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Tax Problems, and How to Avoid Them
If the IRS was a business and not part of the federal government, it would have already filed for bankruptcy and closed the doors. It would be gone! The Covid Pandemic has shuttered many businesses since March of 2020. The Internal Revenue Service was so unprepared for such an event and is in a state…
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The Tax Deadline Approaches…
Wednesday March 10th will mark the half-way point of our Tax Season. If you have not yet uploaded your documents to us or scheduled your appointment, now is the time. If you plan to upload your information prior to an in-office visit, please try to get the documents to us 48 hours prior to the…
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FSA and Dependent Care Assistance Programs
New law provides additional flexibility for health FSAs and dependent care assistance programs… The IRS recently announced greater flexibility, due to the pandemic, to employee benefit plans offering health flexible spending arrangements (FSAs) or dependent care assistance programs. Employers now have flexibility in the following areas related to health FSAs and dependent care assistance programs:…
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The Taxpayer Certainty and Disaster Tax Relief Act of 2020
The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, made a number of changes to the employee retention tax credits previously made available under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), including modifying and extending the Employee Retention Credit (ERC), for six months through June 30, 2021.…
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Tax Planning is More Important than Ever
So much of the tax laws have changed since the Tax Cuts and Jobs Act (TCJA) passed by Donald Trump. Two issues I want to touch on this morning are the Standard Deduction for individuals and Divorced Parents with Minor Children. Standard Deduction Many taxpayers mistakenly think they don’t need to track Itemized Deductions any…
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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…
