On Tuesday February 22, 2021 the IRS announced that the entire state of Texas will have until June 15, 2021, to file various individual and business tax returns and make tax payments due to the severe winter storms that plagued the state and forced the Federal Emergency Management Agency (FEMA) to declare a federal disaster… Read More

Please bear with us during the storm. Brittany Lopez CPA PC is currently not available – if you had an appointment you will hear from us to reschedule. We will be responding to emails as soon as we can.… Read More

I know it feels like everything keeps changing … I want to share the latest guidance with you as it is very impactful and timely. On December 27th, the President signed the “COVID-related Tax Relief Act of 2020” (the “Act”), which is part of the “Consolidated Appropriations Act, 2021” (H.R. 133). In this act it… Read More

IRS announces more audits for Small Business: Just when you thought it was bad… The IRS has officially announced that it will increase the audit of small businesses by 50%. The IRS is hiring more auditors and more experienced auditors as well. While this sounds horrible don’t hit the panic button just yet. The starting… Read More

For those of you out there who are managing your own SEP Simple plan for your business, here is your friendly reminder. It is time again to provide to your employees Form 5305-SIMPLE “Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) – for Use With a Designated Financial Institution”. The financial institution you… Read More

For those of you who did not receive the Economic Impact Payment or the proper amount of Economic Impact Payment you will be able to receive an adjustment on your 2020 Form 1040. Please note if you received the proper amount ($1,200 single. $2,400 married filing jointly, plus $500 for each qualifying child you had… Read More

The CARES Act enacted last Spring brings a benefit to those who will be utilizing the standard deduction rather than itemizing their deductions for the 2020 tax year. In 2020 individual taxpayers will be able to take advantage of a $300 “above the line” deduction for cash donations made to charities during 2020. It will… Read More

The IRS is making some additional changes that we should all be aware of. We will still have Form 1099-MISC, but it will no longer be used for Non-employee compensation (box 7). They have created 1099-NEC (Non-employee Compensation). There are some additional tweaks as well. Please contact us so we can discuss.… Read More

If you know what that is then you want to read this… Please be aware that the SECURE Act “Setting Every Community Up for Retirement Enhancement Act of 2019 passed and became law in December 2019. If you reached the age of 70½ in 2019 the “old rules” apply to you. Meaning you would have… Read More

The IRS has not escaped the craziness of the year that we have all had together. To date we have received over 30 “love notes” on behalf of our clients from the IRS, who seem to be confused at best. I have spoken to a number of agents who keep assuring me that they are… Read More