The IRS issued a press release IR-2021-43 declaring that victims of this month’s winter storms in Texas will have until June 15, 2021 to file various individual and business tax returns and make tax payments. The IRS has ALSO issued IR-2021-02 which says (I have added emphasis to one part below): “Victims of winter storms…
Category: Tax
Texas Disaster – Limited Delay in IRS Filings
The IRS issued a press release IR-2021-43 declaring that victims of this month’s winter storms in Texas will have until June 15, 2021 to file various individual and business tax returns and make tax payments. The IRS announcement says “The tax relief postpones various tax filing and payment deadlines that occurred starting on February 11….
Texas Homestead Creditor Protection and Trusts
Two weeks ago, I wrote about the In re Cyr case out of the Bankruptcy Court in San Antonio. That court held that a home inside a trust was not protected from creditors under the Property Code because the trust did not allow the debtor to live in the home “at no cost.” Instead the…
Homesteads in Trust – In Re Cyr Reversed
Homesteads in Trust Safe from Creditors If… In 2019, the Bankruptcy Court in San Antonio issued an opinion in the case of In re Cyr holding that a home inside a trust was not protected from creditors under the Property Code and the Texas Homestead Exemption. The reason was that the language in the trust…
July 15 Obamacare Deadline – Protective Claims for Refunds
I saw chatter on the ACTEC listserv, did a general search for the issue, and found that many tax professionals are looking at filing “protective claims for refund” in connection with the taxes that are a part of the Affordable Care Act (“ACA”). In 2012, the Supreme Court said that a mandate requiring individuals to…
NO MORE DELAY – July 15 is IRS Deadline
The IRS is trying to reach everyone to make clear that the postponement of several tax deadlines until Wednesday, July 15, 2020, is it. There have been some stories in the press suggesting the IRS was going to postpone that date. However, there are no more postponements. The July 15 deadline generally applies to all…
IRS Delays FILING and Payment
Last week, some news outlets were incorrectly reporting that you didn’t have to file your income tax returns or pay your income taxes until July 15, 2020. That was wrong. In IRS Notice 2020-17 issued last Wednesday, the IRS delayed only the payment, but not the filing. Realizing the awkward situation that created, on Friday,…
IRS Delays Payment, Not Filing
It’s in the news, and some of the news is wrong. Here is a link to the actual IRS Notice 2020-17: Part III – Administrative, Procedural, and Miscellaneous The info that the news media has wrong is that you don’t have to file your tax returns due April 15. That is not correct. Notice 2020-17…
Kiddie Tax Change
Mickey Davis (of Houston) pointed out that Title V, Section 501, of the new funding legislation changes the Kiddie Tax (found in Section 1 of the Code). Quick background: Internal Revenue Code Section 1(g) applied a tax on certain children with unearned income. That was typically called the “kiddie tax.” If the child had been…
BIG (?) Retirement Plan Changes
If you have a retirement plan (IRA, 401(k), profit sharing plan, etc.) payable to your children or grandchildren (or trusts for them), this could be a VERY BIG CHANGE for you. As busy as life is, this deserves your attention now. Congress has been working on keeping the government open. To do that, it needed…