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?
"Jerry Jones, CPA has been successful in filing a 1045 loss on my 2008 tax return, resulting in getting my past five years of federal income taxes returned to me. I appreciate Jerry’s direct approach to the IRS tax laws and his professionalism, and knowledge in dealing with the IRS. Jerry has been a wonderful educator to me in IRS tax laws, and refund amounts available through new IRS rulings. I would strongly recommend Jerry to any Business owners or individuals requiring an in debt knowledge of the IRS laws and rulings. Thanks Jerry for getting my refunds for the past five years"!
Michael Goodwin

National Tax Security Awareness Week: Data Protection Tips to Help Taxpayers, Businesses

shopping safe data safe CPA Jerry JonesThe IRS is partnering with state tax agencies, the tax industry and groups across the country to host the second annual National Tax Security Awareness Week. The goal is to encourage all taxpayers to take steps to protect their tax data and identities.

This week begins Monday, Nov. 27 and coincides with two annual events when criminals are especially active – the online holiday shopping season and the 2018 tax filing season.

With the number of data breaches at record levels, these are issues that pose a threat to individuals and businesses. The IRS will offer simple steps taxpayers can take to protect themselves from cybercriminals. This event is part of the Security Summit, part of ongoing collaborative effort to combat tax-related identity theft.

Jerry Jones, CPA Wants to Remind you to be Equifax Aware

Equifax building hack Jerry Jones

We encourage you to take the following steps to help protect your identity:

  1. Visit www.equifaxsecurity2017.com/consumer-notice to determine if you are potentially affected and to sign up for credit file monitoring and identity theft protection.

  2. Contact major credit reporting agencies to place a fraud alert and/or credit freeze on your credit report, and to learn about identity theft programs offered by the Federal Trade Commission. Details on how to contact the credit reporting agencies and FTC can also be found at www.consumer.ftc.gov

IRS Cautions Taxpayers to Watch for Summertime Scams

Summertime tax scam IRS Jerry Jones CPAWASHINGTON – The Internal Revenue Service today issued a warning that tax-related scams continue across the nation even though the tax filing season has ended for most taxpayers. People should remain on alert to new and emerging schemes involving the tax system that continue to claim victims.

“We continue to urge people to watch out for new and evolving schemes this summer,” said IRS Commissioner John Koskinen. “Many of these are variations of a theme, involving fictitious tax bills and demands to pay by purchasing and transferring information involving a gift card or iTunes card. Taxpayers can avoid these and other tricky financial scams by taking a few minutes to review the tell-tale signs of these schemes.”

As Hurricane Irma Threatens, IRS Urges Taxpayers to Prepare for Hurricanes, Floods and Other Disasters

disater plan Jerry Jones CPA tax plan hurricaneFor September’s National Preparedness Month, the Internal Revenue Service is offering advice to taxpayers who may be affected by storms, fires, floods or other disasters. After the devastation of Hurricane Harvey and with Hurricane Irma threatening parts of the U.S. and Caribbean, the IRS reminds taxpayers that the agency is here to help, including offering a special toll-free number to taxpayers in federally-declared disaster areas that’s staffed with IRS specialists trained to handle disaster-related issues.

Managed and sponsored by the Federal Emergency Management Agency (FEMA) and the Ready Campaign, National Preparedness Month encourages individuals, businesses and organizations to prepare for a variety of disaster and emergency situations.

Guide to Expensing Roofing Costs

Roofing costs can be significant expenses for businesses. Tax practitioners should know how to distinguish between deductible repairs and more extensive work that must be capitalized.

By Eddie Price and Gian Pazzia

Tax advice Jerry Jones Roof RepairEach year, tax professionals who deal with real estate must evaluate the most recent building expenditures and determine which items should be written off as a repair expense or capitalized. The most common, and often significant, item that is evaluated is roofing-related work. In many cases, only a portion of the roofing system is replaced, and depending on the facts, those costs may be deducted as repairs. When compared to the alternative option of depreciating the cost over a 27.5-year life for residential rental real estate or a 39-year life for commercial real estate under the modified accelerated cost recovery system, an incorrect conclusion may lead to a significant overpayment of tax liability.

Observation: For the tax professional who has only cryptic invoice descriptions and no direct knowledge of the roof work, assembling the facts and circumstances can be a challenge. The key to properly evaluating the character and nature of the work performed is having a basic understanding of roofing systems and asking insightful questions.

This guide to expensing roofing costs provides tax preparers an outline of questions to ask clients and includes tables to reference when evaluating roof repair costs.

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