Reading Time: 3 minutes Since the start of the new term, the Biden Administration has been focused on passing comprehensive legislation to overcome the pandemic while driving economic recovery. Initial legislation included the American Rescue Plan Act, which focused...
Reading Time: 3 minutes The IRS announced that Texans who were affected by the winter storms will have until June 15, 2021, to file various individual and business tax returns and to make tax payments. Since the Federal Emergency Management Agency (FEMA) issued a...
Reading Time: 2 minutes On Saturday, July 4th, as Americans celebrated Independence Day, President Trump signed a five-week extension of the Paycheck Protection Program into law. The extension was approved by the Senate Tuesday evening, just hours after the deadline...
Reading Time: 2 minutes COVID-19 Funding Update Last night, the SBA issued a new interim final rule which allows lenders to increase existing PPP loans to partnerships and seasonal employers. In separate guidance, the SBA extended the safe harbor for returning PPP...
Reading Time: 3 minutes COVID-19 Funding Update In a dramatic turn of events the Small Business Administration (SBA) released Paycheck Protection Program (PPP) Loans FAQ #46 today regarding how the organization will review borrowers’ required good-faith certification...
Reading Time: 3 minutes COVID-19 Tax Update The Texas Comptroller announced April 2, 2020, that his agency is automatically extending the due dates for all 2020 Texas franchise tax reports to July 15 so it is consistent with the Internal Revenue Services (IRS). Since...
Reading Time: 10 minutes On December 22, 2017, the Tax Cuts and Jobs Act was signed into law and Internal Revenue Code Section 199A “Qualified Business Income” was created. In its simplest terms, Section 199A allows owners of sole proprietorships, S-corporations, or...
Reading Time: 9 minutes Under the new tax law enacted at the end of last year (Tax Reform and Jobs Act, Dec. 22, 2017), one of the provisions geared to the individual taxpayer was the ability for owners of a sole proprietorship, S-corporation, or partnership to...
Reading Time: 2 minutes The Tax Cuts and Jobs Act of 2017 contained a new provision allowing many owners of sole proprietorships, partnerships, trusts, and S-corporations to deduct 20% of their qualified business income. On Wednesday, August 8, 2018, the IRS announced...
Reading Time: 4 minutes When confronted with a disaster, such as we just experienced with Hurricane Harvey, the generosity of the human spirit becomes apparent as we all ask “What can I do to help?”. For many of you, the answer will come in the form of setting up an...
Reading Time: 5 minutes What is it? A like-kind exchange, also known as a 1031 Exchange because it is governed by Internal Revenue Code Section 1031, is an often overlooked tax benefit that allows a taxpayer to postpone the recognition of gain on the sale of property...
