Financial, Tax, and Family Office Services
I’ve had several (panicked) calls/emails asking about the upcoming May 17th deadline. Please note: May 17, 2021 is the filing date for individuals who do not reside in Texas, Oklahoma, and Louisiana. The IRS moved the date from the usual April 15th due to COVID-19. Texas, Oklahoma, and Louisiana individuals and businesses were extended to …
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 …
Today the IRS announced that due dates and payments for returns normally due March 15th or April 15th (basically all returns) are extended until June 15th this year. The press release did specifically reference March 15th deadlines, and indicated that no extension form is required for this due date. You can read the full notice …
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 …
Busted Pipes? Water Damage? Other? SBA can help Businesses AND Individuals Read More »
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 …
First Train Wreck of 2021 Individual Filing Season (and it’s a big one!) Read More »
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 …
Did your 2019 Tax Return get rejected by the IRS? Read More »
Martin Lindstrom describes the latest casualty of COVID-19 – the demise of the office as “a fun place to work” and the effect of corporate culture. His article was originally posted in LinkedIn (easiest to read there) ; a pdf is found here if you can’t find it.
A “few” changes have occurred since my last post. Here’s a quick summary: The EIDL application window has re-opened. For a while, only agricultural requests were being accepted, but now businesses that missed the original window are allowed to apply. If you accepted the EIDL loan that was proposed but now were declined or now …
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 …
PPP Guidance- What if a laid-off employee refuses to come back to work? Read More »
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 …
If your business is too large to qualify for PPP and EIDL Read More »