Tax

HB 5155 Taxpayer Protection Act of 2021

There’s trouble at the IRS – Tell Congress to Act NOW!

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

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2021 Tax Deductions for charitable contributions

You need to know these facts about charitable deductions in 2021

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

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How to make a charcuterie board – #WeekOfGratitude

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

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Will families get a permanent expansion of the child tax credit?

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

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TX passes HB 1195 making forgiveness of PPP loans non taxable for the Texas Franchise Tax

Texas makes PPP Forgiveness non taxable for Franchise Tax

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

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Emergency Preparation Supplies - Texas Sales Tax Holiday from April 24, 2021 through April 26, 2021

Sales Tax Free Holiday In Texas For Emergency Supplies

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

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What you need to know about the tax deadline changes

What you need to know about the IRS extension of tax deadlines

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

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