Magda Abdo-Gomez, Attorney at Law

April 25

Posted By: Magda Abdo-Gomez
Posted In: Amending Returns , Net Operating Losses
Date: April 25, 2020
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- 1417

Net Operating Loss Carrybacks Under the CARES Act

Traditionally a business that generated a loss could either carry the loss back two years in order to reduce the income previously reported or carry the loss forward. The 2017 Tax Cuts and Jobs Act amended the net operating loss rules by eliminating the ability to carry back net operating losses; ne...

April 25

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes
Date: April 25, 2020
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- 1264

The IRS’s Response to COVID-19 and the People First Initiative

In response to the corona virus the IRS took immediate steps to provide taxpayers relief from tax compliance requirements and enforcement. By now everyone should be familiar with the tax filing and payment extensions. For more information see https://magdaabdogomezlaw.com/update-tax-filing-deadlines...

April 25

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes
Date: April 25, 2020
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- 1227

Effect of Travel Disruptions Due to COVID-19 on Foreign Income Exclusion and Alien Tax Status

The corona virus has severely impacted travel, especially international travel. The tax laws provide that a foreign individual can be considered a resident for tax purposes if he/she has been in the United States for a certain length of time during the year. The inability to leave the US due ...

April 25

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes
Date: April 25, 2020
- 0
- 1313

Stimulus Payment Updates and May 5 Deadline

The IRS complied with its promise of prompt distribution of the stimulus payment, and as of April 15 many taxpayers had automatically received the payment. At first only social security recipients and those who had filed their 2019 return and indicated banking information received the payments autom...

April 25

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes
Date: April 25, 2020
- 0
- 1254

IRS Registry for Stimulus Payment Available

The IRS has just launched the web tool to allow those who are not required to file tax returns to register so that they can get the stimulus payment. Generally, these are low income taxpayers, and not recipients of social security or railroad benefit. The tool is only available at irs.gov and users ...