Additional Tax Deadlines Pushed Back by IRS
Taxpayers are getting more time to meet some tax deadlines that would normally fall on April 15, such as making IRA contributions and filling certain claims for a refund.…
IRS Says PPE Expenses Could be Deductible
A new announcement from the Internal Revenue Service should come as welcome news to front-line health care workers nationwide. Announcement 2021-7 clarifies existing language to assure taxpayers that the purchase of personal protective equipment (PPE) can be deductible.…
FTC Warns of New Unemployment Identity Theft Scam
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.…
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“Where’s My Refund?” Makes Checking Refund Status Easy
It’s easy to imagine that early bird tax filers are punctual in everything they do, maybe even embodying that Ben Franklin wisdom about bedtimes. While they may be the salt of the earth—generally making filing season just a little easier for tax pros—some may get a little impatient when it comes to their refund status.…
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IRS Now Sending EIP Checks, Debit Cards
The Internal Revenue Service says more Economic Impact Payments (EIP3) are coming this week—a second round that will include paper checks and prepaid debit cards.…
Employee Retention Credit Updated by the American Rescue Plan
The sweeping American Rescue Plan Act of 2021 may have greenlit the third round of economic impact payments, but it also includes changes to several tax credits—many of which were designed to provide relief to struggling Americans whose finances took a hit during the pandemic. One of those affected tax credits helps both employees and businesses: the employee retention credit, or ERC.…
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IRS Announces March is National Settlement Month
The Internal Revenue Service says it’s pulling out all the stops to come to agreement with taxpayers who owe back taxes. Through its Office of Chief Counsel, the agency announced the significant expansion of its Settlement Days program and proclaimed March 2021 is now “National Settlement Month.”…
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Don’t Overlook Recent Changes to Retirement Plans
There are a lot of things vying for our attention these days: the coronavirus, vaccine opportunities, new Economic Impact Payments—all worthy topics. But when it comes to taxes, recent changes to retirement plan rules also shouldn’t go unnoticed.…
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Tax Day Pushed Back to May 17
Much like last year, the 2021 filing season has been characterized by challenges. The season started later than usual, tax professionals and taxpayers continue to manage pandemic safety precautions, and guidance is pending for the retroactive tax law changes included in the American Rescue Plan Act of 2021 that President Biden signed into law last week.…
Taxpayers Can Still Get Credit for IRA Contributions on 2020 Returns
Taxpayers, no matter their age, may be able to claim a deduction on their 2020 tax returns for contributions to their Individual Retirement Arrangement (IRA) if they make them by April 15.…
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