Top news today, estimated tax payments are due soon. As business owners, you are required to make quarterly estimated tax payments. The deadlines for these quarterly payments are April 15th, June 15th, September 15th, and January 15th of the following year. Make sure that you send your check by September 15th to avoid any underpayment penalties! For owners of S-corps or partnerships who have filed an extension for their business tax return, both types of tax returns are due o

Although Hurricane Ida is over, it has left significant destruction that could potentially reach $50 billion in damages. If you are a victim of the recent Hurricane Ida, and if you have suffered financial loss, you could report your losses as a tax deduction to obtain refunds from the IRS. Check out our latest video to learn what you need to know about this extension and how to claim maximum tax deductions and get a refund immediately. If you have any questions or need some h

We have some news for the victims of Hurricane Ida, the IRS just announced that tax relief is now available starting from Aug 26, 2021, to Jan 3, 2022. The tax relief postpones various tax filings and payment deadlines. For example, individuals who filed an extension for 2020 return will now have until Jan 3 2022 to file. If you have questions about this tax relief or need help on taxes, please do not hesitate to call us at (832) 295-3353. You can also set up an appointment w

Running a business is time-consuming but you can’t forget about your tax obligations, if you do there can be major consequences. The IRS closes the electronic filing portal when tax season ends, meaning that you’ll have to file on paper. Paper filing isn’t just annoying, it increases your odds of being audited – especially when done out of season. If you file late you’ll be on the hook for the failure to file penalty, which is 5% of your tax balance, maxing out at 25% of the

The IRS has just released a new feature that allows any family receiving the monthly Child Tax Credit payments to update their mailing address via the Child Tax Credit Update Portal. By updating your address using the portal, the IRS will use this updated address to send check payments and all future IRS correspondence. This will also be helpful for families who are receiving the payments through direct deposit as the IRS will be mailing out a year-end summary statement (Lett

More than 35 million tax returns have not been processed as of today causing substantial distress for individuals and business owners relying on their tax refunds coming in on time. This unprecedented volume of unprocessed returns is more than four times greater than at the end of the 2019 tax season. The Federal government instituted many pandemic recovery tax credits which the IRS has to process. An enormous number of Refund Recovery Credits, Earned Income Tax Credits, and

With the recent Child Tax Credit Payments being released, there have been scammers who have tried to steal the tax credit money by impersonating the IRS via phone calls, email, text, or even social media. The IRS does not leave pre-recorded, urgent, or threatening messages and asks for payment via gift cards, wire transfer, or cryptocurrency. Do not click on any links in unsolicited emails or websites that could lead to theft, tax fraud, and identity theft. If you have questi

The monthly child tax credit payments have now begun since last week. For those who are receiving payment by paper check, remember to consider the time it will take to receive it by mail. The payments were made to eligible families based on their filed 2019/2020 income tax returns. Each monthly payment is up to $300 per month for each child under 6 and up to $250 per month for children 6 through 17. Besides the July 15 payment, the other payment dates will be Aug. 13, Sept. 1

If you are into cryptocurrency trading, it may be important for you to be informed of how gains will be taxed. While the IRS has issued some guidance as to the tax consequences of transactions involving “virtual currency” or “cryptocurrency” (see Notice 2014-21 and Rev. Rul. 2019-24), it has yet to address the tax treatment of NFTs specifically as a crypto asset and their gain, loss, or income generation. The IRS is likely to label NFTs in the hands of their creators as nonca