KC and Associates P.A.

12/15/2023

Reminder!!

Jan. 16 due date for final 2023 quarterly estimated tax payments

Taxes are normally paid throughout the year by withholding tax from paychecks, by making quarterly estimated tax payments to the IRS or by a combination of both. This is done because taxpayers need to pay most of their tax during the year as income is earned or received.

IR-2023-242, Dec. 15, 2023 — The Internal Revenue Service today reminded taxpayers who didn’t pay enough tax in 2023 to make a fourth quarter tax payment on or before Jan. 16 to avoid a possible penalty or tax bill when filing in 2024.

07/01/2022

Please remember to file PPP Loan Forgiveness. SBA will soon start billing, if you have not submitted your loan forgiveness.

Please email or text us if you need PPP Loan Forgiveness.

06/10/2022

IRS just announce plan to combat gas prices. IRS increases mileage rate for remainder of 2022.
Please track your mileage so that the proper mileage rates are entered when preparing your taxes.
Further more please read the link

IR-2022-124, June 9, 2022 — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain oth...

04/03/2022

Reminder to File Annual Report of Foreign Bank and Financial Accounts (FBAR) is April 15

IR-2022-73, March 31, 2022 — The Internal Revenue Service today reminded U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is April 15.

03/28/2022

Reminder! Time to request an extension to file your taxes; the tax filing and payment deadline is Monday, April 18, 2022
Also, Extension to file is not an extension to pay taxes

Tax Tip 2022-47, March 28, 2022 — For most individual taxpayers the tax filing and payment deadline is Monday, April 18, 2022. Those who need more time to file can request an extension to file.

12/25/2021

Christmas is a time to celebrate the love in our lives. May the spirit of the holiday season fill your heart and your home.

Cheers 🥂
Happy Holidays
Stay safe.

03/31/2021

2020 Maryland Income Tax Filing Season RELIEF Act

To relieve some of the adverse economic effects of the coronavirus pandemic, Governor Lawrence J. Hogan signed Senate Bill 496, Recovery for the Economy, Livelihoods, Industries, Entrepreneurs, and Families Act, referred to as the RELIEF Act. This new law impacts taxpayers:
-Who received unemployment compensation in 2020
-Who received Coronavirus relief grant payment or Coronavirus relief loan forgiveness
-Those who claimed or will claim Earned Income Tax Credit (EITC)
-Who received tax credit claimed for tax paid on distributive or pro-rata share of income by pass-through entity

If none of the items listed above impact you, then you can proceed with filing your 2020 Maryland Tax Return. If you are impacted by the items above, you should wait to file your return until the updated forms are ready on April 15, 2021.

2020 Tax Filing Season RELIEF Act To relieve some of the adverse economic effects of the coronavirus pandemic, Governor Lawrence J. Hogan signed Senate Bill 496, Recovery for the Economy, Livelihoods, Industries, Entrepreneurs, and Families Act, referred to as the RELIEF Act.

03/18/2021

Tax Day for individuals extended to May 17

IR-2021-59, March 17, 2021 — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.

03/14/2021

2021 Economic Impact Payment Status Available

Use Get My Payment to get information about your payment status and payment type.

03/11/2021

MD State Personal Income Tax Filing Deadline to July 15- No interest or penalties will be assessed if returns are filed and taxes owed are paid by the new deadline.

ANNAPOLIS, Md. (March 11, 2021) - Using statutory authority granted to him, Comptroller Peter Franchot today announced that he is extending the state income tax filing deadline by three months until July 15, 2021. No interest or penalties will be assessed if returns are filed and taxes owed are paid...

03/10/2021

Did you get a bill for a U.S. Small Business Administration loan, but you didn’t apply for one? It’s likely that an identity thief applied for the loan using your personal or business information. The SBA has new guidance about reporting the fraud, and the FTC has tips to help you clear up any credit problems it may cause. More:

Did you get a bill for a Small Business Administration (SBA) loan, but you didn’t apply for one?

03/09/2021

Bikram Tax Prime Tax & Accounting Inc

CPA Bikram Kc Phone :- (646) 725-3695Email :- [email protected] :- 600 E Joppa Rd, 2f Towson MD 21286https://www.facebook.com/KC-and-Associate...