Things have been slowing down on the Paycheck Protection Program front for a few days (PPP), which feels like an eternity in today’s world. Well have no fear, the Small Business Administration has been busy behind the scenes coming up with tweaks to the PPP and the application for the forgiveness of the loan proceeds. […]
PPP Loan Forgiveness Application – updated 6/16/2020 Read More »
The way taxes are calculated on the sale of a personal residence hasn’t changed in decades. The ability to exclude capital gains of up to $250,000 for singles and $500,000 for married couples is so established that many tax professionals don’t even know it was ever taxed a different way. Maybe it’s time to revisit
Is it time to revisit how we tax home sales? Read More »
Howdy y’all. It’s Saturday morning on May 23, 2020 and I wanted to send out a quick update. Last night around 9:30 pm CDT on May 22, 2020, the Treasury dropped a couple new Interim Final Rules on their website related to the Paycheck Protection Program. Yes, you read that correctly, it was on the
PPP Forgiveness Guidance 5/23/2020 Read More »
UPDATE: The Texas Comptroller has added time to file extended Texas Franchise Tax Reports. If you extended your Texas Franchise Tax Report on July 15, 2020 (for non-EFT Franchise Taxpayers) and August 15, 2020 (for EFT Franchise Taxpayers), the due date is now January 15, 2021. Their initial posting had said it was only extended
Texas Franchise Tax Extended Due Date Read More »
By now you know that the IRS is in the process of delivering stimulus payments to most American. That process began this week and will continue for a while. The IRS has created a new web page to give taxpayers more information about the payments and allow taxpayers to update their information to be able
IRS updates Coronavirus Stimulus Payments information Read More »
I’m going a little, OK A LOT, off topic today. It’s the 75th anniversary of the Allied Forces liberating the Buchenwald concentration camp. The reason I’m highlighting this event is because my grandfather was in the Army Air Force and participated in the liberation. He never talked about his time in the war with me
April 11, 1945 – Allies liberate Buchenwald Read More »
The Texas Comptroller of Public Accounts has granted an extension of time to file and pay the 2020 Franchise Tax Reports. The extra time gives you until July 15, 2020 to be consistent with the Internal Revenue Service.
Texas grants Franchise Tax extension of time to file Read More »
In the effort to share information as quickly as possible, I wanted to give you an update that we just received from our banker at Chase Bank. I am assuming this is a nationwide policy, or at least a regional policy. Here’s the message I just received: Here is an update based on the conversation
Paycheck Protection Plan – update from our Chase banker Read More »
There’s been a lot of chatter on the social media websites and between individual tax professionals about various aspects of the CARES Act. There are three items that a small group of us looked into over the past week and I volunteered to use my blog to bring them out into the open. These are
Drafting errors & other CARES Act issues Read More »
The U.S. Department of the Treasury has released information related to the Paycheck Protection Program (PPP) for small businesses. This Program consists of loans to small (and not so small) businesses to help cover expenses like payroll, rent, and utilities. Background on the loans: The loans provide businesses with funds to pay up to 8
Paycheck Protection Program loan details revealed Read More »