CCH ProSystem fx Tax Users – Check your AMT credit carry-forward
Not all software updates are the same. If you have an AMT credit carry-forward, check out this post.
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Tax
PRIDE Act of 2019 and a history of same-sex marriage tax complications
Earlier this week I read an article titled “Elizabeth Warren wants to give gay couples $57 million in tax refunds.” Now, I know this is gay pride month, but this headline intrigued me. I’ll get to the meat in a second, but let me state that while I don’t see this passing, even under the
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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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5/11/2019 – Wolters Kluwer CCH – Important update on Service Interruptions
UPDATE 5/13/2019 6:50 PM CDT – I finally received the official instructions from CCH on filing certain tax returns with the IRS after the May 15, 2019 deadline within the additional time until May 22, 2019. Those instructions are very long and specific so I have included them on a separate post instead of on
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Texas Franchise Tax Report – Report Year and Accounting Period explained
Note for 2022 Texas Franchise Tax Reports – these are the reports for the calendar year ended on December 31, 2021 and other fiscal years that ended during 2021 -There is no change to the deadline like there have been for the past 2 years. The deadline is Monday, May 16, 2022. Well, it’s time
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Why you should keep your address updated with the IRS
On March 13, 2019, the Tax Court found that not all tax forms are equal, in that the IRS doesn’t have to recognize and update your address when you use a new address on all IRS tax forms. Earlier this year I wrote a post about how to change your address with the IRS. The
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Spam emails are on the rise!
I just received a very believable email from an unknown person who included attachments on the email. It’s well-known that spammers are attacking tax professionals trying to compromise their systems in order to gain access to sensitive taxpayer information. Luckily, we have a great IT department who can check before anyone opens these emails. The
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New IRS Regulations & Guidance for the Section 199A Deduction
Well, for being shutdown and running on a skeleton crew, the IRS has been BUSY today and delivered the final tax regulations for the new Section 199A tax deduction for flow-through income on individual tax returns. This is the new Qualified Business Income Deduction for tax years beginning after December 31, 2017 that came into
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IRS waives some penalties on withholding and estimated tax payments
The IRS released information today that should come as a relief to taxpayers and tax preparers as we start work on our 2018 tax returns. The IRS will be waiving the estimated tax penalty for taxpayers on their 2018 tax return who didn’t have enough withholding and estimated tax payments to cover their tax liabilities.
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