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HAGY & ASSOCIATES, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
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Newsletters
March 02, 2021
APRIL 15 TAX DEADLINE EXTENDED TO JUNE 15 FOR ALL TEXAS TAXPAYERS
Due to the winter storms in Texas, all taxpayers in Texas have until June 15 to file returns, make tax payments and to contribute to IRAs.  ...
Investment in Qualified Opportunity Fund can Defer 2020 Tax
Tax on 2020 capital and  Sec. 1231 gains can be deferred to 2026 by reinvesting in a Qualified Opportunity Fund.  See Janet's article that was published in the February 11, 2021 Tax Adviser newslett...
Taxation of IRA investments in Certain Partnerships
The AICPA recently published an article that Janet wrote about how to minimize the tax upon sale of Master Limited Partnership interests held in IRA accounts....
Pitfalls and Treasures of the QBI Deduction
Read Janet's latest article published in the October 2019 AICPA Tax Adviser Magazine. ...
Guide to Residential Real Estate Deductions
Janet's article about residential real estate under the new tax laws was published in both the Journal of Accountancy (May 2019) and The Tax Adviser (April 2019)....
New Form for Self-Employed COVID-19 Leave Credits
The IRS has released new Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals. The form allows eligible self-employed individuals to calculate the amount to claim f...
IRS Urges Employers to Claim Employee Retention Credit
The IRS is urging employers to take advantage of the newly-extended employee retention credit (ERC), which makes it easier for businesses that have chosen to keep their employees on the payroll despit...
Lenders Notified to File Corrected Forms 1099-MISC to Exclude Subsidized Loan Payments
The IRS has announced that lenders who had filed or furnished Form 1099-MISC, Miscellaneous Information, to a borrower, reporting certain payments on loans subsidized by the Administrator of the U.S. ...
Teachers Receive Safe Harbor for Certain COVID-related Expenses
The IRS is providing a safe harbor for eligible educators to deduct certain unreimbursed COVID-19-related expenses. The safe harbor applies to expenses for personal protective equipment, disinfectant,...
Double-Check for Missing, Incorrect Forms Before Filing
With some areas seeing mail delays, the IRS has reminded taxpayers to double-check before filing a tax return to make sure they have all their tax documents, including Form W-2, Wage and Tax Statement...
Increased Deduction Limit for Disaster Relief Cash Contributions by Corporations
The IRS has highlighted how corporations may qualify for the new 100-percent limit for disaster relief contributions, and has offered a temporary waiver of the recordkeeping requirement for corporatio...
New IRS Tool to Upload Authorization Forms With Digital Signatures
The IRS has announced that tax professionals can use a new online tool to upload authorization forms with either electronic or handwritten signatures. The new Submit Forms 2848 and 8821 Online tool is...
IRS Urges E-Filing, Direct Deposit
The IRS has urged taxpayers to e-file their returns and use direct deposit to ensure filing accurate tax returns and expedite their tax refunds to avoid a variety of pandemic-related issues. The filin...

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