For Aretha Franklin’s Estate, the Hits Keep Coming
One week after Aretha Franklin’s estate settled with the IRS for $7.8 million, a new unsigned will emerged. This new (and, if you can believe it, fourth) document mentions a trust, but is it too late? When Franklin passed away in 2018, the singer’s legacy followed the path trod by all too many iconic musicians […]
Turn More Time for Taxes into More Money Saved
It’s normally time for Texans to wrap up their tax returns, but not this year. Delayed tax deadlines and additional relief are welcome, but they also mean a longer and more complicated tax season. If you’re a Texas business owner, timing is still critical. Your Timing Matters on 2020 Taxes First things first, let’s talk […]
Stock Trading Apps: The Taxing Truth
A lifetime of events has happened since, but do you remember the GameStop stock trading fiasco mere weeks ago? The event held several financial lessons, but let’s focus on just one: Brokerage digital apps like Robinhood have famously made trading stock an everyday man’s game. But it’s leaving many new investor hobbyists with shocking tax […]
Texas Storms Bring Federal Disaster Tax Relief
Texas has received a disaster declaration issued by the Federal Emergency Management Agency in the wake of the catastrophic winter storms that struck the state in mid-February. The declaration opens the door for several valuable tax relief measures, including tax filing and payment deadline extensions as well as other tax relief opportunities. Tax Deadlines Extended […]
Tax & Accounting Tips for Federal Government Contractors
If you’re a small business owner interested in government contracting, it’s essential to understand the unique accounting and tax considerations that can come with those types of arrangements. Be mindful of deadlines, for instance, and what taxes you are and aren’t responsible for paying. Your accounting system matters more than ever, too. Below are some […]
Can I Get More PPP Money?
Are you ready for more Paycheck Protection Program (PPP) money? The Small Business Administration (SBA), in consultation with the U.S. Treasury Department, has opened up what it’s calling ‘Second Draw PPP Loans’ as of January 13, 2021. These loans are available to qualifying small businesses (whether or not they previously had received a PPP loan) […]
How Does Innocent Spouse Relief Work?
Can you be held responsible for taxes a spouse or recently made ex-spouse failed to declare on your joint tax return? Yes and no. It’s called innocent spouse relief, but there are several hoops to jump through to get it. Innocent spouse relief allows the opportunity to transfer tax, interest, and penalties to the spouse […]
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 […]