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 »
Businesses in Texas will get some extra time to file their Texas Franchise Tax Reports for report year 2021. This is the report that covers calendar year 2020 and fiscal years that ended within 2020. The Texas Comptroller of Public Accounts has automatically extending the due date to June 15, 2021 to be consistent with
Businesses in Texas get extra time to file Franchise Tax Returns Read More »
This is just a quick update on the status of tax deadlines for victims of the winter storms that began on February 11, 2021. These taxpayers have until June 15, 2021 to file various individual and business tax returns and make tax payments, the IRS announced today, February 22, 2021. The relief applies to individuals
IRS extends tax deadlines for Texas due to storms in February, 2021 Read More »
Towards the end of 2020 the Texas Comptroller updated their website to include a notice that they are changing the annual reminders to file a Franchise Tax Return. I wrote a blog post about these notices back in December and here’s a link to that post. In prior years they mailed a paper reminder to
Watch out for the new Texas Comptroller emailed Tax Return Due Date Reminder Read More »
This is just a quick reminder that the Comptroller has extended the normal deadline for the 2020 Texas Franchise Tax Report. This is the report that covers the calendar year 2019, plus any tax year that ended in 2019. The extended deadline would normally be due on November 15, 2020, but due to the COVID-19
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After 2020, I wasn’t going to write a new year posts. I think we’ve all had enough change and disruption to last a lifetime over the past few months, so starting off this year with a new theme or “One Word” or whatever else inspires you, seems a little out of touch. If anything, the
Do you have a theme for your year? Read More »
The Texas Comptroller is changing the way annual reminders to file the Texas Franchise Tax will be delivered for 2021. For years, they have mailed an annual reminder to each Texas Franchise Tax filer with information about the current year’s due dates and this reminder includes the webfile number the taxpayer will use to e-file
Texas Franchise Tax Filers Need To Watch For Emailed Reminders Read More »
I know many people, including me, will continue working from home next year. The thought of traveling around town used to bring me dread because of all the traffic and parking issues. However, after being home so long, I wouldn’t mind a little driving around town to see clients and meet with them face-to-face. One
What are the Standard Mileage Rates for 2021? Read More »
Right now, the IRS says you can’t deduct the expenses related to your PPP loan forgiveness but it doesn’t have to be that way. Write to your Congressperson and Senators and tell them to allow PPP Expense deductions for small businesses. See the sample letter at the end of this post from the AICPA. There
How to deduct you PPP expenses under the CARES Act? Read More »
Summary: IRS releases guidance on deductibility of expenses related to loans forgiven under the Paycheck Protection Program. It’s been a while since the Internal Revenue Service issued a late night batch of tax rules, but they did it again last night on November 18, 2020. They released their Revenue Ruling 2020-27 and Revenue Procedure 2020-51.