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Tax Briefing(s)

Once you file your tax return, you probably don’t want to hear from the IRS—unless they’re sending you a refund. You certainly don’t want to receive a notice saying there was a red flag on your tax return. These notices can often be confusing and cause unnecessary stress on your part. The best thing you can do is take extra care when you’re filing to avoid any mistake that may raise a red flag. If you follow these five steps, you’ll have nothing to worry about.


We see you scouring the internet for clues about how you can increase your tax refund and reduce the amount of taxes you owe. You wish you knew an expert who could tell you all about tax breaks and whether or not you can take advantage of them. We’ll give you insight into the 10 most popular tax credits and deductions, so you save money and expand your refund.


Many changes have been made in the new legislation that will affect nearly every taxpayer. So, as you prepare to file your 2018 taxes, we want you to understand the new tax reform laws. You’ll have more confidence as you file when you know how you’ll be impacted by the new tax provisions. Below are several categories that have been adjusted in the bill and how these changes will affect you.


As you prepare to file your taxes, the process can feel overwhelming. At Ingram, Wallis & Company, we want to help make your filing experience as simple and pain-free as possible, so we’ve created a list of most of the forms you need to gather before you file. Please note that every form and category may not apply to you. This is simply a guide to help you collect the correct information.


At Ingram Wallis, we provide a number of top-notch services that can greatly aid you or your business in getting your finances in order. At the core of these services are our taxes, consulting, and accounting services provided by our world-class staff of Certified Public Accountants.

Although we offer several useful accounting services from general ledgers and booking to computerized payroll services, and consulting services ranging from software selection and implementation to financial and retirement decisions, we are ready to help our clients take a step further with our wide range of tax services. With tax season upon us, we strive to provide financial information to our clients in a timely and accurate manner. This commitment is comprised of maintaining meaningful, well-organized financial records that can set up your business for success.


The relationship between accountant and client isn’t based on money; it’s based on trust.  There’s an invaluable connection from “Who do you trust with your finances?” to “Who do you trust with your future?” or “Who do you trust with your family?” At Ingram Wallis, our day-to-day operations and actions revolve around this central idea of trust. It’s a foundation that drives us to remain client-centered; we value the trust our clients place in us and set out each day to return on their investment with insight, counsel, guidance, accuracy, innovative services, and an ever-evolving portfolio of products. Our expansive accounting and auditing services, which are founded upon trustworthy client relationships, has allowed our dedicated staff of Certified Public Accountants to achieve innovative, efficient, and profitable financial solutions for our clients.


Thank you for voting Ingram, Wallis, & Company, P.C. as the 2018 Readers’ Choice for “Best Tax Service” and “Best Accountant/Tax Professional.” After receiving this recognition in each individual category in previous years, we are extremely honored to receive recognition for both categories in the same year. We truly appreciate the support from all of our clients and friends who voted for us and look forward to being the trusted source for all of your accounting and tax needs in the years to come.


The IRS has corrected Notice 2019-20, which provided a waiver of penalties under Code Secs. 6722(failure to furnish correct payee statements) and 6698 (failure to file partnership return) for certain partnerships that file and furnish Schedules K-1 to Form 1065 without reporting negative tax basis capital account information. The updated Notice extends the penalty waiver to Code Secs. 6038(b)and (c) and any other section of the Code, for partnerships that fail to file and furnish Schedules K-1 or any other form or statement to Form 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships, for any penalty that arises solely as a result of failing to include negative tax basis capital account information.


The upper-tier controlled foreign corporation (CFC) partners of a domestic partnership were required to include in gross income their distributive share of income inclusions under subpart F from lower-tier CFCs, and increase earnings and profits (E&P) by the same amount. Regulations under Code Sec. 964provided preliminary steps for conforming a foreign corporation’s profit and loss statement to that of a domestic corporation. The general rules of Code Sec. 312 that governed earnings and profits computations of domestic corporations then applied.


The IRS has issued proposed regulations on the information reporting requirements under Code Secs. 101(a)(3) and 6050Y, added by the Tax Cuts and Jobs Act ( P.L. 115-97). The regulations are to apply to reportable life insurance policy sales made, and reportable death benefits paid, after December 31, 2017. Transition relief applies until these regulations are finalized.


Nina E. Olson, the National Taxpayer Advocate (NTA), has announced her decision to retire this summer from the esteemed NTA position at the IRS. Olson has served as taxpayers’ "voice" within the IRS and before Congress for the last 18 years.