated tax purposes, the year is divided into four payment periods. Each period has a specific payment due date. If you don't pay enough tax by the due date of each payment period, you may be charged a penalty even if you're due a refund when you file your income tax return at the end of the year. If you mail your estimated tax payment and the date of the U.S. postmark is on or before the due date, the IRS will generally consider the payment to be on time. If you use IRS Direct Pay, you can make payments up to 8 p.m. Eastern time on the due date. If you use a credit or a debit card, you can make payments up to midnight on the due date. When to Pay Estimated Tax Payment Period / Due Date January 1 – March 31 / April 15 April 1 – May 31 / June 15 June 1 – August 31 / September 15 September 1 – December 31 / January 15* of the following year. *See January payment in Chapter 2 of Publication 505, Tax Withholding and Estimated Tax Fiscal Year TaxpayersIf your tax year doesn't begin on January 1, see the special rules for fiscal year taxpayers in Chapter 2 of Publication 505 Farmers and FishermenSee Chapter 2 of Publication 505 Note: If the due date for making an estimated tax payment falls on a Saturday, Sunday, or legal holiday, the payment will be on time if you make it on the next day that's not a Saturday, Sunday, or legal holiday.

Yes, but an actual copy of your Form W-2 is only available if you submitted it with a paper tax return: Transcript You can get a wage and income transcript, containing the Federal tax information your employer reported to the Social Security Administration (SSA), by visiting our Get Transcript page. Refer to Transcript Types and Ways to Order Them and About the New Tax Transcript: FAQs for more information. You can also use Form 4506-T, Request for Transcript of Tax Return. Check the box for Form W-2, specify which tax year(s) you need, and mail or fax the completed form. Allow 10 business days from the IRS received date to receive the transcript. Note: Wage and income transcripts are available for up to 10 years but current tax year information may not be complete until July. This transcript doesn't include any state or local tax information reported by your employer to SSA on Form W-2. Copy If you e-filed your tax return or you didn't attach your Form W-2 to your paper return, then use one of the transcript options above. Otherwise, you'll need to contact your employer or SSA for a copy. The quickest way to obtain a copy of your current year Form W-2 is through your employer. Your employer first submits Form W-2 to SSA; after SSA processes it, they transmit the federal tax information to the IRS. If you can't get your Form W-2 from your employer and you previously attached it to your paper tax return, you can order a copy of the entire return from the IRS for a fee. Complete and mail Form 4506, Request for Copy of Tax Return along with the required fee. Allow 75 calendar days for us to process your request. Every situation is different, and so AMS is available to help you through the process. Contact us for assistance or further information: Call: 336-279-7254 Email: info@acctmgmtllc.com Book an Appointment

From IRS.gov : How Long Should I Keep my Tax Records? The length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep your records that support an item of income, deduction or credit shown on your tax return until the period of limitations for that tax return runs out. The period of limitations is the period of time in which you can amend your tax return to claim a credit or refund, or the IRS can assess additional tax. The information below reflects the periods of limitations that apply to income tax returns. Unless otherwise stated, the years refer to the period after the return was filed. Returns filed before the due date are treated as filed on the due date. Note: Keep copies of your filed tax returns. They help in preparing future tax returns and making computations if you file an amended return. Period of Limitations that apply to income tax returns Keep records for 3 years if situations (4), (5), and (6) below do not apply to you. Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return. Keep records indefinitely if you do not file a return. Keep records indefinitely if you file a fraudulent return. Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later. The following questions should be applied to each record as you decide whether to keep a document or throw it away. Are the records connected to property? Generally, keep records relating to property until the period of limitations expires for the year in which you dispose of the property. You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure the gain or loss when you sell or otherwise dispose of the property. If you received property in a nontaxable exchange, your basis in that property is the same as the basis of the property you gave up, increased by any money you paid. You must keep the records on the old property, as well as on the new property, until the period of limitations expires for the year in which you dispose of the new property. What should I do with my records for nontax purposes? When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. For example, your insurance company or creditors may require you to keep them longer than the IRS does. Every situation is different, and so AMS is available to help you through the process. Contact us for assistance or further information: Call: 336-279-7254 Email: info@acctmgmtllc.com Book an Appointment

