88 Million EIPs Go Out
The U.S. Treasury Department and the Internal Revenue Service say they’ve delivered 88 million stimulus payments to taxpayers during the first three weeks of the program.…
Can I Buy OTC Medication with FSA, HSA, and HRA Funds?
The CARES Act removes an ACA limitation on using FSA, HSA, and HRA funds to pay for over-the-counter medication.…
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New Tax Year, Same Client Mistakes
Accounting Today highlights a number of recurring client mistakes.…
IRS EIP Webinar Postponed
The IRS announced that today’s “Economic Impact Payment Discussion” webinar has been postponed.…
IRS Outlines Tax Relief for Individual, Business Travel Disrupted by COVID-19
The Internal Revenue Service yesterday published a release outlining tax-relief measures that the agency is taking for individuals and businesses whose tax residency could be affected by coronavirus-related travel restrictions.…
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What will Keep Marijuana Taxes from Going up in Smoke?
A recent audit is pointing up the need for additional attention from the IRS on just how taxes are collected from an emerging sector of the economy: the marijuana industry.…
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EIP Alert: April 22 Deadline for SSA and RRB Beneficiaries with Dependents
Social Security Administration (SSA) and Railroad Retirement Board (RRB) beneficiaries with dependents need to report that information to the IRS before April 22 at noon to receive $500 for each qualifying child at the same time as their $1,200 EIP.…
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IRS Announces Suspension of CAF Service
The Internal Revenue Service announced that the Centralized Authorization File (CAF) service will be unavailable “until further notice" due to the coronavirus epidemic.…
Change Coming for PTIN User Fees?
The Federal Register from Thursday, April 16 included proposed rulemaking that would reduce the cost of applying for and renewing a Paid Tax Identification Number from $33 with a $17 third-party fee to $21 with a $14.95 third-party fee.…
Six States Could Tax Economic Impact Payments
The Economic Impact Payment (EIP) program designed to ease the shock of halted employment during the coronavirus-related isolation period could experience some unexpected loopholes.…
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