The Internal Revenue Service and the Treasury Department announced today further details of tax credits available under the American Rescue Plan to help small businesses, including providing paid leave for employees receiving COVID-19 vaccinations.
Representative Josh Gottheimer said a repeal of the $10,000 cap on state and local tax, or SALT, deductions could be offset by cracking down on tax cheats, the first proposal from Democrats as a way to pay for revival of a valuable tax break.
This tax season will go on record as another challenging one for tax practitioners. COVID relief programs have added another layer of complexity to our normally complicated process.
When accounting for Paycheck Protection Program (PPP) loans, for-profit entities may wish to apply the conditional contribution method that has been more commonly associated with not-for-profits’ PPP accounting.
To continue to allow employers to take immediate advantage of various credits enacted in response to the COVID-19 pandemic, the IRS is permitting eligible employers who pay qualifying wages to retain an amount of the payroll taxes equal to the amount of qualifying wages that they paid, rather than deposit them with the IRS.
The IRS postponed to May 17, 2021, the date to file 2020 Forms 1040 and 1040-SR and to pay any related tax. The due dates for estimated tax payments for 2021 were not postponed. The first 2021 estimated tax installment is due April 15, 2021. If an individual taxpayer has a 2020 overpayment and elects to credit the 2020 overpayment against the 2021 estimated tax, the date on which the 2020 overpayment is applied against the 2021 estimated tax depends on: (a) the date(s) of payment, and (b) the extent to which an overpayment exists as of April 15, 2021. An extension of time to file has no effect on either the date of payment or the date on which an overpayment exists.
Millions of taxpayers who have failed to report their use or trading of virtual currency in the recent past may find themselves the target of a new IRS initiative called Operation Hidden Treasure — and only their CPA can help, according to experts.
Across the country, some accounting firms prepared for the 2021 busy season by staffing up and offering more flexible work options for employees who are dealing with family issues during the pandemic.
The AICPA on Thursday released some suggestions for practitioners regarding issues that have arisen around the postponed May 17 tax due date for individuals.
The situation regarding the May 17 bifurcated filing and payment due date with IRS keeping the 1st quarter estimated payment at April 15 is extremely fluid. There is also uncertainty regarding filing an extension for gift tax returns due April 15.
President Biden said he is open to compromise on how to pay for his $2.5 trillion infrastructure and jobs package but added that “inaction is simply not an option.”
The IRS released guidance on Thursday explaining when the temporary 100% deduction for restaurant meals is available and when the 50% limitation on the deduction for food and beverages continues to apply for Sec. 274 purposes (Notice 2021-25).
The American Rescue Plan Act of 2021 suspends the requirement that taxpayers increase their tax liability by all or a portion of their excess advance payments of the Premium Tax Credit (excess APTC) for tax year 2020.
The Biden administration has pitched a compromise to counterparts around the world that would apply new global tax rules to no more than 100 large multinational corporations.
Employees who move to low-tax states to take advantage of telecommuting during the pandemic may still be taxed by their former residence, as more states levy taxes on cross-border business.
The American Rescue Plan went into effect in March 2021. Among other things, the act affects tax planning for individuals who are unemployed and for people who have children. It also authorized the sending of a third round of stimulus checks. Here's what you need to know.
Last night the DRS issued a new taxpayer services bulletin: Taxpayer Services Special Bulletin TSSB 2021-2, Impact of Federal Unemployment Compensation Exclusion on Connecticut Taxpayers.
As people across the country file their 2020 tax returns, some are claiming the 2020 Recovery Rebate Credit (RRC). The IRS is mailing letters to some taxpayers who claimed the 2020 credit and may be getting a different amount than they expected.
The IRS announced it's looking for volunteers from Connecticut to serve on the Taxpayer Advocacy Panel (TAP). If interested in serving, applications are being accepted through May 14.
KPMG has created a data analysis tool to extract relevant information from financial and other reports and plug it automatically into tax returns.