Flex CPA

02/25/2023

Most of California will have until October to file their federal tax returns for the 2022 tax year. No word yet if California tax authorities extended the state deadline to mirror the federal deadline.
https://www.irs.gov/newsroom/irs-may-15-tax-deadline-extended-to-oct-16-for-disaster-area-taxpayers-in-california-alabama-and-georgia #:~:text=WASHINGTON%20%E2%80%94%20Disaster%2Darea%20taxpayers%20in,Internal%20Revenue%20Service%20announced%20today.

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12/01/2021

Excellent tax humor.

Tax actually IS all around us.

12/30/2020

https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator

Determine how much your money can grow using the power of compound interest. Money handed over to a fraudster won’t grow and won’t likely be recouped. So before committing any money to an investment opportunity, use the “Check Out Your Investment Professional” search tool below the calculato...

10/05/2020

https://www.cato.org/blog/federal-tax-changes-1979?&utm_source=twitter&utm_medium=social-media&utm_campaign=addtoany

The Congressional Budget Office released a report today on changes in income, benefit payments, and federal taxes by income group since 1979.

09/28/2020

Gregory VS Helvering (1935): “Anyone may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one's taxes.” - Judge Learned Hand

09/24/2020

"Much uncertainly still surrounds the PPP." Coupled with, "Be patient with the process as substantial areas are settled," the PPP loan forgiveness program is still a work in progress.

The forgiveness aspect of the Paycheck Protection Program remains a source of uncertainty for CPAs. This collection of facts and frequently asked questions can help CPAs understand what to do amid the confusion.

09/23/2020

"Driving an inexpensive car is one of the biggest levers people can pull to free themselves up financially to save more."

There were 13.2 million new pickups sold from 2013 to 2019 in the U.S., with monthly payments of as much as $1,300 for each. That money could be better spent...

09/23/2020

https://www.irs.gov/newsroom/relief-for-taxpayers-affected-by-covid-19-who-take-distributions-or-loans-from-retirement-plans

IR-2020-124, June 19, 2020 — The Internal Revenue Service today released Notice 2020-50 to help retirement plan participants affected by the COVID-19 coronavirus take advantage of the CARES Act provisions providing enhanced access to plan distributions and plan loans.

09/23/2020

https://www.journalofaccountancy.com/news/2020/sep/lenders-will-not-file-irs-form-1099-c-for-forgiven-ppp-loans.html?utm_source=mnl:cpald&utm_medium=email&utm_campaign=23Sep2020

The IRS issued guidance telling lenders they should not file Form 1099-C, Cancellation of Debt, or furnish a payee statement to the borrower when a Paycheck Protection Program loan is forgiven.

07/14/2020

https://www.caltax.com/news/hot-news-and-notes/consider-protective-claims-for-aca-related-taxes/

07/08/2020

Relief for low-income housing.

IR-2020-136, July 1, 2020 — In response to the ongoing COVID-19 pandemic, the Internal Revenue Service today issued Notice 2020-53 to provide tax relief to issuers, operators, owners, and tenants of qualified low-income housing projects or qualified residential rental projects financed with exempt...