Jerry Jones CPA
Wouldn’t it be nice to have a CPA that you deal directly with, that understands your business, that works in all 50 states and is there for you when you need him?
“For more than 30 years I have relied on Jerry to provide me with critical guidance for both investment decisions and tax strategies. His opinions have been crucial in helping me make the best possible business decisions, as well as providing me with sound advice regarding personal tax planning”.
Steve T., Taxpayer

IRS Issues Urgent Warning to Beware IRS/FBI-Themed Ransomware Scam

IRS malware ransomeware scam jerry jones cpaWASHINGTON – The Internal Revenue Service today warned people to avoid a new phishing scheme that impersonates the IRS and the FBI as part of a ransomware scam to take computer data hostage.

The scam email uses the emblems of both the IRS and the Federal Bureau of Investigation. It tries to entice users to select a “here” link to download a fake FBI questionnaire. Instead, the link downloads a certain type of malware called ransomware that prevents users from accessing data stored on their device unless they pay money to the scammers.

Summertime or Anytime: Get Tax Help 24/7 on IRS.gov

IRS tax help Jerry Jones CPA deductionTax help and information is available whenever needed on IRS.gov. Find publications, handy apps and full instructions on many topics. Here are good reasons to visit IRS.gov this summer:

  • Use IRS Free File. Taxpayers who still need to file a 2016 return can use IRS Free File to e-file for free. Free File is available through Oct. 16. Those who earned $64,000 or less can prepare and e-file taxes with free tax software. Taxpayers who earned more can use Free File Fillable Forms. This option is the electronic version of IRS paper forms.

  • Check on a refund. The Where’s My Refund? tool is a fast and easy way to check on a tax refund. Use the IRS2Go mobile app to access it or click on the “Refunds” tab on IRS.gov.

  • Try IRS Direct Pay. Taxpayers who owe taxes can pay them with IRS Direct Pay. It’s the safe, easy and free way to pay from a checking or savings account. Just click on the “Pay Your Tax Bill” link on the IRS home page.

Plan Ahead for Tax Time When Renting Out Residential or Vacation Property

tax benefits rental property Jerry Jones

Summertime is a time of year when people rent out their property. In addition to the standard clean up and maintenance, owners need to be aware of the tax implications of residential and vacation home rentals.

Receiving money for the use of a dwelling also used as a taxpayer’s personal residence generally requires reporting the rental income on a tax return. It also means certain expenses become deductible to reduce the total amount of rental income that's subject to tax.

tax phone scam taxes Jerry Jones CPA IRS Warns On 'New Twist' To Old Phone Scams

Kelly Phillips Erb

Just because it's summer doesn't mean that scammers are taking a break. The Internal Revenue Service (IRS) has issued a warning about a new telephone scam.

In the scam, callers posing as IRS representatives advise potential victims that two certified letters were sent to the taxpayer in the mail but were returned as undeliverable. The callers then threaten to arrest the potential victim if a payment is not immediately made through a prepaid debit card. The scammer also tells the victim that the purchase of the card is linked to the Electronic Federal Tax Payment System (EFTPS) system: it is not.

Tax Changes for Small Businesses Could be Coming—Here’s How to Prepare

tax changes prepare Jerry JonesTax season has arrived, and while most small business owners are working to itemize deductions and make sure their returns are filed on time, many are keeping a watchful eye on the potential shift in next year’s tax bill as well. With new business policies and tax proposals on the table, tax changes for small businesses could be on the way and the potential for 2017 taxes to look very different from 2016 is high.

While changes to the tax code are likely to occur in the coming year, nobody knows for sure what those changes will be or how they will affect small businesses. Studying the current proposals can put business owners and tax professionals at an advantage for predicting how their tax bills might shake out in the future. Here’s how five potential tax changes could affect your small business—and actions you can consider taking to reduce your tax liability.

Reduced pass-through business rates.

Some lawmakers have proposed reducing the business income tax rate of pass-through entities—such as S corporations, most LLCs and partnerships—to 15 percent. Most small businesses operate as “pass-through entities,” which means they don’t pay income taxes at the corporate level; instead, corporate income passes through to the owners, and income taxes are levied only at the individual owners’ level, according to Joshua Wu, a tax partner at Greaves Wu, a tax law firm in Washington, D.C.

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