Magda Abdo-Gomez, Attorney at Law

July 20

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