Magda Abdo-Gomez, Attorney at Law

January 30

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes
Date: January 30, 2021
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Amendments to COVID Related Tax Laws

The law enacted on December 27, 2020 has made changes to certain provisions of the CARES Act which provided tax relief to employers affected by the pandemic. The law has also extended the deadlines for employees to pay back taxes which were deferred taxes. Payback of Deferred Taxes A presidential ...

January 18

Posted By: Magda Abdo-Gomez
Posted In: Tax Returns
Date: January 18, 2021
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- 992

IRS Announces Filing Date

The IRS has announced that it will begin processing 2020 federal income tax returns on February 12. Below are other key dates announced by the IRS. January 15. IRS Free File opened. Taxpayers can file returns through Free File partners. The tax returns will be transmitted to the IRS starting Februar...

January 04

Posted By: Magda Abdo-Gomez
Posted In: Tax Returns
Date: January 4, 2021
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- 1014

Getting Ready for Tax Season

Well, 2020 is officially behind us. A new year brings the hope that things will be better for all, but it also brings the beginning of tax season. The IRS is encouraging all taxpayers to start taking steps now so that returns are filed timely and accurately. What should you be doing? Gather and or...

January 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes
Date: January 1, 2021
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- 963

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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- 1060

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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- 1090

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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- 1220

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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- 908

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...