Renaud Tax & Accounting

If you or someone you know hasn't filed their 2019 tax return yet- WE CAN HELP! We can meet in our office and complete your return in under 30 minutes, just give us a call at 636 240-5055 or stop in anytime- (the deadline is July 15th!)

While we wish we could be celebrating the end of the 2019 tax season, we are thrilled that tax filers have an extra 3 months to file and pay any taxes owed. We are busy helping families and small businesses navigate the tax implications of the stimulus checks and the Payroll Protection Plan. We'd love to help you or a loved one out as well. In addition to delaying the tax filing date to July 15th, the option to make contributions to retirement plans for tax year 2019 are extended as well. We can very quickly help you determine how that may benefit your family or small business. Call anytime, we're happy to help in any way we can (636) 240-5055

FREQUENTLY ASKED QUESTION(s) Is the stimulus check I just received, or expect to receive, taxable? The stimulus checks are not taxable income. The checks which are worth $1,200 for individuals earning up to $75,000 and $2,400 for couples earning up to $150,000, plus $500 for dependents under 17 are structured as refundable tax credits. Also,people who do not typically file tax returns qualify for these payments, according to the Tax Foundation, an independent think tank... THERE MAY STILL BE AN IMPACT ON YOUR 2020 RETURN There are many other items to consider when considering how this may still affect your 2020 tax refund, if any- according to CNBC Assuming all of the information on your tax returns is correct, you will not repay the check next spring. You may even receive more money when you file your 2020 taxes. While the checks are based off of your 2019 or 2018 returns to get you money now, they are technically credits for 2020 taxes, per the Tax Foundation. If it turns out that you should receive a larger credit based on your 2020 adjusted gross income (AGI), then you will receive the difference next year. If a taxpayer’s income drops in 2020, they will be eligible for any remaining rebate credit they were not able to claim using their 2019 or 2018 return, writes the Tax Foundation. On the other hand, you will not be penalized by the IRS if your 2020 AGI is higher than this year’s, according to the Tax Foundation. If the amount of a credit a taxpayer qualifies for in 2020 is less than it was based on their 2019 return, it does not have to be paid back.

We are working non-stop to fully understand how the CARES ACT may act as a lifeline to our small business clients- many new details are coming out each day and it's early but we are beginning to get a handle on the scope of this Act. We'd love to help you also in any way that we can- give us a call anytime (636 240-5055) and we can, at a minimum, get you pointed in the right direction. In the mean time this link will direct you to both the SBA and the US Treasury and is the best source we've found so far.

Beware of Stimulus Payment Scams * Be alert for phone scams. The IRS, Treasury Department, or any other government agency will not contact you by phone to collect information for stimulus payment processing. Period. * Be alert for phishing scams. Government agencies will not email or text you to collect information for stimulus payment processing. Watch for suspicious emails or texts with links or attachments requesting information for processing stimulus deposits or chec...ks. If you receive one, do not click the link or open the attachment. It's a scam. Delete it. * Be alert for state related scams. State agencies will also not call, email or text you to collect information or a fee to process a stimulus payment. To date, no state has introduced their own version of a stimulus payment. * One Communication Notice. As of now, we are only aware of one communication a taxpayer will receive from the IRS. No later than 15 days AFTER distributing a stimulus payment, the IRS is required to mail a notice to the taxpayer indicating the payment amount, whether the payment was mailed or deposited, and a phone number to call if the taxpayer did not receive the payment. Victims of targets of stimulus payment scams should report it immediately to the Federal Trade Commission: www.ftc.gov/complaint We will provide more information about the IRS's plans to process stimulus payments as it becomes available.

As you've probably seen/read the US Treasury this morning officially moved the tax FILING deadline to July 15th. This wasn't exactly clear earlier this week but it is now. Please call with any questions/concerns you may have, we're here and ready to help. (636) 240-5055

Trying to communicate information - with these day to day changes. Yesterday's announcement is interpreted as this: * The individual filing deadline is still April 15. * Those who can file their taxes should file by the normal tax filing deadline. * Those who cannot file by the deadline still need to file an extension by April 15. * Taxpayers, both individuals and corporations, can defer a tax due payment, interest-free and penalty-free, for an additional 90 days afte...r April 15. Feel free to call us at 636-240-5055 with any questions or to set up an appointment. For those that do not want to meet face to face, we can also accept and deliver information electronically and through the mail. We're here working hard to be sure everyone stays current with their tax needs. See more

Sensible decision by the US Treasury Department- taxpayers now have until July 15th to make tax payments and will not incur a penalty or fees if they need/choose to wait until that date. If you have any questions please don't hesitate to call (636) 240-5055

Remember this post? ... somebody listened Happy Saturday all - if you need me, I’ll be at the office all day

"China announced 119 new cases Wednesday, along with 38 deaths, the lowest figures since at least Jan. 20. We believe this decline is real, WHO outbreak expert Maria Van Kerkhove told reporters the day before, adding that other hot spots may be able to reduce their new cases, too."