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 »
I asked ChapGPT for 3 easy tips that small businesses can use for 2023 to reduce their taxes.
Let’s see what it came up with. Do you agree with these tips?
#TaxTipTuesday #TaxTwitter
3 easy ways for small businesses to save on taxes in 2023 Read More »
IRS issues draft instructions for Partnership Schedules K-2 and K-3 for 2022 tax returns. On October 25, 2022, the IRS issued a draft set of instructions for partnership’s 2022 Schedule K-2 and K-3. An important element is the “Who Must File” section, because some partnerships might not have to file these two international schedules, but
Will partnerships need to file K-2 & K-3? Read More »
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 »
UPDATE 8/9/2023 – I have updated the dates in this post to apply to the 2023 Tax Year which covers tax years that ended during or on 12/31/2022. If your goal was to create a complicated state tax, you’d probably want to take a look at how Texas has crafted the Texas Franchise Tax as
Do you need a 2nd Texas Franchise Tax Extension? Read More »
I love cooking and making good food. I also know a lot of accountants and tax professionals who like same thing. After sharing some recipes on Twitter and the #TaxTwitter community, Mary (@AccountingAsArt) suggested we create a cookbook and try to sell it. We’re going to give all the profits to a charity. We are
AccountantsWhoCook – a new cookbook Read More »
#TaxTipTuesday – write to the House Ways & Means Oversight Subcommittee with your concerns and watch their meeting with IRS Commissioner Rettig on 3/17/2022 at 10 am ET. #TaxTwitter
US House Ways & Means meets up with IRS Commissioner Rettig Read More »
Those of you following along with the drama unfolding about getting setup with a new IRS online account are probably aware of the pushback from the public and Congress about the IRS using facial recognition to setup one of these accounts. Last week the IRS announced they would move away from using biometric data to
IRS backs down, no more facial recognition required for online account setup 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 »