Brian

IRS extends tax deadlines for Texas due to storms in February, 2021

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 »

Texas Franchise Tax Update

Watch out for the new Texas Comptroller emailed Tax Return Due Date Reminder

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 »

The new Texas Franchise Tax extended deadline

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

The new Texas Franchise Tax extended deadline Read More »

Texas Franchise Tax Update

Texas Franchise Tax Filers Need To Watch For Emailed Reminders

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 »

2021 Mileage Rates

What are the Standard Mileage Rates for 2021?

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 »

How to deduct you PPP expenses under the CARES Act?

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 »

IRS releases guidance on deductibility of expenses related to loans forgiven under the Paycheck Protection Program.

IRS drops a bomb and answers the question: Can a taxpayer deduct expenses related to their Paycheck Protection Program (PPP) Loans?

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.

IRS drops a bomb and answers the question: Can a taxpayer deduct expenses related to their Paycheck Protection Program (PPP) Loans? Read More »

2020 Year End Tax Planning – $300 Charitable Contribution Deductions

Back in 2017, Congress passed the Tax Cuts & Jobs Act. Part of this Act doubled the standardized deduction. Since then, many people who used to itemize their deductions are now opting to take the Standard Deduction instead of itemizing their deduction. One draw back is that charitable contributions are included in the itemized deductions.

2020 Year End Tax Planning – $300 Charitable Contribution Deductions Read More »

2020 Year End Tax Planning – Kiddie Tax Update

The Kiddie Tax is back for tax years beginning after December 31, 2019. That means it will apply to your (or your kid’s) 2020 tax return. So what happened is the SECURE Act reinstated the Kiddie Tax that had previously been suspended by the Tax Cuts and Jobs Act (TJCA) that was passed in 2017.

2020 Year End Tax Planning – Kiddie Tax Update Read More »

Scroll to Top