I am just now reading the IRS Notice 2022-36 and wanted to share the news to help spread it around. I guess it was initially released last night (August 23, 2022) and then pulled off their website. It was then re-released to their website today, August 24, 2022. The notice proves relief for certain taxpayers […]
IRS releases penalty relief for taxable years 2019 and 2020 Read More »
Tax time is here for filing your 2021 Form 1040 US. Federal Income Tax Return. Whether you are using a tax professional to prepare and file your return or you’re preparing it yourself, there are a couple steps you can take to reduce potential errors or delays in processing your return. Two new important items
How to get your Economic Impact Payment or Advance Child Tax Credit Payment amounts 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 »
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 »
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 »
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.
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 »
Just a heads up for all the CCH users who were not able to efile their tax returns due on September 15, 2020. CCH just sent out a notice that they’ve been in contact with the IRS and that this qualifies as “reasonable cause.” Therefore, the returns will be considered timely filed if they were
Wolters Kluwer CCH Abatement Update Related to 9/15/2020 efiling situation Read More »
The tax community has been expecting additional Interim Final Rules (IFR’s) for the Paycheck Protection Program (PPP) loans for a long time now. The speed at which these IFRs have been released has slowed down considerably, but, lo and behold, the Small Business Administration has released a NEW IFR today, August 24, 2020. The title
New SBA IFR on PPP Loans Released Today – 8/24/2020 Read More »