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Latest News from The Tax Consultants, Inc.

small judge gavel placed on table near folders Tax Tip Tax Time is Seasonal, but the Taxpayer Bill of Rights Applies All Year All taxpayers have fundamental rights when they’re interacting with the IRS. These rights apply all year long, not just during tax season. The Taxpayer Bill of Rights presents these rights in 10 categories.Here’s an overview of these rights and links Continue Reading set of paper calendars with months on pink background Announcement, Income, New, Tax 2021 Tax Filing Season to Begin February 12th The Internal Revenue Service announced that the nation's tax season will start on Friday, Feb. 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.The Feb. 12 start date for individual tax return filers allows Continue Reading person holding black ceramic pig coin bank New, Tax Tip New Forgiveness Rules for Past, Current, and New PPP Money Good news: the new Paycheck Protection Program (PPP) law enacted with the stimulus package adds dollars to your pocket if you have or had PPP money. Note that the PPP money comes to you in what appears to be a loan. Continue Reading person holding white printer paper New Paycheck Protection Program Reopens and EIP Update Paycheck Protection Program Reopens Week of January 11thFirst Draw PPP Loans available on Monday, January 11.Second Draw PPP Loans available on Wednesday, January 13.Originally open only to community financial institutions, the PPP will then open to all participating lenders shortly Continue Reading close up of two flute glasses filled with sparkling wine wuth ribbons and christmas decor Administration, Announcement, General Happy New Year's We are wishing everyone a Happy New Year with the hope that you will have many blessings in the year to come. Our office will be closed tomorrow, Friday, January 1st. If you need to contact us, please visit Continue Reading laptop internet writing technology Announcement, New, Tax Economic Impact Payment (Stimulus Check) Update As we noted on our first update, on Sunday, December 27, President Trump signed the Consolidated Appropriations Act, 2021, CAA 2021. The Act contains numerous individual, business, payroll, disaster, and energy-related tax provisions, as well as tax extenders. Many of Continue Reading american flag with rolled dollar bills Announcement, New Economic Impact Payment (Stimulus Check) On Sunday, December 27, President Trump signed the Consolidated Appropriations Act, 2021, CAA 2021. The Act contains numerous individual, business, payroll, disaster, and energy-related tax provisions, as well as tax extenders. Many of the provisions, including $600 stimulus payments, and Continue Reading man and woman sitting on the couch General Merry Christmas We will be closed today, December 24th and tomorrow December 25th in observance of Christmas. We would like to wish you all a safe and happy holiday! Continue Reading autumn fallen leaves on gravestone Tax, Tax Tip, Wealth Management Tax Considerations When a Loved One Passes Away If a loved one passes away and you serve as the executor or inherit assets, you need to consider your duties and so some tax planning. Filing the Final Form 1040 for Unmarried Decedent If the decedent was unmarried, an initial step Continue Reading gingerbreads on snow Administration Closed Due to severe weather we will be closed today, December 17th 2020. If you need to contact us please feel free to contact us through our website Stay Safe! Continue Reading Administration Winter Storm Warning Heavy Snowfall is expected for tonight into early morning. We will update our website, Twitter and Facebook page with any possible closing or delay. If you need to cancel an appointment please feel free to Email or Continue Reading man and woman smiling inside building Tax, Tax Tip Five Things to Know About Employing Your Spouse If you own your own business and operate as a proprietorship or partnership (wherein your spouse is not a partner), one of the smartest tax moves you can make is hiring your spouse to work as your employee. But the tax Continue Reading focused businesswoman writing in notebook during work in office Income, Tax, Tax Tip Steps to Take Now to Get a Jump on Your Taxes Tax planning is for everyone. Get ready today to file your federal income tax return. Gather your tax records Have your records organized to make preparing a tax return easier. It may also help you discover potentially overlooked deductions or credits. Include in Continue Reading crop businessman giving contract to woman to sign Income, New, Tax New IRS Efforts to Destroy Tax Deductions for PPP Paid Expenses From what we know, when lawmakers originally passed the Paycheck Protection Program (PPP), they thought that under its provisions, you did not pay taxes on the forgiveness amount, andyou also could deduct the expenses that you paid with the PPP money. Fly Continue Reading person holding white printer paper New, Tax What You Need to Know About the 2021 Tax Brackets The IRS released the federal marginal tax