From IRS.gov Can I file my Amended Return electronically? If you need to amend your 2019 or 2020 Forms 1040 or 1040-SR you can now file the Form 1040-X, Amended U.S. Individual Income Tax Return electronically using available tax software products. What are some reasons that an Amended Return cannot be filed electronically? Amended Returns must be filed by paper for the following reasons: Only Tax Year 2019 and 2020 1040 and 1040-SR returns can be amended electronically at this time. Amended Returns for any other tax years or tax types must be filed by paper. There must be a record of an "original" electronically filed return for Tax Year 2019 or Tax Year 2020. If the original Tax Year 2019 or Tax Year 2020 return was filed by paper, it must be amended by paper. If the Primary Social Security number is different from the one provided on the Original Return, then the Amended Return must be filed by paper. If the Spouse's Social Security number (if applicable) is different from the one provided on the Original Return, then the Amended Return must be filed by paper. If the Filing Status differs from the Filing Status on the Original Return, then the Amended Return must be filed by paper. How do I file my Amended Return electronically? You should contact your preferred tax software provider to verify their participation and for specific instructions needed to submit your amended return and to answer any questions. How many Amended Returns can be filed electronically? Filers will be allowed to electronically file up to three "accepted" Amended Returns. After the third accepted Amended Return, all subsequent attempts will reject. Can I file my Amended return electronically for previous tax years? You can amend tax year 2019 and Tax Year 2020 Forms 1040 and 1040-SR returns electronically at this time.

The Taxpayer Bill of Rights The Right to Be Informed Taxpayers have the right to know what they need to do to comply with the tax laws. They are entitled to clear explanations of the laws and IRS procedures in all tax forms, instructions, publications, notices, and correspondence. They have the right to be informed of IRS decisions about their tax accounts and to receive clear explanations of the outcomes. Learn more about your right to be informed. The Right to Quality Service Taxpayers have the right to receive prompt, courteous, and professional assistance in their dealings with the IRS, to be spoken to in a way they can easily understand, to receive clear and easily understandable communications from the IRS, and to speak to a supervisor about inadequate service. Learn more about your right to quality service. The Right to Pay No More than the Correct Amount of Tax Taxpayers have the right to pay only the amount of tax legally due, including interest and penalties, and to have the IRS apply all tax payments properly. Learn more about your right to pay no more than the correct amount of tax. The Right to Challenge the IRS’s Position and Be Heard Taxpayers have the right to raise objections and provide additional documentation in response to formal IRS actions or proposed actions, to expect that the IRS will consider their timely objections and documentation promptly and fairly, and to receive a response if the IRS does not agree with their position. Learn more about your right to challenge the IRS’s position and be heard. The Right to Appeal an IRS Decision in an Independent Forum Taxpayers are entitled to a fair and impartial administrative appeal of most IRS decisions, including many penalties, and have the right to receive a written response regarding the Office of Appeals’ decision. Taxpayers generally have the right to take their cases to court. Learn more about your right to appeal an IRS decision in an independent forum. The Right to Finality Taxpayers have the right to know the maximum amount of time they have to challenge the IRS’s position as well as the maximum amount of time the IRS has to audit a particular tax year or collect a tax debt. Taxpayers have the right to know when the IRS has finished an audit. Learn more about your right to finality. The Right to Privacy Taxpayers have the right to expect that any IRS inquiry, examination, or enforcement action will comply with the law and be no more intrusive than necessary, and will respect all due process rights, including search and seizure protections and will provide, where applicable, a collection due process hearing. Learn more about your right to privacy. The Right to Confidentiality Taxpayers have the right to expect that any information they provide to the IRS will not be disclosed unless authorized by the taxpayer or by law. Taxpayers have the right to expect appropriate action will be taken against employees, return preparers, and others who wrongfully use or disclose taxpayer return information. Learn more about your right to confidentiality. The Right to Retain Representation Taxpayers have the right to retain an authorized representative of their choice to represent them in their dealings with the IRS. Taxpayers have the right to seek assistance from a Low Income Taxpayer Clinic if they cannot afford representation. Learn more about your right to retain representation. The Right to a Fair and Just Tax System Taxpayers have the right to expect the tax system to consider facts and circumstances that might affect their underlying liabilities, ability to pay, or ability to provide information timely. Taxpayers have the right to receive assistance from the Taxpayer Advocate Service if they are experiencing financial difficulty or if the IRS has not resolved their tax issues properly and timely through its normal channels. Learn more about your right to a fair and just tax system.

Every situation is different, and so AMS is available to help you through the process. Contact us for assistance or further information: Call: 336-279-7254 Email: info@acctmgmtllc.com Book an Appointment Answer from IRS.gov: Although these forms are called information returns, they serve different functions. Employers use Form W-2, Wage and Tax Statement to: Report wages, tips, and other compensation paid to an employee. Report the employee's income and social security taxes withheld and other information. Employers furnish the Form W-2 to the employee and the Social Security Administration. The Social Security Administration shares the information with the Internal Revenue Service. Payers use Form 1099-MISC, Miscellaneous Income or Form 1099-NEC, Nonemployee Compensation to: Report payments made of at least $600 in the course of a trade or business to a person who's not an employee for services (Form 1099-NEC). Report payments of $10 or more made in the course of a trade or business in gross royalties or payments of $600 or more made in the course of a trade or business in rents or for other specified purposes (Form 1099-MISC). Report payment information to the IRS and the person or business that received the payment.