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By on March 26, 2020
Last week, the Texas Comptroller issued an important memo regarding the taxation of medical billing services. The memo is dated March 19, 2020 and follows up on a prior memo dated November 19, 2019, which had previously announced the reversal of a long-standing Comptroller policy treating medical billing services as nontaxable.
By on March 26, 2020
This week, the Texas Comptroller issued a potential life-line to businesses that are struggling to pay their taxes in light of COVID-19, but taxpayers should proceed with caution.
So You Think the IRS Extended All April 2020 Deadlines? Think Again. **And Again.**
By on March 24, 2020
In IRS Notice 2020-18, the IRS automatically extended the April 15, 2020 due date for federal income tax returns and federal income tax payments to July 15, 2020. The IRS made clear, however, that "no extension" is provided for the payment or deposit of any other Federal tax or the filing of any other Federal return. So what stays on the April 2020 to-do list?
IRS Invites En Masse Microcaptive Participants to Amend Returns: Should Taxpayers Accept?
By on March 24, 2020
In a move that some might consider tone-deaf, the IRS has done a mass mailing to microcaptive participants, boasting of its wins in Tax Court, and inviting taxpayers to amend prior year returns to remove the Federal tax benefits claimed relative to their captive insurance planning. Do taxpayers accept this invite and if not, how should they respond to this IRS letter?
By on March 24, 2020
In IRS Notice 2020-18, the IRS automatically extended the April 15, 2020 due date for federal income tax returns and federal income tax payments to July 15, 2020. The IRS made clear, however, that "no extension" is provided for the payment or deposit of any other Federal tax or the filing of any other Federal return. So what stays on the April 2020 to-do list?
COVID-19 May Cause Defaults in Compromise and Settlement Agreements with the Texas Comptroller
By on March 20, 2020
Along with the many ails COVID-19 brings to the table is the possibility that it will cause a default on payments due under Compromise and Settlement Agreements with the Texas Comptroller.