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 »
After 2020, I wasn’t going to write a new year posts. I think we’ve all had enough change and disruption to last a lifetime over the past few months, so starting off this year with a new theme or “One Word” or whatever else inspires you, seems a little out of touch. If anything, the
Do you have a theme for your year? Read More »
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 »
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 »
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 »
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 »
OK, we’re past the main 2019 tax return deadlines for individuals and businesses, so you might be thinking there’s no need to think about taxes until next March or April. Actually, the next two months give you a great opportunity to think about 2020 taxes to avoid surprises next year. Taking some time to review
How to use Year-End Tax Planning to avoid surprises & help reduce your taxes Read More »
The tax professionals who use the Wolters Kluwer CCH Axcess and CCH ProSystem fx Tax programs received some great news. As you might remember, the efile system that both of these programs use went down on the afternoon of September 15, 2020. It turns out, that is a huge tax deadline so it was more
9/24/2020 Wolters Kluwer Update about CCH 9-15-2020 Efling Situation Read More »