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 […]
That’s NOT The IRS Calling!
The IRS will never visit, call, email, or text with an unexpected and immediate demand for payment, especially with threats of deportation, license revocation, arrest, or Social Security Number (SSN) cancelation. These threats may seem like they’re coming directly from the IRS or a federal office, but don’t fall for it. If you owe taxes, […]
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 […]
Nearly Half of Financial Expert Witness Testimonies Are Thrown Out
PwC (formerly known as PricewaterhouseCoopers) recently released findings of a 20-year study on Daubert challenges affecting financial expert witness testimonies. About 45% of financial expert witness testimonies have been excluded or partially excluded under the current standards, with accountants and CPAs being among the most frequently challenged financial experts. How do you ensure your financial […]
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 […]
PPP Expenses and Other Last-Minute Tax Changes
The curtain may have closed on 2020, but the 2020 tax season is still in full swing Chances are your tax obligations will be different this time around, thanks to the pandemic. From PPP and other relief loans to changes in deductions, be sure you’re taking every opportunity you can to save on both your […]
Tax Season Checklist Changes
If you were a generous giver in 2020, the federal government wants to reward you. Individual taxpayers who use the standard deduction can claim an “above-the-line” deduction of up to $300 for cash contributions made to qualifying charities during 2020. Individuals who itemize may claim up to 100% of their adjusted gross income in 2020 […]
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) […]