rates and income brackets for 2021 on Monday. The seven tax rates remain unchanged, while the income limits have been adjusted for inflation. The 2021 tax brackets affect the taxes that will be filed Continue Reading person holding coin Income, Tax, Tax Tip 7. Deal with Your Qualified Improvement Property When we announced a week ago that we would be running a short series on 2020 Last-Minute Year-End General Business Income Tax Deductions we had no idea the amount of interest it would spark. Please allow us to Continue Reading two covid vials on pink surface Income, Tax, Tax Tip 6. Thank COVID-19 The weekend is here, but that won't stop of from posting our last minute tax tips for 2020. Here is Tip #6. Thank COVID-19. Let’s be real: there’s little to be grateful for with COVID-19, but one of the several Continue Reading banking business checklist commerce Income, Tax, Tax Tip 5. Don't Assume You Are Taking Too Many Deductions Tip #5. If you missed our past tips now would be a great time to check out our series on last minute 2020 tax tips. Be sure to check back tomorrow for #6! If your business deductions exceed Continue Reading working macbook computer keyboard Income, Tax, Tax Tip 4. Use Your Credit Cards Here's tip #4 of our 7 Late Minute Tax Tips for 2020! In case you missed it, here's a quick link to our last three tips: Prepay Expenses Using IRS Safe HarborStop Billing Customer, Clients and PatientsBuy office Equipment If you are a Continue Reading gray scale photo of gears Income, Tax, Tax Tip 3. Buy Office Equipment We're back with Tip #3 of our seven part series. And now, without any further ado, Tax Tip 3: With bonus depreciation now at 100 percent along with increased limits for Section 179 expensing, buy your equipment or Continue Reading Income, Tax, Tax Tip 2. Stop Billing Customer, Clients, and Patients.
We're back for day two of our 2020 last minute tax tips series.  If you missed yesterday's post, here's a link to tip #1 :  Prepay expenses using the IRS safe harbor.  Here is one rock-solid, time-tested, easy strategy to reduce
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Income, Tax, Tax Tip 1. Prepay Expenses Using The IRS Safe Harbor
Our first tip of our last minute year end tax deductions series:  Prepay Expenses Using the IRS Safe Harbor You just have to thank the IRS for its tax-deduction safe harbors. IRS regulations contain a safe-harbor rule that allows cash-basis taxpayers
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Announcement, Income, Tax 2020 Last-Minute Year-End General Business Income Tax Deductions
Your goal should be to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash
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Announcement Honoring Those Who Have Served
We honor the bravery and sacrifice of those who have served America in the armed forces.  It is also a time to appreciate the commitment of our active military personnel and their dedicated families. Let us honor their courage. Please join us
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Tax Tip Taxpayers have the right to representation when working with the IRS
The IRS grouped all of the rights taxpayers have under the law into the Taxpayer Bill of Rights. Included in the list is the right to retain representation. Here’s what the right to retain representation means to taxpayers: Taxpayers have the
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Announcement, New New Small Business COVID-19 Grant Program
We are sending out notice of MGCC's small business COVID-19 grant program, which opens today at noon and closes on November 13. Please go to the MGCC website to learn more about eligibility criteria and required documentation. Small businesses with
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Announcement Retirement Announcement
We are both delighted and disheartened to announce that Louise Oliveira is retiring.  Louise has been a tremendous employee and was invaluable in making our office run smoothly.  Louise's retirement is our loss, but a well-deserved respite for her.  We
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Foreign Accounts, Income, New, Tax FinCEN Clarifies FBAR Extensions
On October 14, 2020, FinCEN posted an incorrect message on its Bank Secrecy Act (BSA) E-Filing website. FinCEN removed it within 24 hours. The message incorrectly stated there was a new filing extension until December 31, 2020 for all filers
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Announcement Holiday Reminder

Holiday Reminder: Our office will be closed on Monday 10/12 in observance of Columbus Day.  We'll be back in the office on Tuesday the 13th

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Income, New, Tax IRS Adds Audi, MINI, and Toyota Prius Models to Plug-in Electric Vehicles Credit List
On its website, the IRS has added Audi, MINI, and Toyota Prius models to the list of vehicles that are eligible for the plug-in electric drive motor vehicle credit. Code Sec. 30D(a) provides a credit to the purchaser of a qualified
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