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Identity Theft involving Unemployment Benefits
People should be on the lookout for identity theft involving unemployment benefits. The IRS urges taxpayers whose identities may have been used by thieves to steal unemployment benefits to file a tax return claiming only the income they actually received. In 2020, millions of taxpayers were affected by the COVID-19 pandemic through job loss or…
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Our Clients in Texas get Tax Relief
IRS extends April 15 and other upcoming deadlines, provides other tax relief for victims of Texas winter storms . Victims of this month’s winter storms in Texas will have until June 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. Following The recent disaster declaration…
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Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals
The Families First Coronavirus Response Act (FFCRA), as amended by the COVID-related Tax Relief Act of 2020, is intended to help the United States combat COVID-19 by providing small and midsize employers refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing paid sick and family leave wages to their employees for leave…
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The first step of tax preparation is gathering records
As taxpayers get ready to file their 2020 tax return, they should start by gathering their records. Taxpayers should gather all year-end income documents to help ensure they file a complete and accurate 2020 tax return and avoid refund delays. Taxpayers should have all necessary records handy, such as W-2s, 1099s, receipts, canceled checks and…
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The 2021 Tax Filing Season is Well Under Way
Monday February 1st kicked off our ten-week tax season and we are off to a very busy start. Our office hours change temporarily from Monday through Thursday 9:00 am to 5:00 pm, to our Extended Tax Season Hours of Monday through Friday 8:00 am to 8:00 pm and Saturdays 8:00 am to 5:00 pm. As…
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Educators can now deduct out-of-pocket expenses for COVID-19 protective items
Eligible educators can deduct unreimbursed expenses for COVID-19 protective items to stop the spread of COVID-19 in the classroom. COVID-19 protective items include, but are not limited to: face masks; disinfectant for use against COVID-19; hand soap; hand sanitizer; disposable gloves; tape, paint or chalk to guide social distancing; physical barriers (for example, clear plexiglass);…
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New law extends COVID tax credit for employers who keep workers on payroll
The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll. The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted Dec. 27, 2020, made a number of changes…
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Our Office will be Closed Dec. 21 through Jan. 1
We will reopen Monday January 4th at 9:00 am. During the weeks of the Christmas and New Year’s holidays we close the office in order to update all of our computer network systems and retool the office for our busy time. We will have lots of exciting news coming soon! One of the upgrades we…
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What’s New for 2020
Required minimum distributions (RMDs) For distributions required to be made after December 31, 2019, the age for beginning mandatory distributions is changed to age 72 for IRA owners reaching age 70 ½ after December 31, 2019. The required beginning date for IRA owners who haven’t reached age 70 1/2 by the end of 2019 is…
