Planning for a special-needs child
Our children are a blessing from God. Parents of a special-needs child plan for that child’s future without mom or dad in it.
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Innocent Spouse Relief of Taxes
Spouses who file joint federal tax returns are both generally liable for the tax owed. But filers who qualify may seek “innocent spouse relief” from liability. One business owner, whose wife helped with bookkeeping, was found to have years of unfiled tax returns. Also, he’d collected payroll taxes from employees but failed to submit them
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Climbing Federal Deficit
The Congressional Budget Office (CBO) has reported that the estimated federal budget deficit for the first 11 months of fiscal year 2021 was $2.7 trillion. Total receipts to date were up by $539 billion (or 18%) compared to the same period last year. “That change largely reflects the general strength of the economy over the
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Changes to a Key Pension IRS Form
At GLO, we handle a number of pension issues for our clients. Form 5500 is an important part of this. The IRS, the U.S. Department of Labor and the Pension Benefit Guaranty Corporation jointly announced a notice of proposed revisions to the Form 5500 Annual Return/Report filed for employee pension and welfare benefit plans. The
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Employers Must Pay Deferred Social Security
An important payroll tax deadline is coming up for certain employers. To provide relief from the economic ravages of COVID-19, the CARES Act allowed employers to defer their share of Social Security tax from March 27 through Dec. 31, 2020. Those employers must now pay 50% of the deferred tax by Dec. 31, 2021, and
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IRS Uses Private-Collection Agencies
Taxpayers who owe past-due taxes to the IRS may hear from private-collection agencies (PCAs). As of Sept. 23, 2021, three new agencies began assisting the IRS with delinquent accounts. The IRS will notify taxpayers by mail on Notice CP40 if an account is assigned to a PCA. The CP40 will contain a taxpayer authentication number
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Capital Gains for Farmers and Ranchers
Capital gains relief is provided for farmers and ranchers affected by drought. In guidance, the IRS announced that farmers and ranchers who were forced to sell livestock due to drought may have an additional year to replace the livestock and defer tax on any gains from the forced sales. The relief generally applies to capital
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What you should know about inflation
Inflation is the great thief. You work hard and save your money, just to watch the goods and services you want to spend it on, get more and more expensive.
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Cyber Security Bootcamp
GLO has been a passionate supporter of HBU’s College of Science and Engineering from the beginning. Carl Glaw, our Managing Partner, served as the chair of the Advisory Board for the creation of Houston Baptist University’s College of Engineering, now the College of Science and Engineering. Those efforts are bearing fruits as we’re proud to announce
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Join us for a wonderfulChristmas Music Experience! GLO CPAs is pleased to invite you to a free Christmas Concert presented by the Bay Area Chorus of Greater Houston. As a special treat, the Beta Academy Singers will be joining us. The concert will include holiday favorites and beautiful choral music. It will be followed by a