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.
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 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.
Operators of theaters and performance spaces left empty by the COVID-19 pandemic are getting access to a new federal lifeline.
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 IRS explained the changes to the employee retention credit (ERC) for the first two calendar quarters of 2021 in Notice 2021-23, which amplifies Notice 2021-20.
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 Internal Revenue Service today announced that individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15, such as making IRA contributions and filing certain claims for refund.
The Paycheck Protection Program (PPP) application deadline formally changed from March 31 to May 31 when President Joe Biden signed the extension into law.
The Senate voted 92-7 Thursday to extend the Paycheck Protection Program to the end of May after rejecting two Republican amendments and waiving a budget point of order. The vote cleared the measure that would extend the program, now due to expire on March 31. The House passed the bill 415-3 earlier this month. It next heads to President Joe Biden for his signature.
A bill to move the Paycheck Protection Program application deadline from March 31 to May 31 sailed through the U.S. House of Representatives on Tuesday night, passing in a 415-3 vote that sends the legislation to the Senate for consideration.
The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.
President Joe Biden signed his sweeping $1.9 trillion Covid-19 economic relief package into law on Thursday afternoon. "This historic legislation is about rebuilding the backbone of this country and giving people in this nation, working people, middle class folks, people who built the country, a fighting chance," Biden said in the Oval Office before signing the legislation. "That's what the essence of it is."
The AICPA sent a letter Tuesday encouraging congressional leaders to push back the Paycheck Protection Program’s (PPP’s) March 31 application deadline at least 60 days.
The Senate has approved the House's $1.9 trillion stimulus bill, designed to provide relief and address other issues related to the COVID pandemic.
When her car started making a noise more than a year ago, Chinara Johnson parked the vehicle and hasn’t used it since.
The Senate passed President Joe Biden's $1.9 trillion stimulus package on Saturday, sending the amended bill back for a vote in the House followed by the president signing the legislation.
After ceding unprecedented authority to Gov. Ned Lamont during the first year of the coronavirus pandemic, the General Assembly is reasserting itself — just as Washington is poised to send more than $4 billion in new aid to Connecticut.