Tax

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 …

The Mid-Tax Season Update Read More »

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 …

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?

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 »

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 …

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

Overview of Cares Act sent to clients April 2, 2020

The CARES Act which was passed last week by Congress and signed by the President has a number of provisions that effect you and your business. I’ll try the summarize the most relevant and timely issues here. This is a broad overview – some may not be relevant to you/your business but I hope to …

Overview of Cares Act sent to clients April 2, 2020 Read More »

Filing date is now extended to July 15, but please note the following

Treasury Secretary Mnuchin announced this morning (March 20, 2020) that the filing date for 2019 individual tax returns has been moved to July 15, 2020. You will not incur penalty or interest if the return is filed and paid by then. It appears that C corporations for calendar year 2019 are included in this announcement. …

Filing date is now extended to July 15, but please note the following Read More »