News & Insights

Texas State Comptroller Announcement

Franchise Tax Deadline Extended February 26, 2021 Further tax relief for Texas taxpayers who weathered last week's storm! The 2021 franchise tax report deadline is extended from May 15 to June 15. This action aligns with the Internal Revenue Service (IRS) announcement earlier this week extending the Federal April 15 tax-filing and payment deadline to June 15 for all Texas residents and businesses (see BKMSH Texas IRS Deadline Relief). The due date extension applies to all franchise taxpayers. It is automatic, and taxpayers do not need to file any additional forms. "To assist businesses coping with the unprecedented winter storm and…

Texas IRS Deadline Relief: Don’t Count Your Chickens Just Yet

The good news is that the winter storm that engulfed the State of Texas is behind us, and the sun is shining. The Internal Revenue Service is providing relief to the state's taxpayers in the form of deadline extensions because the Federal Emergency Management Agency (FEMA) declared the entire state a disaster. Texans now have until June 15, 2021, to file various individual and business tax returns and make tax payments to the IRS. Taxpayers in other states impacted by these winter storms that receive similar FEMA disaster declarations will automatically receive the same filing and payment relief. The current list…

Dallas/Austin Power & Service Outage

I hope everyone is staying safe in this unprecedented cold weather. Our Dallas and Austin offices are experiencing power and service outages. Many of our systems are cloud-based but the offices losing power affects some critical service elements. However, we have reminded our staff members on how to minimize the disruption best. I am very concerned that many of our team members are without power or internet connectivity. Our first concern is making sure they are safe. Stay in place and warm, and we appreciate your understanding during this weather emergency.

Welcome Austin Market Leader George Stephens

George Stephens, CPA has joined BKM Sowan Horan in leading the firm’s Austin office. George brings with him more than 20 years of accounting experience with a strong focus in Logistics and Transportation, Manufacturing and Distribution, as well as Hospitality and Professional Services. After starting his public accounting career where he became a partner with an international accounting firm, George moved into senior finance roles with public and private companies. With almost 20 years in CFO roles, he has extensive experience with private equity held companies, mergers and acquisitions, debt restructurings, and quality of earnings engagements. George has deep expertise…

2020 Year End Tax Planning Moves

              Before 2020 wraps up, a few tax planning moves are worth considering for Individuals and Businesses, which we outline below. Also, be sure to join us for next week's Tax webinar. Tim Horan is moderating as panelists will cover tax law changes occurring over the last few months and review other critical year-end update items. Topics will include individuals, estates and trusts, business tax developments, the CARES Act, and potential tax changes resulting from the recent election.  Click here to register and submit your questions. Individuals: Harvesting Capital Losses to Offset Capital Gains OR Harvesting Capital Gains…

End of content

No more pages to load