IRS Has Tips for Claiming ERC in 2021
The Internal Revenue Service has issued guidance aimed at employers who claim the employee retention credit (ERC).…
TAS Warns of Ban for Improperly Claiming Some Credits
The nation’s Taxpayer Advocate wants taxpayers to know there’s a downside to having too much of a good thing. In this case, it refers to making excessive or improper claims to qualify for a number of tax credits.…
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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.…
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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.…
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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.…
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.…
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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.…
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
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
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.…
