The Coronavirus Aid, Relief, and Economic Security (CARES) Act offers relief to individuals with some major changes to retirement plans in the near-term. These temporary new rules apply to both current retirees and those saving for future retirements. RMDs SUSPENDED FOR 2020 Under normal circumstances, individuals with IRAs or 401(k)s who are over the age … Read more
Regardless if you have filed your 2019 federal income tax return, or are still waiting on tax documents, tax planning for 2020 has already begun. Although we are currently in an uncertain economy, we cannot forget the importance of evaluating our personal finances. As we approach the 1st and 2nd quarter estimated tax payment deadline, … Read more
After applying for and receiving a Paycheck Protection Program loan (PPP Loan), many businesses are trying to determine how to account for the loan on their financial statements. This week, the American Institute of Certified Public AccountantÂ’s issued Technical Question and Answer (TQA) 3200.18, which addresses accounting for these loans for nongovernmental entities. Nongovernmental entities … Read more
We want to welcome our new Tax Senior, Jake Martinez, and our Summer Tax Intern, Ann Marie Hessbrook! Jake graduated from The University of the Incarnate word (UIW,) with a Master’s degree in accounting. He has been in public accounting for the last four years. Prior to moving to San Antonio in 2012, Jake spent … Read more
Question: I am filing taxes on July 15. Can I still contribute to my IRA? Answer: Yes, but your income and tax filing status will determine if your traditional IRA contributions are tax-deductible. For example, if you are covered by a retirement plan at work and your tax filing status is single or head of … Read more
When it comes to the IRS, we have the historical data to determine the statistical odds if a return will be selected for audit. The Paycheck Protection Plan (PPP) is something new, so we do not have historical data. However, the odds are, with over 4.4 million loans amounting to $510.2 billion dollars, there will … Read more
Is your little bundle of joy a big tax deduction? It depends. This is a standard response from a CPA, because most deductions depend on several factors. Another frequent phrase we use is, “Don’t let the tax tail wag the dog.” By this, we mean, don’t let a tiny detail control your entire tax return. … Read more
Mistakes? They happen. For many taxpayers, there is often a moment during their lives when they discover a mistake on their recently filed Form 1040 Individual Tax Return (1040). Anxiety kicks in. An error on an Individual Tax Return could result in a lower refund, or a possibility of added penalties or interest as a … Read more
As part of the federal government’s response to the economic impact of the coronavirus, Tax Day has been moved from April 15, 2020 to July 15, 2020 – a three-month extension. Both individuals and businesses have until this new deadline to both file their taxes and make a payment on anything owed. Quarterly estimated tax … Read more
On June 5, 2020, President Trump signed into law, the Paycheck Protection Program Flexibility Act. The Act was created in response to the lack of flexibility of the Paycheck Protection Program’s forgiveness stipulations and has expanded the opportunity to attain complete forgiveness. Below is a summary of the changes that the Paycheck Protection Program Flexibility … Read more