It’s a new year, so now it’s time to complete our year-end procedures and make sure we’re ready for 2022. If you have anything to do with accounting, you know this is a crazy time of year. One important deadline for January is filing W-2’s for employees and 1099 Forms for contractors and others. I’m […]
New Year – new payroll tax software? 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 »
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 »
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 »
Just a heads up for all the CCH users who were not able to efile their tax returns due on September 15, 2020. CCH just sent out a notice that they’ve been in contact with the IRS and that this qualifies as “reasonable cause.” Therefore, the returns will be considered timely filed if they were
Wolters Kluwer CCH Abatement Update Related to 9/15/2020 efiling situation Read More »
Yesterday was the September 15, 2020, tax deadline for extended partnerships and s-corporation returns that are filed on Forms 1065 and 1120-S. During the afternoon yesterday, the efile system for the Wolters Kluwer CCH Axcess system went down. It was a complete outage. I’m writing my own post about our experience and thoughts, but I
Wolters Kluwer CCH responds to September 15th “Efiling Situation” 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 »
The IRS released a notice today IR-2020-54 which states that high-deductible health plans can cover the costs related to testing and treatment of the 2019 Novel Coronavirus (COVID-19). This is important for a number of reasons. First, a high deductible health plan is setup so that the person insured usually has to pay a high
IRS Rules High-Deductible Health Plans can cover Coronavirus costs Read More »