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So far Victor Garrido, CPA, EA has created 63 blog entries.
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IRS to recalculate taxes on 2020 unemployment and issue refunds

For those taxpayers that filed their taxes before the $10,200 unemployment exclusion was approved in the middle of the 2020 tax season, the IRS will automatically recalculate the Federal taxes and plans to start issuing refunds in May 2021. From the official IRS guidance, we can read:  "... This law change occurred after some people filed

By |2021-04-19T01:49:43+00:00April 9th, 2021|Categories: Individuals|Tags: , , |

IRS Estimated tax payments are due April 15 (Also, C Corp filing)

The IRS is reminding taxpayers that the 2021 estimated tax payments are due on April 15, 2021 as the estimated tax payments were not extended. Note that they were extended in prior year tax period. As a result, some taxpayers might be confused on this year's due date for estimated tax payments. Additionally, the tax

By |2021-04-08T16:53:43+00:00April 8th, 2021|Categories: Business, Individuals|Tags: , , , , , |

Meals 100% deductible in 2021 to 2022

Today, in the issue number IR-2021-79, the IRS has communicated that increases the deductibility of meal expenses from 50% to 100% for years 2021 and 2022 to promote the restaurant industry, which has been especially impacted during the pandemic. Beginning Jan. 1, 2021, through Dec. 31, 2022, businesses can claim 100% of their food or

By |2021-04-08T16:31:25+00:00April 8th, 2021|Categories: Business|Tags: , , , |

IRS has refunds totaling $1.3 billion for people who have not filed a 2017 federal income tax return

In the IRS Issue number IR-2021-75, the IRS indicates that there is $1.3 billion of refunds that have not been claimed by the taxpayers in 2017. Keep in mind, that the law provides a three-year window to claim a refund. Normally, April 15, 2021, is the deadline to claim a refund from tax year 2017

By |2021-04-08T17:09:01+00:00April 7th, 2021|Categories: Individuals|Tags: , , , , |

Received a 2020 Recovery Rebate Credit different than expected?

In the IRS Issue Number: IR-2021-76, the IRS indicated some of the reason why taxpayers might have received Recovery Rebate Credits (If you did not receive stimulus money and you were entitled to it, the Recovery Rebate is calculated when you file your 2020 tax return). Some of the reasons highlighted by the IRS are:

By |2021-04-19T01:40:53+00:00April 6th, 2021|Categories: Individuals|Tags: , , , |

IRS guidance for employers claiming the Employee Retention Credit 2021 Q1 Q2

The IRS provided additional guidance for the Employee Retention Credit for the first two quarter of 2021. The IRS notice addresses some of the changes from 2020 Employee Retention Credit. From the Journal of Accountancy's article, "... As a result of the changes made by the Consolidated Appropriations Act, eligible employers can claim a refundable

By |2021-04-19T01:35:17+00:00April 4th, 2021|Categories: Business|Tags: , , , , |

IRS to recalculate taxes on unemployment benefits; refunds to start in May

As you might now around March 2021, the IRS approved the $10,200 income exclusion for unemployment benefits. The IRS notice IR-2021-71 mentioned that there is no need to file an amended return and that the IRS will recalculate taxes on unemployment benefits. The IRS expects that the refunds will start in May, 2021 for those

By |2021-04-02T18:10:54+00:00April 2nd, 2021|Categories: Individuals|Tags: , , , |

Shuttered Venue Operators Grant – SVOG – open April 8, 2021

The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act. The program includes over $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance. Eligible applicants may qualify for grants

By |2021-04-02T17:44:09+00:00April 2nd, 2021|Categories: Business|Tags: , , , , , |

Restaurant Revitalization Fund to be released in April 2021

The U.S. Small Business Administration (SBA) is targeting early April to launch a phased rollout of the $28.6 billion Restaurant Revitalization Fund (RRF), a senior SBA official testified during a Senate Small Business Committee hearing. The American Rescue Plan Act, P.L. 117-2, created the RRF to provide restaurants with grants equal to their pandemic-related revenue

By |2021-03-28T18:56:57+00:00March 28th, 2021|Categories: Business|Tags: , , , |

Face masks and other personal protective are tax deductible medical expenses

On Friday 3/26/21, the Internal Revenue Service issued Announcement 2021-7 clarifying that the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses. Link IRS - https://www.irs.gov/pub/irs-drop/a-21-07.pdf Link Bloomberg article - https://www.bloomberg.com/news/articles/2021-03-26/masks-and-hand-sanitizer-are-tax-write-offs-the-irs-says

By |2021-03-28T16:18:45+00:00March 28th, 2021|Categories: Individuals|Tags: , , , , , |
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