David N. McCullough CPA PC

Financial, Tax, and Family Office Services

IRS

The Corporate Transparency Act, aka The Next Big Compliance Nightmare

business_survival, compliance, IRS, Tax / By

Stated purpose: to strip US shell companies of anonymity that can hide financial activity. Procedure: Registering Limited liability companies, corporations, partnerships, and other closely held entities with a government database. Process: Not yet defined, as the forms have not been finalized. Generally, the idea is good. Until CTA is in effect, someone can form a …

The Corporate Transparency Act, aka The Next Big Compliance Nightmare Read More »

The Mid-Tax Season Update

business_survival, coronavirus, COVID-19, due dates, Filing date, IRS, PPP, Tax / By

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 …

The Mid-Tax Season Update Read More »

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

CARES, coronavirus, COVID-19, Filing date, IRS, Tax / By

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 »

Did your 2019 Tax Return get rejected by the IRS?

coronavirus, COVID-19, IRS, Scam, Tax / By

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 »

Penalties and Interest

IRS, Tax / By

IRS Penalties and interest – The Very Basics for Individual Taxpayers     Interest is the easiest. For the past several years, the interest rate has been 3%, per annum, compounded daily, for both underpayments and overpayments.   There are three types of penalties most taxpayers will see: Underpayment of estimated tax Failure to file …

Penalties and Interest Read More »

Scroll to Top