Newsletter Archives
IRS Extends Additional 2021 Filing Season Deadlines to May 17
The IRS previously moved the deadline for individuals to file 2020 federal income tax returns and pay any tax due from April 15 to May 17, 2021. Now, the same automatic extension applies to several …
Tax Waiver for 2020 Unemployment Benefits
The American Rescue Plan Act allows many Americans to exclude some or all of their 2020 unemployment insurance (UI) benefits from their taxable income. This exclusion is available to taxpayers with a modified adjusted gross …
Upcoming Tax Deadlines
May
Day
10
Employees Who Work for Tips – If you received $20 or more in tips during April, you must report them to your employer (employees are required to keep a daily record of tips). All tips …
IRS provide guidance on tax relief for deductions for food or beverages from restaurants
Businesses can temporarily deduct 100% beginning Jan. 1, 2021
WASHINGTON – The Treasury Department and the Internal Revenue Service today issued Notice 2021-25 providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act added …
IRS will recalculate taxes on 2020 unemployment benefits and start issuing refunds in May
Normally, any unemployment compensation someone receives is taxable. However, a recent law change allows some recipients to not pay tax on some 2020 unemployment compensation.
The IRS will automatically refund money to eligible people who filed …