David Levinson CM&AA

08/22/2023

The CTA is quickly approaching and will impact virtually every American business. I have summarized the regulatory changes that any business owner needs to know before the 1/1/2024 deadline here.

On January 1st 2024, the Corporate Transparency Act takes effect and will impact virtually every American company as well as international companies doing business in the U.S.

05/17/2021

Tax day is tomorrow for most states and the Federal government!

However there are some state / federal exceptions:

• Maryland - July 15th

• Texas, Oklahoma, and Louisiana were extended by the IRS to June 15th due to winter storms this year

• Hawaii was the only state in the union to not extend its state deadline. HI returns were due April 20th

04/15/2021

Potential good news on the horizon: Arguably the most head-scratching provision of the 2018 TCJA, the "SALT cap" (State And Local Taxes) limits this portion of the Schedule A itemized deduction to $10,000. This especially hurts tax payers in high property tax states - such as California - who are losing out on potential itemized deductions amounts, which in turn could ultimately help lower one's taxable income. Hopefully this becomes law and is repealed.

04/15/2021

Tomorrow is April 15th! While tax day was pushed to May 17th federally and for (most) states, the April 15th deadline still exists for certain filings. Such as Q1 estimated payments and estate & gift tax filings.

03/18/2021

California has joined the IRS in officially pushing back tax day this year to MONDAY MAY 17TH.

03/17/2021

BREAKING: while an official date has not been provided, the IRS will be delaying the filing deadline this year by one month. The logistics of working out which exact day in May are said to be in the works.

03/16/2021

EIDL loan repayments have been automatically extended. For any EIDL loans granted in 2020, the first payment date is extended 12 months (24 total) from the date provided in your repayment notice. For any loans granted in early 2020 in which repayment has already started, the SBA is deferring all principle and interest payments retroactive to March 1st. Borrowers may still voluntarily make payments towards the principle balance if they so choose.

03/15/2021

Happy Ides of March! Today is the due date for 47 of the 50 states for partnership returns, multimember LLCs, and S-Corps filing form 1120S.

Texas, Louisiana, and Oklahoma businesses: Your due date was moved to JUNE 15TH due to a federal disaster declaration.

03/11/2021

The American Rescue Plan Act has now passed both houses of Congress and awaits President Biden's signature into law, which is expected later this week. I have highlighted the key provisions of this bill in this infographic.

A few key notes:

- Filers who owe taxes from unemployment insurance should wait to file until this bill becomes law in order to take advantage of the tax forgiveness
- Phase-out limits for the stimulus have tightened. If you were above the phase out limits during the last round of stimulus checks, you may see less money than before
- Take note that the child tax credit has not only increased, but is now two different dollar values depending on your child's age

02/22/2021

Texans: As of today, the IRS has officially announced that federal tax deadlines - including business returns and individual returns - has been moved to JUNE 15TH due to the declaration as a disaster area by FEMA. This also gives Texas residents extra time to make IRA contributions as well.