Tax MT PLLC

01/27/2026

Tax Season is Officially Here!

We’re excited to kick off another tax season and look forward to working with you! A few important reminders as we get started:

🗓️ Filing deadlines:
March 15th - S-Corps & Partnerships
April 15th - Individuals, C-Corps, and most others

⏳ If you think you’ll need an extension, please let us know as early as possible so we can plan accordingly

🗓️ Appointments fill up quickly this time of year! If you’d like to schedule an appointment, reach out so we can get you on the schedule

📨 Engagement letters are being sent out this week, keep an eye on your email for them!

As always, feel free to reach out with any questions. We’re excited for another great tax season with you all!

01/02/2026

Happy New Year from all of us at Tax MT! We would like to thank each of our clients for your continued trust and support. We look forward to working with you all in 2026🎊

12/31/2025

NOW HIRING- Front Desk/Receptionist

We are seeking a reliable front desk associate/receptionist to join our team!

Hours will be 8AM - 4PM Monday through Friday.
Starting pay $15 DOE

No weekends, evenings, or holidays.

Please return completed application to us either via email ([email protected]) or in person (935 Lake Elmo Dr. Ste B.

Questions? Feel free to give us a call at 406-702-1445!

Please share with anyone who may be interested!

07/28/2025

Big News for Tax MT. We are moving to a larger office with better parking on August 1st 2025. Our new address will be 935 Lake Elmo road Suite B in Billings Heights.

11/15/2021

Looking for a tax accountant or a current college student who would like to become an accountant. Flexible schedule, will work around other commitments.

07/03/2021

This explains a lot.

For those who have not received their tax refund on their 2020 tax filing, you are not alone. The Internal Revenue Service has a backlog of about 35 million tax returns, according to a recent report.

05/16/2021

Monday May 17, 2021 is the individual tax filing deadline. Make sure your tax returns are filed or you have an extention filed to avoid late file penalties.

02/14/2021

It is tax season again. If you have questions or need assistance, feel free to contact us. www.tax-mt.com [email protected] or 406-702-1445

Tax-MT can assist with your personal and business tax matters as well as future tax planning matters. At Tax-MT, we believe in the value of relationships.

12/15/2020

The Small Business Administration just released guidelines for the tax treatment of the SBA 7A LOANS. This appears to include the Economic Injury Disaster Loans (EIDL) that were released last spring. This is just a heads up so there are no surprises when your business receives a 1099-MISC.

New CARES Act Guidance Targets SBA Payments
December 14, 2020

By: Sharon Kreider, CPA

Article at a Glance:
SBA Payments of Principal, Interest, and Associated Fees on 7(a) Loans are Taxable to the Small Business
Lender servicing the loan is required to issue a Form 1099-MISC on the SBA payments
The notice provides what following amounts are to be reported as income on Form 1099-MISC
The notice outlines who should be shown as the payor and recipient on Form 1099-MISC
Consider warning your clients with 7(a) loans before they get an unexpected Form 1099-MISC from their bank
In April 2020, SBA began making payments under Section 1112 of the CARES Act to cover, for six months, the principal, interest, and any associated fees that small businesses owe on 7(a), 504, and Microloans (“Section 1112 payments”). These Section 1112 payments relieve small companies of the obligation to pay that amount. The SBA payments are taxable, and the lender servicing the loan is required to issue a Form 1099-MISC on the SBA payments.

SBA’s Information Notice dated December 8, 2020, explains the tax impact of the relief of payments and lender Form 1099 reporting requirements:

Q: What must be reported as income on Form 1099-MISC?

A: The total amount of the Section 1112 payments must be reported as income to the Borrower, including the principal, interest, and any fees included in the Section 1112 payments. This total amount should be included in Box 3 of Form 1099-MISC.

Q: Who is responsible for filing Form 1099-MISC for the Section1112 payments?

A: 7(a) Lenders are responsible for issuing the Form 1099-MISC for:

Loans that have not been purchased by SBA
Loans that have been purchased by SBA and are serviced by the 7(a)
SBA is responsible for issuing Form 1099-MISC for 7(a) loans that have been purchased and are serviced by SBA.
What is an SBA 7(a) loan? The 7(a) loan program is the SBA’s primary program for providing financial assistance to small businesses. Like the guaranty percentage and loan amount, the terms and conditions vary by the type of loan. For example, the “7(a) small loan” has a maximum loan amount of $350,000. The SBA guarantees 85% for loans up to $150,000 and 75% for loans greater than $150,000. Lenders and borrowers can negotiate the interest rate, but it may not exceed the SBA maximum (6% for loans paid off in over seven years).

Example. Alice borrowed $300,000 for her small manufacturing business from Rocky Mountain National Bank. She qualified for an SBA 7(a) loan. Her payments are $3,400 a month. Because of CARES, SBA made Section 1122 payments of principal and interest on her behalf for six months. Alice will receive a Form 1099-MISC from her lender for $20,400.

Tax practitioner planning. If you know that your client has a 7(a) loan, you might consider warning them about the tax consequence before they get an unexpected Form 1099-MISC from their bank.

06/13/2020

June 12 was a busy day for our bureaucrats. There are some proposed changes and clarifications to 1031 exchanges (like kind exchanges for real estate). To all of the real estate investors out there, before you get set into an exchange, make sure you talk to a good intermediary to handle the legal aspects of your exchange.
On a side note, I would talk to your tax professional prior to deciding on a 1031 exchange with the historically low tax rates, it may be worth paying the tax on the sale and buying you new property with a larger basis as the tax rates that we are currently seeing will most likely be changed due to the government spending we are seeing with COVID.
Here is a link to the proposed changes if you would like to read them for yourself.

These proposed regulations provide guidance under the Internal Revenue Code (Code) to implement recent changes enacted in the Tax Cuts and Jobs Act. The proposed regulations amend the existing regulations to add a definition of real property to reflect statutory changes limiting section 1031 to...