Large Gift & Estate Tax Changes in 2021?
The Tax Cuts and Jobs Act (TCJA) temporarily increased the basic exclusion amount of large estate gifts and reduced federal estate tax rates. The moves were made to help high net worth individuals offset estate taxes at the time of death. But what happens now? How might the new administration change course? The TCJA doubled […]
Your Sales Tax “Holiday” Is Ending
In the early months of the pandemic, states and local jurisdictions slowed their enforcement of sales tax collections from small businesses. But now that we’re finding a new norm within pandemic economic restraints, you can expect that grace period to end. This is big news for small businesses forced online for the first time this […]
Surprise! State Taxes May Kick in If Working Remotely
If you spent part of your 2020 quarantine working remotely out of state, you (or your business entity) could be surprised with state taxes. A recent poll found that more than half of Americans who worked remotely during the pandemic aren’t aware of the possible tax consequences once they crossed state lines. Each state has […]
Virtual Stuff the Van for Blue Santa
The San Antonio Chapter of the Texas Society of Certified Public Accountants is carrying on the 27-year tradition of supporting the San Antonio Police Department’s Blue Santa toy drive! The Bankler team collected toy donations to be distributed to children in need by SAPD officers. In 2019, TXCPA-SA members, accounting professionals, friends and family donated […]
Clarity on Charitable Donations
This year is unlike any other. That truth is clear when it comes to charitable contributions. Several relief measures and new tax rulings may affect your usual giving plan, for better or for worse. If you’re a business owner, even more opportunities abound. It’s worth a close look before the end of the year to […]
2020 Last-Minute Tax Checklist Before the New Year
You may have heard that Paycheck Protection Program (PPP) loan forgiveness is already being administered, but you can wait until 2021 to apply. It might even be more tax-advantaged to do so (depending on your situation). And you may decide that full forgiveness isn’t worth it As of October, the IRS had ruled out the […]