Newsletters
Tax Filing Reminders – March 2021
March 15th
April 15th
TWO WEEKS FOR SMALL BUSINESSES TO APPLY FOR PPP WITH SBA
Posted March 2021
On Monday, February 22, President Biden and the U.S. Small Business Administration (SBA) announced changes to the Paycheck Protection Program (PPP) to assist small businesses. The SBA established a 14-day loan application period exclusively for businesses and nonprofits with fewer than 20 employees. It is anticipated that larger PPP-eligible businesses will still have plenty of time to apply for and receive support before the program expires on March 31.
CASUALTY LOSSES IN FEMA DISASTER AREA
Posted March 2021
Tax relief is part of a coordinated federal response to the damage caused by winter storms in February 2021 and is based on local damage assessments by FEMA. Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses may be able to deduct a casualty loss, choosing to claim the loss on either the return for the year the loss occurred (in this instance, the 2021 return normally filed next year) or the return for the prior year. This means that taxpayers can, if they choose, claim these losses on the 2020 return they are preparing this tax season.
VICTIMS OF WINTER STORMS GET DEADLINE EXTENSIONS
Posted March 2021
Due to the February winter storms, residents and businesses in Oklahoma and Texas now have until June 15, 2021, to file their individual and business tax returns and make tax payments. The FEMA disaster declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area, which includes all 77 counties in Oklahoma and the entire state of Texas.
Tax Filing Reminders – February 2021
March 2nd
March 15th
April 15th
FINAL INSTRUCTIONS REVISE VIRTUAL CURRENCY TRANSACTION LIST
Posted February 2021
For the 2020 tax year, taxpayers will need to answer the question on page 1 of Form 1040. The final version of the instructions to Form 1040 has revised the non-exhaustive list of transactions involving virtual currency by removing the purchase of virtual currency and the acquisition of a financial interest in virtual currency from the list.
ALL TAXPAYERS NOW ELIGIBLE FOR IDENTITY PROTECTION PINS
Posted February 2021
The Internal Revenue Service launched the Identity Protection PIN program (IP PIN) nearly a decade ago to protect confirmed identity theft victims from ongoing tax-related fraud. In recent years, the IRS expanded the program to specific states where taxpayers could voluntarily opt into the IP PIN program. Now, the voluntary program has expanded to all taxpayers who can verify their identities.
REASONS TO FILE YOUR 2020 TAX RETURN EARLY
Posted February 2021
The IRS opened the 2020 individual income tax return filing season on February 12 (this is later than in past years because of a new law that was enacted late in December). Even if you typically do not file until much closer to the April 15 deadline (or you file for an extension) consider filing earlier this year. You can potentially protect yourself from tax identity theft and there may be other benefits as well.
Tax Filing Reminders – January 2021
February 1st
March 1st
March 2nd
March 15th
April 15th
IRS Issues Standard Mileage Rates for 2021
Posted January 2021
The Internal Revenue Service issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.