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ANY TAX ADVICE IN THIS COMMUNICATION IS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, BY A CLIENT OR ANY OTHER PERSON OR ENTITY FOR THE PURPOSE OF (i) AVOIDING PENALTIES THAT MAY BE IMPOSED ON ANY TAXPAYER OR (ii) PROMOTING, MARKETING OR RECOMMENDING TO ANOTHER PARTY ANY MATTERS ADDRESSED HEREIN.
Author Archives: Carol
#COVID-19 UPDTD SBA Economic Injury Disaster Loans (EIDL)
Updated 04/14/2020 for SBA clarification Our whole nation is a declared disaster area. Structures are still standing and the power is on. But the financial fallout is everywhere. An SBA Economic Injury Disaster Loan could provide the necessary working capital … Continue reading
Posted in Covid-19, General Interest
Tagged #covid-19, #mcateeandassociates, SBA Loans
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Keeping Track…of expenses. The first of a two-part series.
There are so many things we keep track of on a daily basis: bank balances, dogs, kids, and how much gas is in the tank. But if you’re a business owner, you’re also tracking expenses. There’s two ways to dress … Continue reading
Posted in Accounting, General Interest
Tagged Carol McAtee, McAtee & Associates
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Timely Mailed = Timely Filed…Or Does It?
Last week we introduced the Mailbox Rule. This week we tell a tale of how serious it is when “timely mailed = timely filed” meets “he said-she said”. This is a story, sad but true. Many years ago in 2005, … Continue reading
Posted in Court Cases, General Interest, IRS, Supreme Court, Tax Court, Taxes
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The Mailbox Rule
Taxpayers mail all sorts of things other than tax returns. There are other information returns, petitions, and payments, all of which are crucially important to arrive at the IRS on time. Taxpayers use USPS, DHL, FedEx and UPS. Taxpayers drop … Continue reading
Posted in General Interest, IRS
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2020 Legislative Changes to Efiling
On July 1, 2019, President Trump signed into law the Taxpayer First Act of 2019 (TFA), designed to improve the IRS’ interactions with us taxpayers by enacting changes to the IRS’s organizational structure, customer service, enforcement procedures, management of information … Continue reading
Posted in Business Taxes, Individual Taxes, IRS, Taxes
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We Are, After All, IRS Customers
The IRS as usual is patting its own back on how great they did customer service-wise during the 2019 tax season. The National Taxpayer Advocate (NTA) recently released its Annual Report to Congress and as is every year the reviews … Continue reading
Posted in General Interest, IRS
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Series. Part 4 of 4. 2020 Legislative Changes to Retirement Plans.
This is the last of our four-part series: 2020 Legislative Changes to Retirement Plans. Just about two months ago, on December 20, 2019 President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) approved by the … Continue reading
Posted in Retirement Planning, Tax Planning
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Self-employed Plans – SEP IRAs and SIMPLE
Series. Part 3 of 4. Self-employed Plans: SEP IRA and SIMPLE. We have talked about retirement vehicles: Traditional & Roth IRAs. Last week we talked about a garage they can be parked in: Employer-provided retirement plans. In this second to … Continue reading
Posted in General Interest, Individual Taxes, Retirement Planning, Taxes
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Employer-provided Plans: 401Ks, 403Bs, and 457Bs.
Series. Part 2 of 4. Employer-provided Plans: 401Ks, 403Bs, and 457Bs. In this series of four, we are talking about various tax advantageous retirement and savings vehicles and their maximum contribution amounts. We hope that you check on your progress … Continue reading
Posted in Business Taxes, Individual Taxes, Retirement Planning, Tax Planning, Taxes
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Individual Retirement Accounts: Traditional & Roth
In this series of four, we will look at various tax advantageous retirement and savings vehicles and their maximum contribution amounts for 2020. We hope that you check on your progress towards maxing it out. Let’s start with the well-known … Continue reading
Posted in Individual Taxes, Retirement Planning
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