Prime Tax & Financial Services LLC

03/19/2021

https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline

IR-2021-59, March 17, 2021 — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.

02/28/2021

https://www.cpapracticeadvisor.com/tax-compliance/news/21211288/irs-extends-tax-deadline-to-june-15-for-texas-winter-storm-victims

The tax relief postpones various tax filing and payment deadlines that occurred starting on Feb. 11. As a result, affected individuals and businesses will have until June 15, 2021, to file returns and pay any taxes that were originally due during this ...

01/15/2021

https://apple.news/AAOYkIVDXQRKfH4Srb9fvKg

Tax filing season, which normally starts at the end of January, will begin on Feb. 12 this year, the IRS announced Friday.

01/09/2021

https://www.journalofaccountancy.com/news/2021/jan/sba-treasury-issue-ppp2-guidance.html?fbclid=IwAR0GYXlDZXMB7ZL5xfN_SN6kLoenrHiwOS_x75Tz_AA8fTrz5yU-ME9-cZc

The US SBA and Treasury released guidance for the revived and reconstituted Paycheck Protection Program. The guidance came in the form of two interim final rules, including one that details the guidelines for new PPP loans to businesses that previously received PPP funding.

01/02/2021

https://apple.news/AgIiJYi-NRSueCmPiC-2JqQ

From stimulus checks to early retirement-plan withdrawals, here are some late-breaking items that could alter either your 2020 return or how you approach your taxes in the year to come.

12/22/2020

IRS issues standard mileage rates for 2021

IR-2020-279, December 22, 2020 — The IRS today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

12/22/2020

Expenses With PPP Money Are Tax Deductible, Congress Reverses IRS

PPP loans are forgivable, and despite normal tax rules, if the loan is forgiven, that will not be income. The IRS said no to tax deductions with PPP money, but Congress reversed the IRS. Now you can still claim normal tax deductions.

12/21/2020

Here’s what’s in the new $900 billion stimulus package.

Jobless benefits, aid to small businesses, stimulus checks and money for vaccine distribution are in. Aid for local governments, plus corporate liability shields, are out.

12/21/2020

Like everything else 2020, taxes will be like no other year

https://www.click2houston.com/business/2020/12/09/like-everything-else-2020-taxes-will-be-like-no-other-year/?utm_source=facebook&utm_medium=social&utm_campaign=snd&utm_content=kprc2&fbclid=IwAR2RGF1SlZnRC4qn1CW9cR4WREG40QlcbKsTtv4wlTxncsxMm7GWYv5HyHQ&__vfz=medium%3Dsharebar

It’s the time of year to start thinking about taxes _ what's ahead and what can be done now to manage.

12/20/2020

Don't leave money on the table. I am a CPA with more than 10 years experience in Audit, Accounting, Tax with both Big 4 and Fortune 500 company. You can confidently rely on my deep knowledge and experience to get you the maximum tax refund. Call (713) 396-9632 for your free consultation!