News & Insights

Cybersecurity: A Discussion With The Experts

              A Discussion With The Experts: How To Protect Your Business Ransomware is a threat that all of us are reading about in the headlines, and some of us have experienced. Hackers are upping their game with new techniques and technology. A leading ransomware negotiator, Coveware, says the average ransom payment in the second quarter of 2020 was $178,254 – up 60% from the first quarter. It's important to be aware of recent developments, and how to develop an effective approach to securing our networks and data. The right approach targets smart investments in people, processes and…

Thank You!

            Dear Clients and Friends, Although the year 2020 so far has been one for the record books, during the pandemic our firm celebrates the 10-year anniversary of our founding. While we are certainly proud of our corporate milestones, and there are many, we are especially proud of our ability to serve the communities where we raise our families. We have donated over $750,000 in time and dollars to the following community organizations since the inception of our firm in June 2010:  Aberg Center for Literacy Business Jet Cares C5 Youth Foundation of Texas CityHouse…

Important 2019 Independent Mortgage Banker Tax Extenders

The President signed on December 20th the “Taxpayer Certainty and Disaster Tax Relief Act of 2019” (only Congress could come up with these names).  The Act is part of the overall omnibus spending package and apart of the “Further Consolidated Appropriations Act, 2020” (H.R. 1865, P.L. 116-94). There are several tax provisions within the law that are extenders that had expired.  The two most significate items in the Act affecting independent mortgage bankers: The Act retroactively extends this exclusion of income related to discharges of indebtedness of qualified principal residence before Jan. 1, 2021. (Code Sec. 108(a)(1)(E), as amended by…

IRS RELEASES REVISED W-4 DRAFT& NEW CALCULATING METHODS

GOAL TO IMPROVE ACCURACY The IRS recently released a revised draft of Form W-4 for the 2020filing season. The changes are aimed at improving the accuracy of amounts withheld from employees’ paychecks so that there are fewer surprises when employees file their tax returns next Spring. UNEXPECTED TAX FILING RESULTS Given all the changes implemented by the Tax Cuts and Jobs Act(TCJA), many taxpayers were surprised this past filing season their refunds were larger or smaller than they anticipated, with the someowing tax they were not prepared to pay. Although not required, the IRS is encouraging “paycheck checkups” for taxpayers,…

BKM Sowan Horan Names New Partners

BKM Sowan Horan, a nationally recognized firm headquartered in Dallas is pleased to announce the partnership appointment of Aaron MacPhie and Brian Simmons effective January 1, 2019. "Our clients benefit from a highly collaborative team with individual partner experience. The appointments of Aaron MacPhie and Brian Simmons strengthen our 360º approach in providing seamless accounting and consulting. Their individual appointments to Partner reflect the value that each bring to our clients," said Rick Sowan managing partner at BKM Sowan Horan. Aaron R. MacPhie adds 20 years of experience that include tax planning strategies, tax consequences, audit and tax services across a variety of industries that included technology, manufacturing, hospitality, professional service, and nonprofit organizations.…

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