J and B Accounting Services, Inc.
624 S. Fayetteville Street
Suite F-5
Asheboro, NC 27203
Phone: 336-626-7900
Fax: 336-740-9621
​​
Office Hours:
Tue - Thur 10 - 5
Other Times By Appointment

IN THE NEWS

Some Refunds Delayed in 2017

Due to  changes in the law , starting in 2017, the IRS can’t issue refunds before Feb. 15, 2017, for returns that claim the Earned Income Credit (EIC) or the Additional Child Tax Credit (ACTC). This applies to the entire refund, not just the portion associated with these credits. As in past years, the IRS will begin accepting and processing tax returns once the filing season begins. All taxpayers should file as usual, and tax return preparers should also submit returns as they normally do. Even though the IRS cannot issue refunds for some early filers until at least Feb. 15, the IRS reminds taxpayers that most refunds will still be issued within the normal timeframe: 21 days or less, after being accepted for processing by the IRS.

Do I Qualify for EITC?

To  qualify for EITC  you must have earned income from working for someone or from running or owning a business or farm and meet basic rules.
And, you must either meet additional rules for workers without a qualifying child or have a child that meets all the qualifying child rules for you.

How to Register to Get Transcript Online Using New Authentication Process

FS-2016-20, June 2016 — The IRS recently enhanced its e-authentication procedures required to register and use certain self-help tools on IRS.gov.

Tax Scams

Don't fall victim to scams involving tax fraud. Remember — if it sounds too good to be true, it probably is. If you know of a tax fraud, you can report it to the IRS by sending completed  Form 3949-A, Information Referral, to Internal Revenue Service, Fresno, CA 93888. Download the form or call
1-800-829-3676 to order by mail.

Education is the best way to avoid the pitfalls of these “too good to be true” tax scams. For additional information, see:


Criminal Investigation's  Tax Fraud Alerts   

IRS Announces 2017 Pension Plan Limitations; 401(k) Contribution Limit Remains Unchanged at $18,000 for 2017​

WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017.  The IRS today issued technical guidance detailing these items in  Notice 2016-62.

Health Coverage Exemptions: What They Are, How to Obtain Them, and How to Claim Them

FS-2016-16, March 2016 - Under the Affordable Care Act individual shared responsibility provision, you and each member of your family are required to have qualifying health coverage. If you do not have coverage for each month, you may be required to make a payment, called an individual shared responsibility payment, when you file your federal income tax return.​

Affordable Care Act: Tax Facts for Individuals and Families

FS-2016-10, February 2016 — This year marks the first time that certain taxpayers will receive new health-care related information forms that they can use to complete their tax return and then keep with their tax records.​