Congress has passed a number of coronavirus relief packages throughout the pandemic. While the three rounds of Economic Impact Payments are the most famous provision of those legislative efforts, they were technically an advance on the new Recovery Rebate Credit.…

Read more about Millions of Taxpayers to Receive IRS Letter about the Advance Child Tax Credit

The loss of health insurance is a major concern for the millions of Americans who have filed for unemployment throughout the pandemic. While COBRA continuation coverage can help bridge the gap between jobs, former employers generally are not required to pay part of the premiums—meaning some beneficiaries have to foot the entire bill for their insurance.…

Read more about IRS Notice Includes Guidance for COBRA Premium Assistance

If you live in the Southeast, long lines and questionable containers are a sad reality at many local gas stations. The temporary Colonial Pipeline disruption caused a rush on fuel this week, leading many in the region to hoard gasoline.…

Read more about Penalty for Highway Use of Dyed Fuel Waived in Some States

Public fascination with cryptocurrency tends to follow dramatic gains and losses in the market. While the latter results in pundits sounding the death knell for Bitcoin and its ilk, the most reliable predictor for the lifespan and legitimacy of crypto lies in the Internal Revenue Service—and some newly minted crypto-holding clients may have questions about the virtual currency checkbox on their tax year 2020 Form 1040.…

Read more about Cryptocurrency and the Form 1040

Let’s face it, passwords are becoming a problem. Following best practices for data security means creating unique passwords for all computers, networks, and online accounts.…

Read more about It May Be Time to Use a Password Manager

Partnerships and S corporations that will have to report “international tax matters” in 2022 can now review the new draft releases for Schedules K-2 and K-3. The IRS today announced the early release drafts, noting that instructions would follow sometime in the summer.…

Read more about New Draft Schedules K-2 and K-3 Announced by IRS

The early bird gets the worm.We’re taught that punctuality and working ahead leads to success. While generally holding true, there are obviously some exceptions—like when Congress passes retroactive…

Read more about IRS Announces Safe Harbor for First-Round PPP Deductions

CPA Practice Advisor surveys its readers every year to learn what they think about the software and hardware used in their tax and accounting firms, publishing the results as their Readers’ Choice Awards.…

Read more about Drake Wins 5 Categories in 2021 CPA Practice Advisor Readers’ Choice Awards

Major tax legislation usually causes a period of confusion as taxpayers and tax professionals wait for official guidance on complex provisions. The American Rescue Plan Act of 2021 is no different.…

Read more about Consider Amending Returns That Didn’t Take Unemployment Compensation Exclusion

The CARES Act was the first of three major COVID-relief packages that have infused the US economy with stimulus funds provided for items like direct payments, new and expanded tax credits, forgivable business loan programs, and extended unemployment insurance. Identity thieves responded by deploying a host of scams that try to steal those federal dollars from hard-hit Americans, leading to a near-constant stream of alerts from the Internal Revenue Service and the Federal Trade Commission.…

Read more about FTC Warns of New Unemployment Identity Theft Scam