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So far Victor Garrido, CPA, EA has created 66 blog entries.
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IRS Backlog is growing

One week to the end of the 2020 tax season (May 17, 2021), the IRS backlogs keeps growing mainly driven by manual reviews and checks due to the unemployment benefits exclusion ($10,200), stimulus checks (rebate credit) that might not have reported accurately in the 2020 tax return, and other items such as Earned income credit.

By |2021-05-08T19:57:00+00:00May 8th, 2021|Categories: Individuals|Tags: , , , , , , , , |

U.S. court authorizes IRS to get identities of crypto users

From the article below, it points out that the IRS is focusing more and more on crypto transactions. Initially, it was the disclosure requirement in the 1040 tax return to report if the taxpayer hold crypto currencies. The exact question is "At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire

By |2021-05-08T19:46:37+00:00May 8th, 2021|Categories: Individuals|Tags: , , , , , |

Offer in compromise – General information

The offer in compromise is an option when there is an IRS debt that the taxpayer cannot pay in full. The IRS considers the income, expenses (living expenses), and assets to potentially reach an agreement on a reduced amount. Note that the process is not easy and you have to qualify for the offer in

By |2021-05-08T17:59:12+00:00May 8th, 2021|Categories: Individuals|Tags: , , , , |

New York State has approved their Pass through Entity Tax (PTET)

The New York PTE tax follows several other states in availing itself of the IRS’ guidance in Notice 2020-75, which permits the use of PTE tax regimes like New Jersey and Connecticut previously. With the new PTE tax in place, eligible entities that elect to be taxed at the entity level will now be able

By |2021-05-05T22:18:10+00:00May 5th, 2021|Categories: Business, Individuals|Tags: , , , , , , |

The SBA PPP is closed (no more funds)

Last night, the SBA PPP portal was closed to the financial institutions. No more applications were able to be submitted today. The question is what will happen to the applications submitted but not yet approved. Note that there are around $8 billions on the side for minority groups and around $6B for applications with error

By |2021-05-05T21:32:57+00:00May 5th, 2021|Categories: Business|Tags: , , , |

IRS2Go mobile app

In the recent IRS Tax Tip 2021-59, the IRS provides information on their IRS mobile app that allows you to check on refunds, make tax payments, etc. The IRS mobile app – IRS2Go – provides taxpayers with quick access to helpful IRS tools on their mobile devices. The app is free to download on any

By |2021-05-04T16:36:06+00:00May 4th, 2021|Categories: Individuals|Tags: , , , |

Application Opening TODAY for $28.6 Billion Restaurant Revitalization Fund

Established under the American Rescue Plan, and signed into law by President Joe Biden on March 11, 2021, the Restaurant Revitalization Fund provides a total of $28.6 billion in direct relief funds to restaurants and other hard-hit food establishments that have experienced economic distress and significant operational losses due to the COVID-19 pandemic. This program

By |2021-05-04T16:31:46+00:00May 3rd, 2021|Categories: Business|Tags: , , , , |

Paid leave to employees receiving COVID-19 vaccines

American Rescue Plan tax credits available to small employers to provide paid leave to employees receiving COVID-19 vaccines and that credit should be claimed in the 941 Employer's Quarterly Federal Tax Return. We recommend business owners to reach out to the payroll department or payroll company to get advantage of this tax credit. For further

By |2021-04-24T18:22:34+00:00April 24th, 2021|Categories: Business|Tags: , , , , , , , |

Around 29 million returns hold by the IRS

Over the past year, we have noted that the IRS processing times have been delayed due to the pandemic. During this 2020 tax season (Jan to May 2021), there has been delays in the processing of tax returns and several sources point to the change of tax laws during this tax season as one of

By |2021-04-24T18:14:35+00:00April 24th, 2021|Categories: Individuals|Tags: , , , , , |

Restaurant Revitalization Fund (Grant) – Client communication

Last week, the SBA made a press release of the SBA Restaurant Revitalization Fund which will be available to restaurants and similar businesses  - https://www.sba.gov/funding-programs/loans/covid-19-relief-options/restaurant-revitalization-fund As of right now, the sample application is 16 pages long and it requires a high level detail on several areas. From the information available so far, the funds will be provided as a

By |2021-04-23T17:00:49+00:00April 23rd, 2021|Categories: Business|Tags: , , , , , |
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