Newsletters

Tax Filing Reminders

June 15th Oklahoma 2nd quarter installment of 2020 estimated tax for individual, corporation, and pass-through entity (PTE) tax July 15th due date The following Federal tax returns and payments with original or extended due dates on or after April 1, 2020, and prior to July 15, 2020 have been automatically extended to July 15, 2020. 2019 individual income tax returns 2019 gift tax returns Corporation income tax returns Partnership income tax returns Fiduciary income tax returns Exempt organization Forms 990, 990-EZ, 990-N and 990-T Private Foundation Form 990-PF 2019 Forms…

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What is Cryptocurrency and how does it affect your taxes?

Cryptocurrency is a digital or virtual currency. Virtual currency is defined by the IRS in Revenue Ruling 2019-24, as “a digital representation of value that functions as a medium of exchange, a unit of account, and a store of value other than a representation of the United States dollar or a foreign currency.” Cryptocurrency has no centralized or administrative storing house; all the transactions are stored globally in multiple locations at once. Cryptocurrency is usually stored in electronic Wallets and accounts whereby the only person with the ability to access…

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FASB delays revenue recognition and lease accounting standards

As a result of the coronavirus pandemic, the Financial Accounting Standards Board (FASB) has given some relief to private businesses and non-profit organizations that have not yet issued their 2019 financial statements.  The FASB formally issued Standards Update No. 2020-05 which delays the required implementation date of Topic 606 – Revenue from Contracts with Customers and Topic 842 – Leases. The update was released and is effective on June 3, 2020. Implementation for Topic 606 – Revenue from Contracts with Customers is now required for annual reporting periods beginning after…

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Payroll and SE Tax Payment Delay Now Allowed with PPP loans

The CARES Act included a provision for deferred payment of Social Security taxes, but the relief was not available to taxpayers with debt forgiveness under certain loans with the Small Business Act.  The June 2020 Paycheck Protection Program (PPP) Flexibility Act expands the relief to taxpayers with a PPP loan, even if the loan is forgiven in 2020. Employers can choose to defer paying the employer portion of Social Security taxes and eligible self-employed individuals can defer 50% of their self-employment tax based on 12.4% of self-employment income through December…

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PPP Flexibility Act

The Paycheck Protection Program (PPP) Flexibility Act, making critical changes to the PPP loan rules, has been signed. 8-week period extended to 24-week PPP loan borrowers can now choose to have 24 weeks, rather than 8 weeks, to spend funds received in order to qualify for forgiveness. The deadline to use funds is 24 weeks from the date the loan funded or December 31, 2020, whichever comes first. 75% payroll rule reduced to 60% Initially, 75% of funds had to be used for payroll, with the remaining funds being used…

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