Magda Abdo-Gomez, Attorney at Law

June 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Planning - Natural Disasters
Date: June 1, 2020
- 0
- 1647

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
- 0
- 1392

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
- 0
- 1579

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
- 0
- 1464

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
- 0
- 1412

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
- 0
- 1260

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
- 0
- 1223

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
- 0
- 1310

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
- 0
- 1249

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
- 0
- 1076

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...