Happy Spring & News from DMR!

Spring is here and we’re looking forward to enjoying the outdoors with with longer days and warmer weather!  For more health and happiness, here’s a quick read on how to incorporate the outdoors into a busy workday.


Announcing…

Our DMR team has a new member and we are excited to introduce Elsie Meyer to you! 

Elsie joined us last fall and has been training with our Accounting and Bookkeeping Services Team on our time tested DMR procedures. She will complete her Associate Degree in Accounting and Full Charge Bookkeeping from Austin Community College this July. 

Elsie’s prior experiences in bookkeeping, project management, and data analysis make her a great addition to our Accounting and Bookkeeping Services team.  We are thrilled to be working with Elsie!

For all of our current and future accounting and bookkeeping services clients, it is important that you to know about our company-wide cross-training initiative.  This training takes place at no charge to our clients which is a win-win for both for the professional development of each DMR team member, and most importantly, for each of our client organizations.  

Teamwork makes the Dream Work After all the uncertainty we have collectively experienced in the last few years, we are proud to provide you with a highly qualified and experienced team that work together harmoniously and seamlessly to make your life easier.   

Continual cross-training is another way we go Above and Beyond for you.


Did you know…?

Texas has an Unclaimed Property Day. Read more about it here and feel free to ask your DMR bookkeeper if you have questions or would like assistance in the future.


Tax Deadlines…

For your convenience, here is a list of the upcoming deadlines:

Individual Federal Tax Returns (IRS Form 1040)

These are due by Friday, April 15, 2022. For an automatic extension, file Form 4868, and deposit estimated tax by the same date. The extension is only for filing the return. You must submit an estimated payment amount by April 15, 2022, if you expect to owe additional income tax.  

2022 Estimated Tax Payment Due Dates

Form 1040-ES, Estimated Tax for Individuals

Payment PeriodDue Date
January 1 – March 31, 2022 Friday, April 15, 2022
April 1 – May 31, 2022Wednesday, June 15, 2022
June 1 – August 31, 2022Thursday, September 15, 2022
September 1 – December 31, 2022January 15* of the following year. *See January payment in Chapter 2 of Publication 505, Tax Withholding and Estimated Tax
Fiscal-Year TaxpayersIf your tax year doesn’t begin on January 1, see the special rules for fiscal year taxpayers in Chapter 2 of Publication 505 

C-Corporation returns (IRS Form 1120)

These are due Friday, April 15, 2022. The extended deadline is October 15, 2022. If an entity operates on a fiscal year rather than a calendar year, the return is due on the 15th day of the fourth month following the end of the fiscal year.  

Form 1120, U.S. Corporation Income Tax Return

Texas Franchise Tax

Annual Texas franchise tax reports are due Monday, May 16, 2022. When tax due dates fall on a weekend or holiday, the due date will be the next business day. There are distinctions between Non-EFT and EFT Franchise Taxpayers. You can see more information on the Texas Comptroller tax page.

IMPORTANT NOTE:  Be sure to file this report on time even if you are only required to file a NO TAX DUE Report.  

Otherwise, the state will fine you with a $50 penalty and no one ever wants to pay extra taxes, especially for missing a silly deadline!

Non-profit Organization Tax Returns (IRS Form 990)

Tax-exempt organizations need to file their return by Monday, May 16, 2022. The extended deadline is November 15, 2022. 


Our team is here to help you through this spring season (and all seasons year-round) so that you can rest and enjoy life knowing that your finances are solid and reliable.

Please reach out to your current DMR bookkeeper if you have any questions. 

We encourage you to contact Carrie Jareed, our Virtual Client Services Coordinator at csc@dmraccounting.com, or reach out to us via our DMR Client Online Solutions Box anytime.  Your feedback is welcome!

We know you have choices when it comes to meeting your business and accounting needs.

Thank you for choosing DMR Accounting & Consulting!

DMR Accounting & Consulting – Our Purpose and Values

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Happy New Year & Important Tax Deadlines for 2022

We hope you are looking forward to what this new year will bring, we are! 

Did you know that the standard mileage rates have increased for 2022? 

You can read more about the details in this article from the Journal of Accountancy.


