Magda Abdo-Gomez, Attorney at Law

September 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Returns
Date: September 1, 2020
- 0
- 104

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
- 140

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
- 129

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
- 196

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
- 277

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
- 333

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
- 244

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...

April 26

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes , Tax Withholding
Date: April 26, 2020
- 0
- 261

The Employee Retention Credit

The CARES Act provides eligible employers with a retention tax credit if they keep employees on their payroll despite experiencing economic hardship related to COVID-19. The employee retention credit is a refundable credit. Who Qualifies for the Credit? The credit is available to all employers regar...

April 26

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes , Tax Withholding
Date: April 26, 2020
- 0
- 249

The Paid Medical and Family Leave Credit

The Families First Corona Response Act (FFCRA) requires eligible employers to provide employees paid medical and family leave under the two provisions described below. The FFCRA provides eligible employers refundable tax credits that reimburse them for the cost of providing paid sick and family leav...

April 25

Posted By: Magda Abdo-Gomez
Posted In: Amending Returns , Net Operating Losses
Date: April 25, 2020
- 0
- 249

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...