It’s late July and all of a sudden, everyone that has to file the Texas Franchise Tax Report on extension is trying to figure out if they need to file a second extension on August 15, 2024. As a tax professional in Texas, I always get a number of questions about this filing requirement. So, […]
A closer look at the 2nd Texas Franchise Tax Extension Read More »
So, you’ve filed or extended your federal business returns and now you need to focus on the Texas Franchise Tax Report. This annual report is due on May 15 each year, regardless of when your accounting year ends. Right now, our focus is on the 2023 Texas Franchise Tax Report. This report is generally for
Top Issues For The Texas Franchise Tax Reports Read More »
The American Institute of CPAs (AICPA) had a Town Hall meeting on Thursday, January 6, 2022, to cover updates related to the tax profession. One of the items they highlighted is how dysfunctional the Internal Revenue Service (IRS) currently is. The biggest problem is they aren’t opening their mail or reading the faxes that are
There’s trouble at the IRS – Tell Congress to Act NOW! Read More »
It’s a new year, so now it’s time to complete our year-end procedures and make sure we’re ready for 2022. If you have anything to do with accounting, you know this is a crazy time of year. One important deadline for January is filing W-2’s for employees and 1099 Forms for contractors and others. I’m
New Year – new payroll tax software? Read More »
Last year, being 2020, Congress passed many laws related to the coronavirus and COVID-19. One of them included a deduction from charitable contributions for everyone who doesn’t itemize their tax deductions on Form 1040. The amount was limited to $300 per return, so a taxpayer filing as a single individual got the same deduction as
You need to know these facts about charitable deductions in 2021 Read More »
Everyone knows accounting can be a grueling occupation. Not physically, but mentally, it can wear you out. Luckily, my firm is a member of the BDO Alliance and they go out of their way to help us relieve the stress during stressful periods. This year they are hosting a week of online learning classes to
How to make a charcuterie board – #WeekOfGratitude Read More »
So it’s a Friday night in September and people are starting to get ready for bed. Sounds like a great time to publish a 645 page piece of tax legislation. Of course, this is just a proposal and there will be many changes in the days, weeks, and months to come. But why not take
Will families get a permanent expansion of the child tax credit? Read More »
The Texas legislature just passed on the morning of April 23, 2021, HB 1195, making the forgiveness of PPP loans non taxable for the Texas Franchise Tax. The bill originated in the House and, initially, only included the Paycheck Protection Program. When it went to the Senate, the bill was amended to specifically include the
Texas makes PPP Forgiveness non taxable for Franchise Tax Read More »
Did the 2021 winter storm get you thinking about being better prepared for the next one? If so, make your list now of items you’ll need and be prepared for the Texas Sales Tax Holiday for emergency preparation supplies. The sales tax holiday will run from 12:01 a.m. on Saturday, April 24, 2021, through midnight
Sales Tax Free Holiday In Texas For Emergency Supplies Read More »
Never to be satisfied with the confusion they cause, the IRS set off a wave of anxiety across the tax profession this afternoon. So what was this announcement? Well, the IRS announced that they are moving the April 15, 2021 deadline for individuals to May 17, 2021. Sounds simple right? No, it’s not simple at
What you need to know about the IRS extension of tax deadlines Read More »