Magda Abdo-Gomez, Attorney at Law

January 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes
Date: January 1, 2021
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IRS POSITION OVERRULED

In my December 1, 2020 post, I cited to IRS Revenue Ruling 2020-27 in which the IRS stated that it would not allow a deduction for business expenses paid with proceeds from a PPP loan which was, or would be, forgiven. https://magdaabdogomezlaw.com/twelve-news-items-irs/ The IRS position was been ove...

December 30

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes
Date: December 30, 2020
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THE NEW STIMULUS PAYMENT AND OTHER CHANGES TO TAX LAW

On December 27 the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 was signed into law. There are many changes in its 5,593 pages, but none is more talked about than the new stimulus payment. Late on December 29, the IRS announced it had started issuing payments to taxpayers ...

December 16

Posted By: Magda Abdo-Gomez
Posted In: IRS Scam Alerts , Security
Date: December 16, 2020
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NEW IRS SECURITY MEASURES FOR TAXPAYERS

Not long ago taxpayers who had been victims of identity theft and were entitled to tax refunds would not receive the refund for months after filing a return with the IRS. This was due to the fact that a return been filed using the taxpayer-victim’s social security number and the refund had already...

December 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes
Date: December 1, 2020
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- 284

TWELVE NEWS ITEMS FROM THE IRS

There is no question that 2020 has been a difficult year for all of us, but the good news is that there are only thirty-one days left. Of course, we have much to be thankful for, and hopefully the upcoming holidays will give us many reasons to celebrate. In keeping with the holiday spirit, here [&he...

November 04

Posted By: Magda Abdo-Gomez
Posted In: IRS Scam Alerts
Date: November 4, 2020
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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
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- 396

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
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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
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- 530

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
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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
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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 […]...