Magda Abdo-Gomez, Attorney at Law

November 04

Posted By: Magda Abdo-Gomez
Posted In: IRS Scam Alerts
Date: November 4, 2020
- 0
- 231

IRS Scam Alert

The Internal Revenue Service, state tax agencies and the tax industry have just issued a warning of a new text scam that tricks people into disclosing bank account information. The scam text message states: “You have received a direct deposit of $1,200 from COVID-19 TREAS FUND. Further action is r...

November 02

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions
Date: November 2, 2020
- 0
- 44

Meal and Entertainment Deduction

The Tax Cuts and Jobs Act (TCJA) eliminated the deduction for expenses related to activities generally considered entertainment, amusement or recreation incurred after December 31, 2017. Business expenses related to food and beverages may still be deducted if certain requirements are met. Fin...

October 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Returns - Filing Deadlines
Date: October 1, 2020
- 0
- 81

Upcoming IRS Deadlines

If you were unable to file your 2019 federal tax return by July 15, and timely filed an extension to file the return, the deadline to file the return is October 15. No additional extensions to file the return are available. There are two exceptions: (1) individuals and businesses who had valid ext...

September 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Returns
Date: September 1, 2020
- 0
- 232

IRS Releases Draft of 2020 Tax Return (1040)

The IRS released drafts of Form 1040 and Schedules 1 through 3 for 2020 on August 19. These are only drafts of what we can expect in 2021, and are subject to changes. You can take a look at the drafts here: 1040: https://www.irs.gov/pub/irs-dft/f1040–dft.pdf Schedule 1: https://www.irs.gov/pub...

August 29

Posted By: Magda Abdo-Gomez
Posted In: Tax Withholding
Date: August 29, 2020
- 0
- 256

IRS GUIDANCE ISSUED ON PRESIDENTIAL ORDER REGARDING TAX WITHHOLDING

On August 8 the President signed a memorandum directing the Secretary of the Treasury to defer the withholding, deposit, and payment of the withheld portion of social security taxes and railroad retirement taxes. The deferral is applicable for wages/compensation paid during the period of September 1...

August 17

Posted By: Magda Abdo-Gomez
Posted In: IRS Scam Alerts
Date: August 17, 2020
- 0
- 204

IRS Unveils the Dirty Dozen List of Scams for 2020

Each year the IRS issues a list of tax scams which target taxpayers. The IRS has just issued its list for 2020. The purpose of the list is to raise awareness and to urge taxpayers to be on the lookout for the scams. Although I have, in the past, sent out newsletters about scams, it […]...

July 20

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes , Tax Returns
Date: July 20, 2020
- 0
- 267

Important Tax Changes for 2020

FORM 1099 The IRS requires employers to issue a 1099 to independent contractors who are paid $600 or more during the year. In the past these contractors received a Form 1099-MISC. Be aware that starting in 2020, this form will no longer be used for independent contractors as a new form has be...

June 24

Posted By: Magda Abdo-Gomez
Posted In: Amending Returns , IRS Scam Alerts , Retirement , Tax Laws - Changes , Tax Returns - Filing Deadlines
Date: June 24, 2020
- 0
- 363

What has been Going on at the IRS During the COVID Pandemic?

Despite being “closed” during the pandemic, the IRS has not been idle. In addition to sending out billions in stimulus payments, processing 2019 returns and issuing refunds, the IRS has been busy issuing guidance and coming up with new procedures. Here is just some of what has been going on. Ame...

June 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Planning - Natural Disasters
Date: June 1, 2020
- 0
- 392

Planning for Hurricane Season

The calendar moves on relentlessly. Despite the hardships we have been facing this year as a result of the corona virus pandemic, we must now deal with the fact that hurricane season is upon us. Your hurricane preparedness plan should include not only the protection of your home and valuables, but a...

May 20

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes
Date: May 20, 2020
- 0
- 305

Recent Updates Regarding Stimulus Payment

As of May 8, the IRS had sent out stimulus checks to approximately 130 million individuals totaling more than $200 billion in payments. There are still many who have not received their payment and a lot of questions remain unanswered. The IRS continues to send out payments and issue updates regardin...