Tax Deadlines…

For your convenience, here is a list of the upcoming deadlines:

Employers or Institutions (IRS Form W-2 and Form 1099)

These must be sent to employees or independent contractors by Monday, January 31, 2022, to avoid penalties.

Last year the IRS released a new Form 1099-NEC for nonemployee compensation.  Form 1099-NEC replaces Form 1099-MISC for nonemployee compensation only. If you haven’t already, please let us know as soon as possible if you would like our assistance with the mapping setup required in your accounting software to be compliant with this new form.  Form 1099-NEC is due Monday, January 31, 2022, the same as Form 1099-MISC.

Individuals (IRS Form 1040)

These are due by Friday, April 15, 2022. For an automatic extension, file Form 4868, and deposit estimated tax by the same date. The extension is only for filing the return. You must submit an estimated payment amount by April 15, 2022, if you expect to owe additional income tax.  

Estimated Tax Payments

Form 1040-ES, Estimated Tax for Individuals

Payment PeriodDue Date
January 1 – March 31, 2022 Friday, April 15, 2022
April 1 – May 31, 2022Wednesday, June 15, 2022
June 1 – August 31, 2022Thursday, September 15, 2022
September 1 – December 31, 2022January 15* of the following year. *See January payment in Chapter 2 of Publication 505, Tax Withholding and Estimated Tax
Fiscal-Year TaxpayersIf your tax year doesn’t begin on January 1, see the special rules for fiscal year taxpayers in Chapter 2 of Publication 505 

Partnership returns (IRS Form 1065) 

These are due Tuesday, March 15, 2022. The extended deadline is September 15, 2022. 

Form 1065, U.S. Return of Partnership Income

S-Corporation returns (IRS Form 1120-S)

These are due Tuesday, March 15, 2022. The extended deadline is September 15, 2022. If an entity operates on a fiscal year rather than a calendar year, the return is due on the 15th day of the fourth month following the end of the fiscal year. 

Form 1120-S, U.S. Income Tax Return for an S Corporation

C-Corporation returns (IRS Form 1120)

These are due Friday, April 15, 2022. The extended deadline is 

October 15, 2022. If an entity operates on a fiscal year rather than a calendar year, the return is due on the 15th day of the fourth month following the end of the fiscal year.  

Form 1120, U.S. Corporation Income Tax Return

Texas Franchise Tax

Annual Texas franchise tax reports are due Monday, May 16, 2022. When tax due dates fall on a weekend or holiday, the due date will be the next business day. There are distinctions between Non-EFT and EFT Franchise Taxpayers. You can see more information on the Texas Comptroller tax page.


Our team is here to help you have a great start in 2022. 

Please reach out to your current DMR bookkeeper if you have any questions about the above deadlines

 You are also welcome to contact Carrie Jareed, our Virtual Client Services Coordinator at csc@dmraccounting.com, or reach out to us via our DMR Client Online Solutions Box.

Thank you for choosing DMR Accounting & Consulting!

DMR Accounting & Consulting – Our Purpose and Values

Connect with us on Facebook!

 

Happy Thanksgiving & Important Reminders to Wrap Up 2021

We are thankful for you!  We hope you are having a wonderful fall and are looking forward to the Thanksgiving holiday.

Below are some reminders and tips plus heartwarming and yummy client highlights.


Tax Planning with Deidra – Sign up now!

Please sign up now if you would like Deidra to join a tax planning meeting with your tax accountant before year-end.  Spots are filling up fast!  Please schedule your meeting with Deidra soon.

Reminder: the Q4 2021 quarterly estimated tax payment is due January 15, 2022. 

Note:  Our office will be closed for the Thanksgiving holiday and from December 23 through January 4.


Have you heard…about DMR’s YES! Program

The program is designed for Your Empowered Success and offers Year-round Entrepreneurial Support. 

We’ve received rave reviews about our YES! Program which is offered on a monthly, quarterly, or semi-annual basis. Learn more about it here.


Helpful Tip

Cybersecurity isn’t just for large corporations. The trend towards cyberattacks on small businesses is growing. We encourage you to take a closer look at your security protocols. Here’s a short article with easy-to-implement tips.


