Tina Davies CPA

Tina Davies CPA Contact information, map and directions, contact form, opening hours, services, ratings, photos, videos and announcements from Tina Davies CPA, Accountant, 270 Strathmore Lane, Bloomingdale, IL.
(1)

Owning my own business has given me the excitement of meeting new people, keeping abreast of the new tax laws and applying them as a tax advantage for my clients, helping all of us to be successful entrepreneurs in a very competitive world.

11/23/2020

Update: IRS adds a new (and final?) verse to PPP forgiveness on November 18
IRS released Revenue Ruling 2020-27 on November 18, which would appear to put the matter of deductible vs non-deductible expenses paid with government funds to rest, at least until Congress takes additional action. The Revenue Ruling uses the language of “reasonably expect” regarding PPP loan forgiveness. By that statement, the ruling concludes, if a borrower reasonably expects to receive PPP loan forgiveness, then the expenses paid with anticipated tax-free PPP proceeds are not tax-deductible. The accompanying press release from Treasury encourages borrowers to file for forgiveness sooner than later. Perhaps the reality of PPP loan forgiveness can be known by the borrower before year-end.
In conjunction with Revenue Ruling 2020-27, the IRS issued guidance in Revenue Procedure 2020-51, which includes a safe harbor provision for taxpayer borrowers. The safe harbor rules permit a taxpayer to claim deductions for expenses paid with PPP loan proceeds and initially left off the 2020 return because the borrower anticipated the PPP loan would be forgiven. When the loan forgiveness is finalized, and the borrower learns that loan forgiveness is not granted for all or part of the PPP borrowing (or if the borrower decided not to request forgiveness), the safe harbor permits a taxpayer to claim the previously omitted PPP related expenses on a 2020 return not yet filed, an amended 2020 return, or in 2021 if not claimed on the 2020 filing.
The purpose is to allow taxpayers to deduct expenses either in 2020 or 2021 when they discover their expenses were not paid in whole or part with tax-free money (the part of the PPP loan not forgiven or requested to be forgiven).
The key here continues to be the IRS position that expenses are not deductible when paid with tax-free dollars. Forgiven PPP proceeds are tax-free dollars, in the opinion of the IRS. Another item worth noting is that taxpayer borrowers can only deduct expenses equal to the amount of PPP borrowing not forgiven in the event of partial forgiveness.
Taxpayer borrowers applying the safe harbor provision must attach a statement to what they are doing by following the instructions outlined in the Rev. Proc

This is spectacular!
04/08/2020

This is spectacular!

01/24/2020

New law: For tax years beginning after 2019, the Secure Act repeals the age restriction on contributions to traditional IRAs. So, for tax years beginning in 2020 and beyond, you can make contributions after reaching age 70½.

New tax year - new laws!! This is a nice one!

12/23/2018

I love this!

08/29/2018

The Internal Revenue Service and the Treasury Department published a notice Tuesday, August 28th, saying they intend to issue proposed regulations clarifying who is a qualifying relative for the new $500 credit for dependents and head of household filing status for years in which the exemption amount is zero for tax years 2018 through 2025.

The Tax Cuts and Jobs Act got rid of personal exemptions that have traditionally been used to claim dependents. Instead, it includes a $500 credit for non-child dependents, such as elderly disabled parents or children over the age of 17. For children, the child tax credit doubled from $1,000 to $2,000 per qualifying child. The tax cuts on the individual side expire in 2025, which is why the guidance only applies for tax years 2018 through 2025.

More info to come, of course!

02/10/2018

Budget Bill Passed - Renews Tax Extenders
Today the U.S. government passed a $400 billion budget bill that retroactively renews many expired tax provisions. Really! So those of you with PMI, home efficiency upgrades, higher education expenses, or a discharge of principal indebtedness; it is best to wait to file until the new forms can be approved!
For those that already filed, an amended return will be required to receive the benefits of this very late retroactively passed law.

01/04/2018

IRS set the date of January 29th 2018 for tax filing to begin! Expected refunds without earned income credit or additional child tax credit can be expected 3 weeks from that date!

07/21/2017

I have recently been asked several times if it is worth leaving IL due to the increase in the state income tax. I am not a fan of paying additional or unnecessary taxes, but this increase may not be worth moving for. Many of the neighboring states have higher income tax then Illinois. Many neighboring states may have lower real estate taxes then Illinois, but may impose a personal property tax. Before making too big of a decision, please be informed of where you are wanting to go to. Call us, we are happy to help!

Recent headshots of us! Meet the office, Tina Davies and Tina McCoy, Competent, hardworking, honest, professionals work...
07/21/2017

Recent headshots of us! Meet the office, Tina Davies and Tina McCoy, Competent, hardworking, honest, professionals working to better your tax savings future!

10/13/2016

We wanted to notify you of a change to the due dates for year-end W-2 and 1099-MISC filings. The Social Security Administration and IRS have updated the deadlines to file the 2016 employer copies of the W-2 and 1099-MISC / 1096 filings as follows:

Beginning with the 2016 forms, you will now have one filing deadline, 1/31/17. This is true for both employee and employer copies, whether you're filing paper or electronic returns.

10/05/2016

In past years you were able to claim the College Credits for any tuition paid or billed - not with new legislation!

Taxpayers claiming the American opportunity credit are now required to report the employer identification number of the educational institution to which the taxpayer makes qualified payments under the credit (Sec. 25A(i)(6)(C)). Also note that the Act made changes to the reporting requirements for higher education institutions, which will be required to report only qualified tuition and related expenses actually paid on Form 1098-T, Tuition Statement, rather than being allowed to choose between reporting amounts actually paid or amounts billed. Both of these provisions are effective for expenses paid after Dec. 31, 2015, for education furnished in academic periods starting after that date.

Address

270 Strathmore Lane
Bloomingdale, IL
60108

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm
Saturday 9am - 5pm

Telephone

+12242009468

Website

Alerts

Be the first to know and let us send you an email when Tina Davies CPA posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Shortcuts

Share

Category