Styer Business Services LLC

Hello Clients, BIG NEWS! The IRS (in typical pat-themselves-on-the-back fashion), just announced what they're calling a "Major Milestone." As of yesterday, taxpayers (such as yourselves, we presume), will officially be able, if and when necessary, to file form 1040-X electronically.... For those of you unfamiliar with that form number, a 1040-X is code for an "Amended Return." Whenever a taxpayer files a return, or has a tax preparer file a return for them, that they later find is in some way "incorrect," the only honest recourse in the past was to file an amended return to correct the mistake. However, until now, taxpayers have had to file such returns on paper. This meant printing the forms and sending the returns and necessary support documents through the mail. In the wake of COVID-19, the ongoing efficiency issues with the USPS, and the IRS's continuing prioritization of processing electronically filed returns over paper ones, this is not ideal. This change, likely prompted by our current crisis, is nonetheless a welcomed one with long-term benefits to taxpayers. As more news comes our way, we will do our best to share it with you. Until then, stay safe and stay healthy. ~The S.B.S. Staff

Hello Clients, The Department of Justice (DOJ) just sent us some big news. Three major Terror Finance Cyber-Enabled Campaigns have just been disrupted. All three have cyber connections to ISIS (IS, ISIL, whatever), and all three have now been seized by the DOJ. This marks the largest seizure in recent history, so we can forgive the Feds for bragging a little on themselves. If you'd like further details, take a look at the screenshots below from the original message.... As more news comes our way, we'll do our best to convey them to you. Stay safe and stay healthy. ~The S.B.S. Staff

Hello Clients, We wanted to share this recent update from the IRS, regarding their operational procedures in the wake of COVID-19. At the moment, the IRS is experiencing an understandable (if annoying), delay in processing due to the precautions in place against the virus. Despite this, they are trying their best. ... For now, they're prioritizing e-filed returns and payments over paper returns and payments. If you or someone you know sent a return or payment through the USPS, the IRS is advising you to do two things. First, be patient. The IRS will process and paper payments and returns it receives in due time. It will take longer than normal, but they will get the work done. Second, for those who sent in paper payments of any kind, please keep ample funds in whatever account put of which they will eventually draw the money. This will insure that you do not incur any penalties or interest due to a bounced check. If you'd like further information, please follow the link below to the official IRS website: https://www.irs.gov//irs-operations-during-covid-19-missio As more news comes our way, we'll do our best to share it with you. Stay safe and stay healthy. ~The S.B.S. Staff

Hello Clients, We have something new to share with those of you who regularly issue 1099s at the beginning of each tax year. As you might be aware, starting next year, the IRS is requiring all such issuers to put out a new 1099 form for those needing to declare "non-employee compensation": a Form 1009-NEC. Starting with the 2020 tax season next year, payers must complete and issue this form to any payee for payments of $600 or more, and payers must issue it by February 1st, ...2021. There will be no automatic 30-day extension for file Form 1099-NEC, except under certain "hardship conditions." Be aware also that if any recipients of 1099-NECs fail to provide a TIN (taxpayer identification number), or if they provide a faulty one, the funds declared on the form may now be subject to "backup withholding," a responsibility that falls to the payer to insure. So, if anyone refuses to provide a properly filled in W-9, with correct information, then we advise not to do business with them. In other words, GET A W-9 UPFRONT. As more news comes our way, we will do our best to share it with you. Stay safe and stay healthy. ~The S.B.S. Staff

Hello Clients, Those of you who live in or know people who live in the state of Illinois might be interested in hearing about this latest piece of news from the Independent Accountants Association of Illinois. Recently, senior residents of Illinois have been receiving Debit Cards in the mail, apparently from the Illinois Department of Revenue (IDES). This wouldn't be strange if these seniors were receiving unemployment benefits from the state, as this is their usual mode of o...perations. But these are seniors, receiving these cards. The conclusion our Illinois colleagues have come to is that Keybank, in Cleveland, Ohio, who issues these cards, has been hacked. Why and how this happened, they're unsure. However, the authorities have issued a list of actions any potential recipients should take: 1. DO NOT use the card. 2. Contact your local police department if and when your receive this card. 3. Contact IDES and report the unsolicited debit card. 4. Ignore any phone calls, text messages, emails, or other communications inquiring about the card. 5. Consider freezing or placing your other credit cards and bank accounts on fraud alert, in case potential identity theft. As more news comes our way, we'll do our best to share it with you. Stay safe and stay healthy. ~The S.B.S. Staff