HorseLink

HorseLink is a 501(c)3 nonprofit founded by our client, Julie Puentes. HorseLink farm located in Bastrop, Texas, offers equine therapy to people in need of trauma support, training in emotional resilience, and leadership and communication. You can visit their website to learn more as well as read this article from the Austin American-Statesman. 

They are also a part of Tito’s Handmade Vodka fundraising challenge 2021 and have some really great winning opportunities with every donation including a great Glamping Trip Giveaway!


We love Becky’s pies and you will too!   

Our client, The Loving Libbie Foundation, helps families battling cancer.  This is a sweet way to give back and add to your Thanksgiving celebration at the same time! 

Get your Thanksgiving Pies here!


We love when our clients are featured for their good work. We’d love to highlight your business, too! 

Please email our Client Services Coordinator at csc@dmraccounting.com if you have news to share!  


Our team is here to help you wrap up 2021.

As 2021 comes to a close, we encourage you to connect with your current DMR bookkeeper. They will be reaching out to gather important year-end information to have everything in order for the upcoming tax filing season. 

Our virtual Client Services Coordinator, Carrie Jareed, is available to onboard new clients, answer questions about your account, or the YES! Program. Please do not hesitate to contact her at csc@dmraccounting.com, or reach out to us via our DMR Client Online Solutions Box.

Please share this newsletter if you know a small business in need of assistance.  Your referrals are always welcome!

We are thankful that you trust us with your business and accounting needs and wish you a very Happy Thanksgiving holiday!

Meet the DMR Team! We are growing and are here for you!

We hope you are having a wonderful summer and are staying cool!

We are excited to announce a client celebration, and a bit about our team.  Additionally, we would like to make you aware of an IRS tax scam warning.


The IRS is warning of a wave of pandemic-related tax scams. 

This article from the Journal of Accountancy has more details. The article mentions the IRS Dirty Dozen of tax scams for 2021. Please take a moment to read through these short articles. We want you to be aware and stay vigilant in protecting your information.


Shout out to our client, Sayers Real Estate Advisors! They were nominated for Austin Business Journal’s 2021 Family Business Award. You can read the full article here and see our post on the DMR Facebook page

We love when our clients are featured for their good work. We’d love to highlight your business, too! 

Please email our Client Services Coordinator at csc@dmraccounting.com if you have news to share!  


A little more about the DMR Team… You probably know most of us in our professional capacity, so today we’re sharing some personal tidbits…

Deidra Ryan, CPA, is our fearless leader, and has a life-long passion for learning and teaching. She enjoys hiking and traveling with her husband and two children. They are also pickle connoisseurs and enjoy periodic “pickle runs” to Fredericksburg where they can stock up on their favorite homemade dill pickles. They love animals especially their black lab, Jada, and lucky black cat, Ella.

Kyle Ryan has been a results-oriented Information Technology (IT) professional for over 20 years. He also happens to be a fantastic chef! He loves keeping up with the latest in tech gadgets and has a collection of tech toys with 2 Google Homes, Alexa, and Siri, Apple Watch, iPads, Kindles, and Airpods.

Nayana Shahane has enjoyed working in small business operations for over 10 years. She also enjoys singing in a local women’s chorus, seeing live music, and traveling with her husband and three teenage boys.

Nicole McClendon loves her client relationships and supporting each client in their unique business endeavors. She enjoys gardening, playing Mah-Jong, traveling, and spending time on the lake. 

Carrie Jareed has been consulting for entrepreneurs for over 15 years helping them develop and streamline their business processes. She loves scrapbooking, camping, and spending time with friends she’s known since her three grown boys were in preschool.

Dianne Szabo is a master of turning chaos into calm. When she’s not breaking down complex tasks she enjoys music and photography, as well as spending time with her family and traveling. Dianne is working on her goal to travel to all the national parks and all 50 states.

Courtney Schacherer has a love of numbers and a mission to help clients; the accounting field is an excellent fit for her. In her downtime, she enjoys gardening, jigsaw puzzles, and hiking with her corgi, Hazel.

Ashlyn McClendon is our amazing intern and a Class of 2021 graduate of Vandegrift High School. When she has a break from studying she enjoys drawing, painting, and baking. She plans to continue with DMR as she pursues her undergraduate studies at American University.


