Allred Tax Advisors PLLC

10/21/2022

Hey guys!

We’re relocating along withDossey & Jones PLLC to our new permanent home. Collaboratively we bought this building and are relocating to 600 Riverpointe Dr. Suite 201 Conroe, Tx 77304. After a very long reno process we are ready to serve you in Conroe! We still have our Richmond location as well! This move gives us space to grow!

Effective Monday we will no longer be at the Woodlands location, now we’re just a few miles north in Conroe!

Give us the weekend to settle in and we’ll be ready for year end tax planning!!!

02/16/2022

Is your CPA talking to you about how all this can be taxed advantaged? Even the kids? I know one that will! Reach out for tax planning solutions!

Andrea Nicole Allred

11/11/2021

We stand and salute all Veteran's. Thank you all for your service to make this country free!

09/21/2021

So have you read the proposals associated with the new spending bill?? Buckle up buttercup! Small businesses are square in the middle of this. The marriage penalty oh yeah it’s there!

I always tell the boys nothing is free and yes that is true but when is it ok to penalize small businesses and moderately successful people.

It’s not really a rich pay their fair share! It’s a we’re not going to promote start ups and small businesses kind of bill!

I’d highly advise you to reach out to your congressman and tell them it’s not ok to spend at the expense of small businesses!!

02/24/2021

FYI - IRS EXTENSION

IR-2021-43, February 22, 2021 — 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 Internal Revenue Service announced today.

02/24/2021

There are lots of opportunities for small businesses to get additional help related to PPP and Employee Retention Credit.

The Biden Administration is revamping the rules for who qualifies for PPP. If your business lost money in 2020 you might still be eligible. I'd highly recommend you consult your tax advisor. I know a good one if you are needing a recommendation.

Also when legislation was passed at the end of 2020, it allowed businesses to claim both the Employee Retention Credit and PPP forgiveness. Before this revision if you received PPP funds you were precluded from claiming the credit. You are not allowed to use the same wages for both but you are allowed to claim both. If you need help sorting all this out contact us!
We don't do payroll but have the hook-up for you!!

01/20/2021

Happy New Year!

I’ve been waiting to update all of you on the second round of PPP until the SBA put out guidance and was close to launching the second round of PPP. The second round of PPP is very different than the 1st round of PPP. Here are some of the highlights:

• If you received PPP money in the first round you must have used all that for approved purposes
• You cannot have more than 300 employees.
• You must have a 25% reduction in gross receipts in any one quarter as compared to 2019. If you were not in business for all of 2019 there are special rules, see below for a full explanation from the SBA
ohttps://www.sba.gov/sites/default/files/2021-01/Top-line%20Overview%20of%20Second%20Draw%20PPP%20%281.8.2021%29-508.pdf
• The total amount of the loan cannot exceed $2 million.
• For restaurants and related business your factor for the loan is 3.5 vs other who’s factor remains as 2.5
• 60% must be used for payroll but other approve cost include PP&E and normal operating cost.

If you missed the window for the first PPP you may now apply under the rules for first round of funding including being in business as of February 15, 2020. Also, for those of you who have not received forgiveness the additional approved expenditures apply to the first round.

The biggest news that came out of the second stimulus is that PPP will not be taxable. The expenses are deductible, and the receipt of the grant is not taxable which was the intention all along. Congress also gave us another reason to patronize your favorite restaurant. For 2021 and 2022 so long as the meals are not considered lavish and there is a reasonable business purpose i.e. a client or employee is present the meal is fully deductible.

As always, we are here to help and happy to answer any questions you might have.

10/20/2020

Hey Guys! We have a client in the Galleria area who is looking for a full time Accountant. They have asked me to help them find someone! I'd love to help someone make a great career move!!

10/07/2020

Wanna know why the media is outraged by the President's tax bill? It's accelerated depreciation, materially participating real estate professional and at risk! Don’t get mad you pay more, reach out to us!!

We have in depth experience with real estate professionals and farm losses! We've been helping our clients for years with the few jewels still left in the tax code!

03/28/2020

This might be helpful for small businesses!

I’ve spent an extensive time researching provisions to help my clients during this time of need.. One interesting aspect I came across was a code section enacted during 9/11 and has since been forgotten.

Section 139 of the code permits employers to make tax free payments to employee during a time of crisis in a federally declared disaster area to help the employees reasonable and necessary personal, family, living and funeral expenses. These payments cannot be compensatory in nature or reimburse employees for items covered by insurance or for lost income. The purpose of this code is to allow employers to help employees get through extraordinary circumstances. These payments are fully deductible to employers and not consider compensation to employees.

So in this particular instance it could mean paying for the following for employees:

- Dependent and Childcare including tutoring services while the children are prohibited from going to school
- Medical expenses including mental health treatment while going through this pandemic
- Over the counter medicine including hand sanitizer
- Additional expenses incurred by the employee while being forced to work from home. Including printer, supplies and increased utility expenses
- Increased transportation expenses
- Increased living expenses including cleaning products a

It's wise to document the nature of these payments a memo in the employee’s file should include the following:

- The amounts for the payments to the employee
- The reason for the payment
- The start and end date of the program
- Any maximum amount if any an employee can be reimbursed for

It is important to note that none of these payments are reimbursed by the government but do allow for employers to help employees through these trying time without have to worry about the employee incurring additional tax consequences for such help. It is also important to note unlike standard reimbursement policies, the employer is not required to have receipts or proof of expenditure.