Tax Filing and Tips Tax Relief

2020 Tax Deadline Changes, Penalties and Interest

FEDERAL INCOME TAX FOR INDIVIDUALS DUE MAY 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. The IRS will be providing formal guidance in the coming […]

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Parsons CPA announces Senior Manager

Charlotte, NC: The Executive Team at Parsons CPA, PLLC is proud to announce the promotion of Jonathan M. Hardin, CPA to Senior Manager. After a painstaking year, businesses are finding a guiding light through the 2020 fog by utilizing qualified tax and financial professionals. Jonathan and the team at Parsons CPA say they have been […]

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 […]

Tax Filing and Tips

Regulated Investment Company (RIC) Shareholders can take deduction 199A for Real Estate Investment Trust (REIT) Dividends

A regulated investment company (RIC) that receives qualified real estate investment trust (REIT) dividends will be able to report dividends the RIC pays to its shareholders as Sec. 199A dividends under final regulations issued by the IRS on Wednesday. What you need to know: Deduction of up to 20% of income from a domestic business […]

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Tax Implications for International Businesses

In the age of information, conducting business internationally is no longer limited to industrial titans, and there are an increasing number of smaller businesses entering the global marketplace. However, because of the ease of access regarding avenues for international business, many small business owners head into the fray without accounting for the myriad of tax […]