Our team is available to answer your questions.

As the small business environment continues to evolve, we encourage you to reach out to your current DMR bookkeeper or CPA, to assist in navigating these changes. 

Our virtual Client Services Coordinator, Carrie Jareed, is available to onboard new clients as well as answer your account questions. Please do not hesitate to contact her at csc@dmraccounting.com, or reach out to us via our DMR Client Online Solutions Box.

Please share this newsletter if you know a small business in need of assistance.

We wish you continued success as you head into the 2021 fall season!

Deidra & the entire DMR Team

DMR Accounting & Consulting – Our Purpose and Values

Connect with us on Facebook!

IRS Tax Deadline Extensions and American Rescue Plan Act

We hope you are well and have recovered from the severe February winter storms. 

We are reaching out to share some good news. Here is the shortlist. Please scroll down for additional details and links to full news releases.

  • IRS has extended tax deadlines to June 15, 2021, for Texas businesses and individuals due to the severe winter storms.
  • The American Rescue Plan Act of 2021, a 1.9 trillion dollar relief package, was signed into law by President Biden yesterday. 
  • Texas Workforce Commission (TWC) has postponed tax payment due dates and rate adjustments for Texas employers.
  • We welcome your referrals and have openings for new bookkeeping client work.
  • Our team is available to answer your questions and support your business needs during these ever-changing times.

The IRS is extending tax deadlines for victims of Texas winter storms.

Automatic filing and penalty relief are granted to any taxpayer with an IRS address of record located in the state of Texas. Taxpayers do not need to contact the IRS. 

Eligible taxpayers impacted by the severe winter storms have until TuesdayJune 15, 2021, to file individual tax returnsbusiness tax returnsquarterly estimated tax paymentsquarterly payroll and excise tax returns.

Additionally, 2020 IRA contributions have been extended to Tuesday, June 15, 2021. 

Details on other returns, payments, and tax-related actions that qualify for extensions can be found here: IRS Disaster Relief Page.

Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses (example: the February 2021 ice storm) may claim them on either:

a) the return for the year the loss occurred (i.e. on the 2021 tax return filed in 2022)

OR

b) claim these losses on the 2020 tax return this tax season.**

**Include FEMA declaration number – 4586 – on any return claiming a loss. See Publication 547 for details. 

For more information on disaster recovery, visit DisasterAssistance.com

See the original IRS publication for full details.  


The American Rescue Plan Act of 2021 was signed into law yesterday after being passed by the U.S. House and Senate earlier in the week. 

The 1.9 trillion dollar relief package was signed into law by President Biden yesterday, Thursday, March 11, 2021.

There are a number of small business provisions in the plan, including PPP funding, restaurant support, and targeted Economic Injury Disaster Loan (EIDL) advances. You can read an overview of the bill here, and more details about the tax components of the plan here.


The Texas Workforce Commission (TWC) has postponed tax due dates and the annual rate adjustment for Texas employers. 

New Texas unemployment tax rates will be issued in late June 2021. 

Due dates for first and second quarter Texas unemployment tax payments have also been extended, however, report due dates remain the same. 

Read the full news release from TWC and check your email for additional notices directly from TWC.

Wages Paid

Quarter Ends

Report Due (No Change)

Payment Due

1Q21

Mar 31

Apr 30, 2021

Aug 2, 2021

2Q21

Jun 30

Aug 2, 2021

Sept 30, 2021

We have a few openings for new bookkeeping clients and welcome your referrals.  

If you know a small business in need of assistance, please share this information with them. It would be greatly appreciated.  We thank you for your trust in us!


Our team is available to answer your questions and demystify the new federal and state small business opportunities and guidance during these ever-changing times.

We know that this rapidly changing environment can be challenging for small businesses. We urge you to reach out to your current DMR bookkeeper or CPA, to assist in navigating these changes. 

Additionally, our Virtual Client Services Coordinator, Carrie Jareed, is available to answer your account questions and onboard potential new clients. Please do not hesitate to contact her at csc@dmraccounting.com, or reach out to us via our DMR Client Online Solutions Box.

We are here for you and are happy to help!

