Categories
Parsons CPA

Partner, Alisa Johnson, Celebrates 20 Years with Parsons CPA, PLLC

As Partner at Parsons CPA, PLLC, Alisa Johnson has been a driving force in making area small businesses successful. With over 20 years in Public Accounting and 10 years in Private Industry, Alisa has been a symbol of trust, vision and dedication to local business owners. Alisa celebrates this milestone as Parsons CPA, PLLC also […]

Categories
Parsons CPA

IRS’s Updated Deadline Calendar (7/17/2020-12/31/2020)

In the world of Accounting, one deadline is almost immediately followed by another. Below is a list of the updated IRS due dates remaining in 2020.   Friday,7/17/2020 Deposit payroll tax for payments on Jul 11-14 if the semiweekly deposit rule applies. Wednesday,7/22/2020 Deposit payroll tax for payments on Jul 15-17 if the semiweekly deposit […]

Categories
Parsons CPA Tax Filing and Tips

Here is what happens if you don’t file your taxes by deadline…

What happens if you don’t file your taxes by deadline? Interest and Penalties Here are some of the penalties and fees that apply to past due taxes: • Interest is compounded daily and accumulates on the owed amount (the interest rate is equal to the Federal short-term rate, plus 3%) • The late payment penalty […]

Categories
Parsons CPA

IRA contributions made by July 15 count as 2019 tax deduction

Contributions to traditional Individual Retirement Arrangements (IRAs) made by the postponed tax return due date of July 15, 2020, are deductible on a 2019 tax return. Taxpayers can file their 2019 tax return now and claim the deduction before the contribution is actually made. But the contribution must then be made by the July 15 […]

Categories
Parsons CPA

Last minute tax crunch? Here is what your tax professional needs now.

We have all been there, it’s tax time and you waited until the last minute. Ideally, you would have been neatly compiling your receipts and documents since day 1, but that is a discussion for another day. Right now, you need to search, organize and send those docs in before it is too late! Below […]