Magda Abdo-Gomez, Attorney at Law

April 26

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes , Tax Withholding
Date: April 26, 2020
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- 2084

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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- 2028

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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- 1814

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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- 1717

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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- 1829

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
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- 1762

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 ...

April 10

Posted By: Magda Abdo-Gomez
Posted In: Tax Returns - Filing Deadlines
Date: April 10, 2020
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- 1595

Update on Tax Filing Deadlines

The IRS has just announced that additional tax return filing and payment deadlines have been extended. All taxpayers who have a tax return or tax payment due on or after April 1, 2020 and before July 15, 2020 have until July 15, 2020 to file and pay without penalty or interest. This includes individ...

April 06

Posted By: Magda Abdo-Gomez
Posted In: IRS Scam Alerts
Date: April 6, 2020
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- 1578

Scams Involving Stimulus Payment

Apparently not even a pandemic stops a scammer. The IRS and the Criminal Investigation Division of the IRS have detected new and evolving phishing schemes targeting the upcoming stimulus payment. The IRS is warning all taxpayers to be alert. These scams can lead to tax related fraud and identity the...

March 31

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes
Date: March 31, 2020
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- 1495

Update on Stimulus Payment

The IRS announced last night that stimulus payment distribution will begin in the next three weeks. The checks will be distributed automatically. Those who are not generally required to file returns, such as social security recipients and low-income taxpayers, will need to file a return in order to ...

March 30

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes , Tax Returns - Filing Deadlines
Date: March 30, 2020
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- 2054

Impact of Recent Legislation on your Taxes

I must start by hoping that as you read this, you and your loved ones are in good health and remain in good spirits during what has been a very difficult time for all of us here at home, throughout our country, and the world. Over the course of the last two weeks Congress has […]...