DMR Accounting & Consulting – Our Purpose and Values

Happy New Year! Important PPP Loan and Tax Deadline Information

Happy New Year!

We wish you a joyful and prosperous 2021.

We have exciting news from the Small Business Administration (SBA). They announced that the Paycheck Protection Program (PPP) has resumed and will remain open through March 31, 2021. 

The next round of PPP loans has $284.5 billion available, including $35 billion for first-time borrowers. 

Costs eligible for loan forgiveness include:

  • Payroll, mortgage interest, rent, utility payments
  • PPE and costs to comply with COVID-19 safety guidelines
  • Covered supplier costs (i.e. essential operations expenditures)
  • Covered operations expenditures (i.e. software, cloud computing, other HR/accounting)
  • Covered property damage costs

Borrowers can choose a covered period for loan forgiveness that is between 8 and 24 weeks. 

More Good News!

If you already received a PPP loan during the first round of funding, the amount that is forgiven will NOT be taxable!

This is a brief summary. Please see the SBA website for full details of the Paycheck Protection Program and/or reach out to us for support…we are here for you!

Tax Deadlines…

The new year also means tax deadlines are fast approaching. For your convenience, here is a list of the upcoming deadlines:

Employers or Institutions (IRS Form W-2 and Form 1099)

These must be sent to employees or independent contractors by Monday, February 1, 2021, to avoid penalties.

The IRS has released a new Form 1099-NEC for nonemployee compensation for 2020.  Form 1099-NEC replaces Form 1099-MISC for nonemployee compensation only. Please let us know as soon as possible if you would like our assistance with the mapping setup required in your accounting software to be compliant with this new form.  Form 1099-NEC is due Monday, February 1, 2021, the same as Form 1099-MISC.

Individuals (IRS Form 1040)

These are due by Thursday, April 15, 2021. For an automatic extension, file Form 4868, and deposit estimated tax by the same date. The extension is only for filing the return. You must submit an estimated payment amount by April 15, 2021, if you expect to owe additional income tax.  

 

Estimated Tax Payments

Form 1040-ES, Estimated Tax for Individuals

Payment Period Due Date
October 1 – December 31, 2020 Friday, January 15, 2021
January 1 – March 31, 2021 Thursday, April 15, 2021
April 1 – May 31, 2021 Tuesday, June 15, 2021
June 1 – August 31, 2021 Wednesday, September 15, 2021
September 1 – December 31, 2021 January 15* of the following year. *See January payment in Chapter 2 of Publication 505, Tax Withholding and Estimated Tax
Fiscal-Year Taxpayers If your tax year doesn’t begin on January 1, see the special rules for fiscal year taxpayers in Chapter 2 of Publication 505

Partnership returns (IRS Form 1065)

These are due Monday, March 15, 2021. The extended deadline is Sept. 15, 2021. 

Form 1065, U.S. Return of Partnership Income

S-Corporation returns (IRS Form 1120-S)

These are due Monday, March 15, 2021. The extended deadline is Sept. 15, 2021. If an entity operates on a fiscal year rather than a calendar year, the return is due on the 15th day of the fourth month following the end of the fiscal year. 

Form 1120-S, U.S. Income Tax Return for an S Corporation

C-Corporation returns (IRS Form 1120)

These are due Thursday, April 15, 2021. The extended deadline is Oct. 15, 2021. If an entity operates on a fiscal year rather than a calendar year, the return is due on the 15th day of the fourth month following the end of the fiscal year.  

Form 1120, U.S. Corporation Income Tax Return

Texas Franchise Tax

Annual franchise tax reports are due Monday, May 17, 2021. When tax due dates fall on a weekend or holiday, the due date will be the next business day. There are distinctions between Non-EFT and EFT Franchise Taxpayers. You can see more information on the Texas Comptroller tax page.

Please reach out to your DMR Accounting and Bookkeeping Services team member if you have questions about the above deadlines. 

You are also welcome to contact Carrie Jareed, our Virtual Client Services Coordinator at csc@dmraccounting.com, or reach out to us via our DMR Client Online Solutions Box

We look forward to partnering with you again for your business and financial success in 2021.

Wishing you a happy, healthy, and prosperous new year!