Hello Clients, Just a small in-office update. With the Federal deadline for the 2019 Tax Season fast approaching, we wanted to update you, progress-wise. We've managed to get back on the horse this last month, so 1040s have been steadily moving through the queue. We're doing our best to get everyone who got their stuff to us by March 20th filed before the deadline. ... Next week, we'll begin assessing who we may need to extend, starting with those of you who look as though you might owe. As a result, there will be some reshuffling of priorities as there is every year. We'll also be reaching out to those of you who came in after the original cut-off date (3/20/20), to ask if you would like us to file an extension for you. Keep an eye on your email and your phones. We'll be in touch. In the meantime, stay safe and stay healthy. ~The S.B.S. Staff

Hello Clients, We recently got this notice from the IRS. Take a look at it and feel free to share it with anyone you know who might benefit from this nugget of knowledge. ~The SBS Staff

ATTENTION CLIENTS! The office will be shut down tomorrow, June 16, 2020 from 12:45 pm until 3:15 pm for a special business class. During that window of time, the boss will be unavailable to take phone calls or answer emails. ... The boss will be available until 12:45 tomorrow, and we will recommence normal business operations will recommence starting at roughly 3:45.

Hello Clients, Some of you may be aware that many of the latest Economic Impact Payments being sent out haven't gone out as checks, but have in fact been arriving as prepaid debt cards. If you or someone you know has received your EIP in this form in the mail, and you need to use it, before you do, considering consulting the Consumer Finance Protection Bureau on the subject.... On their website, the CFPB has put together a series of tips on how to use your EIP prepaid cards, WITHOUT paying fees. That's right. So every time you need to dip into your money, you can avoid having to pay even more than you intended. Follow the link provided to see more:https://www.consumerfinance.gov//economic-impact-payment/ As more news and information comes our way, we'll do our utmost to share it with you. Stay safe and stay healthy. ~The S.B.S Staff

Hello Clients, Do you or someone you know presently find your in such a dire financial situation that you're considering drawing on their retirement savings to pay bills? Well, if so, the good people at the Consumer Finance Protection Bureau (CFPB), wants you to know what such a decision would mean under the rules of the CARES Act. ... To that end, they've compiled a list of reference on their website to help such people. Simply follow the link to see what they have to say before you or someone you know acts. https://www.consumerfinance.gov//cares-act-early-retirem/ As more news and information comes our way, we'll do our best to share it with you. Stay safe and stay healthy. ~The S.B.S. Staff

Hello Clients, A recent communication from the good people at the Consumer Finance Protection Bureau regarding COVID-19 scams has us wanting to reiterate what we said before about scammers. REMEMBER, the Government will only ever communicate to you either via letters sent in the mail or in-person visits. ... They WILL NOT call you, text you, message you on social media, or email you. If you receive any of those, IGNORE THEM. They are scammers fishing for information. DON'T click on any links. DON'T give them any information. As more news comes our way, we will do our best to share it with you. Stay safe and stay healthy. ~The S.B.S. Staff

Hello Clients, We have another bit of information from the IRS to share with you. If any of you, or anyone you know, ever gets into a major tax-based debacle that might require a visit to Tax Court, just know that for the foreseeable future, the IRS Chief Counsel will be doing everything virtually. ... During the most recent "Settlement Days" events, where taxpayers have had serious tax problem resolved in tax court, the successful outcomes of these online sessions has moved the Chief Counsel to move all their activities, for now, to online. "The Office of Chief Counsel looks forward to organizing more Virtual Settlement Days in the coming weeks" they said. "The IRS encourages unrepresented taxpayers with active Tax Court cases to contact the assigned Chief Counsel attorney or paralegal about participating in a Virtual Settlement Days event. If a taxpayer’s case is currently under consideration by the IRS Independent Office of Appeals, the taxpayer should contact the assigned Appeals Officer to discuss case resolution." As more news comes our way, we'll do our best to share it with you. Stay safe and stay healthy. ~The S.B.S. Staff

Hello Clients, We recently received a communication from the IRS further regarding Economic Impact Payments, which we'd like to pass on to you. At present, 159 million payments have been processed, but the government is still trying to reach EVERYONE, especially non-filers, taxpayers whose present circumstances and income make filing a tax return a pointless exercise. Still, these people are owed, under the CARES Act, their stimulus money. ... To that end, the Federal Government has requested that any and all non-filers who have yet to receive their economic impact payment to please go the the Non-Filer's tool on the official IRS website. You are owed this money, so follow the instructions provided and claim your payment. https://www.irs.gov/cor/non-filers-enter-payment-info-here The Federal Government requests you do this by the traditional tax season extension deadline of Oct. 15th, so act as soon as possible. As more news comes our way, we will do our best to share it with you. Stay safe and stay healthy. ~The S.B.S. Staff