Jeffrey C. McClellan CPA PLLC

05/07/2020

A bill introduced in the Senate would clarify that ordinary expenses funded by Paycheck Protection Program loans are deductible by taxpayers. If enacted, this would overrule a recent IRS notice saying the expenses are not deductible.

03/25/2020

Here is an article about the relief coming from the government. Note that the $1,200 per person reduces any available 2020 credits (like child tax, education credits, etc.).

Payroll taxes cut by 50% but will be paid in their entirety in 12/31/2022.

Retirement distributions will be allowed without a 10% penalty for infected or financially impacted persons. BUT....you will need to pay that back within 3 years.

Other interesting things as well.

Please remember that when the government helps us, we almost always have to pay it back or pay income taxes on it. Plan accordingly or you will get a tax bill later. It’s always the CPA that gives the bad news later.

The $2 trillion stimulus bill passed by Congress contains many tax provisions. Here’s a look at the tax items, which range from credits to temporary changes to retirement plan rules.

01/15/2019

What time is it? It's Tax Time! The CPA's most wonderful time of the year. We have a new tax law with new business deductions and changing personal return implications. Good news is it will be favorable to just about everyone. Get you documents in as soon as you can. Remember S-Corps, Partnerships and Fiduciary filings are due 3/15/19. 1040's and C-Corps are due 4/15/19. If you are a client of mine, letters are on the way. If you are not...you can be:)

08/16/2018

I am honored to have been interviewed by Fort Bend Christian Magazine. Check it out.

What started as a side business for CPA Jeffrey McClellan, ended up being one of his big-gest blessings. While working full-time for Marathon Oil, Jeffrey decided get his CPA certification by attending night classes at the University of Houston. In 2010, Jeffrey passed his CPA certification and bega...

11/10/2017

Continuing on...the Senate released details on it's tax bill. Still no law...still only talk and needs to be reconciled with the House. You can see similarities in the House plan but significant differences too. Please have a read and consider that this is again an idea of the thought process.

Differences include tax rates, treatment of various deductions and a delay in the reduction of the corporate tax rate.

11/03/2017

I usually wait for legislation to get further along as it will undoubtedly change. But, I wanted to give you a feel for which way the GOP is going on tax reform. There are lots of changes: 4 tax brackets, lower corporate tax rates, higher standard deduction, no more state income/state sales tax deduction, increased child tax credit, education credit consolidated, repeal of the AMT, etc. 401k'S are not affected in a large way which was a concern prior to the release of details. again, THIS IS A DETAIL OF A PROPOSAL AND NOT THE FINAL DRAFT AND CERTAINLY NOT LAW YET. PLUS, IT IS UNLIKELY TO SEE ANY CHANGES UNTIL THE 2018 TAX YEAR. Take this for what it is worth....

The Tax Cuts and Jobs Act released by the House Ways and Means Committee incorporates many of the provisions listed in the Republicans’ September tax reform framework while providing new details.

10/31/2017

08/29/2017

The IRS is changing deadlines for the 2016 tax filing year on account of Hurricane Harvey:

IRS Gives Tax Relief to Victims of Hurricane Harvey; Parts of Texas Now Eligible; Extension Filers Have Until Jan. 31 to File
WASHINGTON –– Hurricane Harvey victims in parts of Texas have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today.
This includes an additional filing extension for taxpayers with valid extensions that run out on Oct. 16, and businesses with extensions that run out on Sept. 15.
"This has been a devastating storm, and the IRS will move quickly to provide tax relief to hurricane victims," said IRS Commissioner John Koskinen. "The IRS will continue to closely monitor the storm's aftermath, and we anticipate providing additional relief for other affected areas in the near future."
The IRS is now offering this expanded relief to any area designated by the Federal Emergency Management Agency (FEMA), as qualifying for individual assistance. Currently, 18 counties are eligible, but taxpayers in localities added later to the disaster area will automatically receive the same filing and payment relief…

08/16/2017

I remember when this happened. I was 11 years old....made me sad

On this day in History, Elvis Presley dies on Aug 16, 1977. Learn more about what happened today on History.

07/24/2017

Great presentation on business plans!

07/04/2017