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Lifting the “Black Cloud”: How to Navigate IRS Debt in the Time of COVID-19.
One of my new clients gave me a call last week to talk about his tax debt. As he described his struggles, he expressed something that really resonated with me. “I have years of unfiled tax returns,” he said. “But I’m not receiving anything from the IRS. There’s just a black cloud hanging over me, […]
Paycheck Protection Program (PPP) Amended to Include Businesses with Less than 20 Employees
A new policy directive from the Biden administration qualifies a whole new set of businesses for Paycheck Protection Program (PPP) Loans. In the past, if you operated your business as a sole proprietorship, or employed less than 20 workers, then the old PPP standards left you out. Not anymore. For limited time only, the Small […]
Everything You Need for the 2020-2021 Tax Season
Tax season is here. But with major paper delays and a giant backlog of unopened returns at the IRS, as well as several COVID-19 stimulus payments to account for, 2021 is set to be another unusual year for taxpayers. Even during “normal” years, taxes are inherently stressful. This tax season could be even harder thanks […]
Congress Asks the IRS to Extend the 2020 Tax Season. Will the April 15 Filing Deadline Change?
Update 3/2/2021: The IRS has extended the Tax Filing Deadline to June 15th for Oklahoma and Texas. The April 15 tax filing deadline is fast approaching — maybe a little too fast. Because we’re still dealing with the awful ramifications of COVID-19, Congress has asked the IRS to extend the tax return filing season beyond […]
Bitcoin & The IRS: Here’s What Your Cryptocurrency Holdings Mean for Tax Season
“Trust me,” your weird nephew said. “Bitcoin’s gonna be huge.” It was 2010. You probably laughed off the suggestion. Back then, after all, it took 5,000 Bitcoins to buy a large pizza. But maybe, just maybe, you listened and bought into crypto early. If so, good for you. Bitcoin has exploded in value since its […]
What are the Federal Income Tax Brackets for 2020 and 2021?
It’s the start of a new year, and with that, the start of the 2020 tax filing season. These next few months can be complicated for taxpayers. On the one hand, we’re looking back at 2020 to prepare our returns and file by the April 15 deadline. But at the same time, we’re already looking […]
Business Meals are 100% Deductible in 2021 and 2022
Go ahead, schedule that lunch meeting. Business meals are 100% deductible in 2021 and 2022. The new policy comes as part of the Consolidated Appropriations Act, 2021 (CAA, 2021), a bill that combines the $900 billion COVID-19 stimulus package signed in December with a larger omnibus spending plan for the 2021 fiscal year. In an […]
Expect the IRS to Take at Least 5 Months to Process Your Paper-Filed Tax Returns
Since the beginning of the COVID-19 lockdowns, the Boxelder team has helped hundreds of clients file past due tax returns via mail. For one of those clients, the returns were filed on September 4th. We didn’t receive confirmation from the IRS that our client’s returns were processed until yesterday – February 4th. That’s a five-month […]
Can W-2 Employees Deduct Work-From-Home (WFH) Expenses on their 2020 Tax Returns?
Recently, I’ve had several W-2 clients call with the same question: can I deduct my work-from-home expenses from my taxable income? The COVID-19 pandemic has led many of us to work-from-home (WFH) in order to protect ourselves and our co-workers. That means we’re incurring expenses we wouldn’t normally pay in an office setting: electricity, internet, […]