19 November

Announcing Mandy Thiebaud as Newest Firm Shareholder

Dallas, TX – We are proud to announce Mandy Thiebaud as the firm’s newest shareholder and the change of the firm name to Patten Thiebaud LLC. Mandy joined the firm in October 2016 and quickly established herself as a keenly skilled accounting and financial professional, compassionate team member, and asset to the firm’s growth. Our name change recognizes her significant …

28 February

2020 – 02/28

Good records are the key to tax deductions. In one case, an independent insurance agent’s claims for a variety of business deductions were largely denied. Notably, the U.S. Tax Court found he double counted some expenses. Also, his substantiation for various other items consisted of cancelled checks or credit card/ bank statements that showed expenses were paid, but they were …

21 February

2020 – 02/21

Small employers may qualify to change the way they report and pay payroll tax. Generally, employers file Form 941 (Employer’s Quarterly Federal Tax Return) each quarter. Small employers with annual federal employment tax liability of less than $1,000 may now file Form 944 (Employer’s Annual Federal Tax Return) by Jan. 31 of the following year. Qualifying employers may ask the …

10 February

2020 – 02/10 – Do you want to go into business for yourself?

Many people who launch small businesses start out as sole proprietors. There are many tax rules and considerations involved in operating that way. For example, you may qualify for the pass-through deduction on qualified business income. You must pay self-employment taxes and make estimated tax payments on income earned. If you hire employees, you need a taxpayer ID number and …

07 February

2020 – 02/07

How do dependents affect federal income taxes? The Congressional Budget Office recently issued a report (https://bit.ly/3bbJarM ) on this topic. It analyzed tax return data under 2019 tax rules and compared it with the rules that are scheduled to be in place for 2026. It estimated that the average tax benefit per dependent for 2019 is $2,300 ($3,800 per family). …

31 January

2020 – 01/31

As we begin to file 2019 tax returns, a new report looks at how the IRS performed last tax season. A Treasury Inspector General for Tax Administration (TIGTA) audit shows that, by May 2019, the IRS received over 141 million returns and issued about 100.4 million refunds totaling more than $274 billion. In addition to standard processing, the IRS incorporated …

17 January

2020 – 01/17 – Time passages: Estate planning through the years

Virtually everyone needs an estate plan, but it isn’t a one-size-fits-all proposition. Even though each person’s situation is unique, general guidelines can be drawn depending on your current stage of life. If you’ve gotten married, for example, now is the time to build the foundation for your estate plan. And, if you’ve recently started a family, estate planning is even …

13 January

2020 – 01/13 – New rules will soon require employers to annually disclose retirement income to employees

The recently enacted SECURE Act includes a new requirement for employers that sponsor tax-favored defined contribution retirement plans that are subject to ERISA. Specifically, the law will require that benefit statements sent to plan participants include a lifetime income disclosure at least once during any 12-month period. It will need to illustrate the monthly payments that an employee would receive …

03 January

2019 – 12/30

The start of the new year ushers in tax season. If you used your home to conduct business, you may qualify to take a home office deduction on your tax return, even if you’re a renter. Here are the basic rules: The home must be your principal place of business, or a place to meet clients in the course of …