The Mid-Tax Season Update

This has already been a complex year, and it’s only March. Here are some of the major changes. FILING DEADLINES:  For individuals and businesses in Texas, income tax returns which are normally due on March 15th and April 15th are automatically extended until June 15th this year as a result of the Presidentially-declared natural disaster …

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Busted Pipes? Water Damage? Other? SBA can help Businesses AND Individuals

Last week’s cold front/power outage resulted in significant damage for our community. If you have incurred damage, first contact your insurance company and file a claim. If the damage is not covered under your insurance policy, the SBA can provide you with low-interest loans to allow repairs. You’ll need to contact FEMA to register, which …

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First Train Wreck of 2021 Individual Filing Season (and it’s a big one!)

The First Train Wreck of 2021 Filing Season (A Big One)  Tucked away on line 30 (page 2) of your 2020 return (due April 15, 2021) is the reconciliation of the advance payments you may have received last year. It’s going to generate a lot of headaches this year. Remember the $1200 per adult and …

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Did your 2019 Tax Return get rejected by the IRS?

This happened to one of my clients. In ordinary years ( “ordinary” hereinafter defined as “not 2020”) rejection of an otherwise-correct return usually means identity theft, but this year, we have another twist. If you called  the IRS to inquire about your stimulus check, the IRS systems show a return was filed with adjusted gross …

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PPP Guidance- What if a laid-off employee refuses to come back to work?

The SBA has issued clarification on this issue. Question: Will a borrower’s PPP loan forgiveness amount (pursuant to section 1106 of the CARES Act and SBA’s implementing rules and guidance) be reduced if the borrower laid off an employee, offered to rehire the same employee, but the employee declined the offer? Answer: No. As an …

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If your business is too large to qualify for PPP and EIDL

If your company was too big to qualify for the PPP and EIDL loans, these new loans (MSNLF and MSELF )may be  possibilities. They are slightly different programs: MSNLF loans max at lesser of $25 million or 4X 2019 EBITDA; MSELF maxes at lesser of $150 million, 30% or borrower’s existing outstanding and committed but …

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