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IRS Wants Help Raising Awareness of EIP Eligibility for Homeless Americans

Bob Williams - April 16, 2021
IRS Wants Help Raising Awareness of EIP Eligibility for Homeless Americans

The Internal Revenue Service continues to send out Economic Impact Payments (EIPs), aimed at helping Americans though these tough economic times.…

Read more about IRS Wants Help Raising Awareness of EIP Eligibility for Homeless Americans

IRS Issues Another Abusive Micro-Captive Arrangement Warning

Bob Williams - April 14, 2021
IRS Issues Another Abusive Micro-Captive Arrangement Warning

The Internal Revenue Service is once again warning taxpayers who are involved in abusive micro-captive insurance schemes that they need to get out of those arrangements—and quickly.…

Read more about IRS Issues Another Abusive Micro-Captive Arrangement Warning

FBAR Deadline is Still April 15

Bob Williams - April 13, 2021
FBAR Deadline is Still April 15

While the deadline for filing federal income taxes has been pushed back to May 15 because of the COVID-19 pandemic, those who file an annual Report of Foreign Bank and Financial Accounts (FBAR) still face their same April 15, 2021 due date.…

Read more about FBAR Deadline is Still April 15

Taxpayers Don't Have to Repay Excess APTC for TY2020

Bob Williams - April 12, 2021
Taxpayers Don't Have to Repay Excess APTC for TY2020

The American Rescue Plan Act brought a third round of Economic Impact Payment and plenty of changes to tax credits, including how the agency approaches the Premium Tax Credit (PTC).…

Read more about Taxpayers Don't Have to Repay Excess APTC for TY2020

Guidance Explains Temporary Increase in Food and Beverage Deduction

Bob Williams - April 09, 2021
Guidance Explains Temporary Increase in Food and Beverage Deduction

The IRS has unveiled guidance that temporarily throws open the gates to recouping 100 percent of the expense for certain food and beverage purchases. The new rules for this business deduction went into effect on Jan.1 of this year.…

Read more about Guidance Explains Temporary Increase in Food and Beverage Deduction

Some Taxpayers in for an RRC Surprise

Bob Williams - April 07, 2021
Some Taxpayers in for an RRC Surprise

Some taxpayers are getting a little something extra this tax season, along with claiming the 2020 Recovery Rebate Credit. The little extra is a letter from the Internal Revenue Service because some taxpayers may not be getting the amounts from the RRC they expected.…

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More Than 130 Million EIPs Have Been Sent Out with More to Come

Bob Williams - April 05, 2021
More Than 130 Million EIPs Have Been Sent Out with More to Come

Employees of three federal agencies are keeping very busy these days, sending out the millions of Economic Impact Payments (EIPs) to Americans in need.…

Read more about More Than 130 Million EIPs Have Been Sent Out with More to Come

Consider Amending Returns That Didn’t Take Unemployment Compensation Exclusion

Ryan Norton - April 02, 2021
Consider Amending Returns That Didn’t Take Unemployment Compensation Exclusion

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.…

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Emergency COVID Aid to Students Deemed Not Taxable

Bob Williams - March 31, 2021
Emergency COVID Aid to Students Deemed Not Taxable

Students and their higher-education institutions are getting a clearer picture of how to report pandemic-related emergency financial aid grants. Or not.…

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Additional Tax Deadlines Pushed Back by IRS

Bob Williams - March 30, 2021
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.…

Read more about Additional Tax Deadlines Pushed Back by IRS

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