Small Business

Small business get tax relief in Texas Property Tax Reform

If you haven’t been following the Texas legislature, and I wouldn’t blame you if you haven’t, they just concluded their second called Special Session on July 14, 2023. Special sessions can only be called by the Governor and are limited to topics that the Governor lists in his announcement calling the sesssion. This time the […]

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20220824 IRS Notice 2022-36

IRS releases penalty relief for taxable years 2019 and 2020

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

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Paycheck Protection Program loan details revealed

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

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What tax pros want from their small business clients

If you have a small business, or are an accountant working for a small business, chances are you use a tax professional to prepare your tax returns. Now that we’re in the heart of “Busy Season”, I thought I’d take a moment to talk about the information you send to us and what you can

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Is Texas planning to implement Wayfair Economic Nexus for the Texas Franchise Tax?

I was surfing the web this hot Sunday afternoon because it’s just too hot to go outside and I found this gem of an update posted by KMPG in their TWIST podcast published on August 12, 2019. It’s a very short 1:54 podcast so I encourage you to go listen or read the transcript for yourself.

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How to calculate & make the 2nd Quarter Estimated Tax Payment due June 17, 2019

It’s early June and I bet you’re in one of two camps. Either you filed your Form 1040 by April 15, 2019 and don’t want to think about taxes until next January. Or, you extended your Form 1040 by April 15, 2019, and you don’t want to think about taxes until the extended deadline of

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Why a business owner has to be like Tyrion Lannister

Today we’re going to look at the kinds of things a business owner should know and keep track of for tax purposes. What can a business owner learn from Tyrion Lannister and why is it important to emulate one of his characteristics? I’ll admit to being a big fan of Tyrion but I’m not a

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Most business meals are still deductible, subject to the 50% limitation

If you’ve been following the tax journals or related social media accounts, you no doubt saw that the Tax Cuts & Jobs Act (“TCJA”) removed the deduction for business related entertainment expenses. There was a lot of concern that the meals portion of “Meals & Entertainment” expenses would also be denied because of some related

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