Magda Abdo-Gomez, Attorney at Law

May 27

Posted By: Magda Abdo-Gomez
Posted In: Tax Penalties
Date: May 27, 2021
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Beware of IRS Penalties

Hard to believe that May is here. Although the deadline for filing the 2020 tax return has been extended to May 17, 2021, it is important that you file your return on time since failure to do so will trigger a late filing penalty. The penalty for late filing a tax return is 5% of […]...

April 09

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions , Tax Laws - Changes
Date: April 9, 2021
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Changes to Meal Expense Deduction

When the Consolidated Appropriations Act was passed on December 27, 2020 everyone’s focus was on the additional stimulus payment and the extension of many of the credits which had been included in the CARES Act. One provision seems to have gone under the radar, but it affects many who incur expens...

April 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions
Date: April 1, 2021
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- 1446

Deducting Personal Protection Equipment

The IRS has announced that the cost of personal protective equipment (PPE) such as masks, hand sanitizer and sanitizing wipes is an amount paid for medical care, if the primary purpose of the expense was for the purpose of preventing the spread of COVID. Thus, amounts paid for PPE by an individual t...

March 17

Posted By: Magda Abdo-Gomez
Posted In: Tax Returns - Filing Deadlines
Date: March 17, 2021
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- 1529

Tax Filing Deadline Extended

The IRS has just announced that the April 15, 2021 tax filing deadline for individual income tax returns for the 2020 year has been extended until May 17, 2021. This extension also applies to the payment of 2020 income taxes. Penalties and interest will begin to accrue if the taxes are not paid by M...

March 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions
Date: March 1, 2021
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- 1438

The Home Office Deduction in Times of COVID

I discussed the availability and requirements of the home office deduction in a previous newsletter. https://magdaabdogomezlaw.com/claiming-home-office-deduction/ The Internal Revenue Service wants those individuals who qualify, to consider taking the home office deduction. The deduction would resul...

February 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Returns
Date: February 1, 2021
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- 1482

The IRS is Ready for Tax Season, are You?

The IRS has issued a notice assuring taxpayers and tax professionals that tax forms and instructions will reflect all changes made by the numerous tax laws enacted as a result of COVID. Although not all returns are ready, the majority of the forms are and these have been made available to IRS part...

January 30

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes
Date: January 30, 2021
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- 1582

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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- 1503

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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- 1532

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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- 1481

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...