Eligible PPP Expenses Are Now Deductible
The Internal Revenue Service has eased the cost of participation in the Paycheck Protection Program (PPP) by allowing deductions for the payment of eligible expenses.…
Annual Report Finds IRS Rose to Challenges of an “Unprecedented” Year
Ask most people what they thought of 2020, and the response is likely to be something like, “disastrous,” “catastrophic” — even “unprecedented.”…
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IRS Reminds Employers of February Wage Statement Deadline
The Internal Revenue Service is reminding tax professionals and taxpayers that employers need to file Form W-2 and other wage statements by Feb. 1, 2021.…
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Go to IRS.gov for Answers to EIP Questions
The second set of Economic Impact Payments are already showing up in eligible Americans’ bank accounts, but some may encounter problems with their direct payment. Rather than picking up the phone, the Internal Revenue Service today advised taxpayers to instead visit the IRS website for answers since “IRS phone assistors do not have additional information beyond what’s on IRS.gov.”…
IRS Publishes Qualified Residential Living Facility Safe Harbor
The Internal Revenue Service this week published a safe harbor for the management or operation of qualified residential living facilities in Revenue Procedure 2021-9.…
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Treasury Has Started Sending $600 Payments
The Treasury Department and Internal Revenue Service yesterday evening announced that the next set of Economic Impact Payments are officially on the way. According to the IRS release, the agency aimed to start direct deposits later that night and send the first round of paper checks today.…
President Signs Second Coronavirus Stimulus, Direct Payments on the Way
The president signed H.R. 133, or the Consolidated Appropriations Act of 2021, on Sunday, December 27, greenlighting $900 billion in coronavirus relief for Americans.…
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2021 Standard Mileage Rates Now Available
Taxpayers who expect to do some business-related driving next year will probably be happy to learn that the optional standard mileage rates for 2021 are now available from the Internal Revenue Service. Included in Notice 2021-02, the new standard mileage rates will apply on January 1, 2021.…
FTC Warns of Scams in “12 Days of Consumer Protection” Campaign
The Internal Revenue Service and its Security Summit partners routinely raise awareness about data security issues threatening the financial health of taxpayers. Unsurprisingly, they’re not the only agency trying to protect you from con artists.…
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$900 Billion in Coronavirus Relief Includes Direct Payments, Unemployment Benefits
According to reporting from The Hill, Congress is poised to vote on a second coronavirus relief package. The bill is expected to pass Congress and land on the president’s desk later today, greenlighting $900 billion in aid that will include direct payments, unemployment benefits, and additional Paycheck Protection Program funds.…
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