The signing of the American Rescue Plan comes just a few days before extended unemployment benefits were scheduled to start running out. There are several tax breaks for individuals to take note of.
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.
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.
As Governor Lamont is expected to sign House Bill No. 6516, An Act Mitigating Adverse Tax Consequences from Employees Working Remotely During COVID-19, and Concerning the Removal of Liens on the Property of Public Assistance Beneficiaries and a Three-Tiered Grants in Lieu of Taxes Program, into law, the purpose of this Commissioner's Bulletin is to make taxpayers aware of the impact the legislation will have on tax filing and payment obligations, including individual income tax returns and associated liabilities due on or before April 15th, 2021.
In Notice 2021-20, the IRS issued detailed guidance for employers claiming the employee retention credit for calendar quarters in 2020.
House Bill 6513 (HB 6513), An Act Mitigating Adverse Tax Consequences Resulting From Employees Working Remotely During Covid-19, and Concerning The Removal Of Liens On The Property Of Public Assistance Beneficiaries And Three-Tiered Grants In Lieu Of Taxes Program, passed the Senate today.
A number of people who watched our report on unemployment overpayments Friday have reached out looking for answers. Connecticut is not the only state dealing with overpayment issues. The Internal Revenue Service is now issuing guidance.
The U.S. House of Representatives passed, by a vote of 219–212, a $1.9 trillion COVID-19 relief package early Saturday morning that includes $1,400 stimulus checks to individuals, an extension of unemployment benefits, and tens of billions in aid for small businesses and not-for-profits.
Senate Majority Leader Chuck Schumer is weighing adding a provision to the $1.9 trillion COVID-19 relief plan that would put a penalty tax on big companies that don’t pay workers at least $15 an hour, a Democratic aide said on condition of anonymity.
IRS Senior Stakeholder Liaison Joe McCarthy has an important message about CP59 notices your clients may have received.
Victims of this month's winter storms in Texas will have until June 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
Bypasses to the curb in states including Connecticut and New Jersey provide legal ways for business owners to preserve their full deduction, which includes those often-steep property levies. But some shocked taxpayers can wind up owing more tax than they originally would have.
The Biden administration is likely to dramatically change its approach to tax policy, with the first step in the stimulus package it began pushing through Congress this month.
The U.S. federal tax-filing season that begins Friday will be among the most consequential in recent history, as households face potential surprises — both negative and positive — sorting through pandemic-related measures at a time of high unemployment and depressed consumer confidence.
Throughout the pandemic, the American Institute of CPAs (AICPA) has actively advocated for legislation to (a) provide taxpayers relief from inconsistent state and local income tax and withholding rules impacting employees and employers, and (b) create a uniform national standard to simplify and enhance compliance with various state and local tax laws, thereby reducing these burdens.
The IRS instructed lenders that have erroneously filed or furnished Forms 1099-MISC, Miscellaneous Income, reporting certain payments on U.S. Small Business Administration (SBA) subsidized loans as income of the borrower, to file and furnish corrected Forms 1099-MISC that exclude these subsidized loan payments (Announcement 2021-2).
The Internal Revenue Service today posted updated FAQs about recent legislation that extended and amended tax relief to certain small- and mid-sized employers under the Families First Coronavirus Response Act (FFCRA).
The Internal Revenue Service today explained how corporations may qualify for the new 100% limit for disaster relief contributions and offered a temporary waiver of the recordkeeping requirement for corporations otherwise qualifying for the increased limit.
At first glance, the border battle between Massachusetts and New Hampshire over income taxes might seem like a mere squabble between two neighbors. But the fallout could be felt nationwide once the dust finally settles because of the rising acceptance of remote work, and the trend’s implications for state tax policies.
Businesses who didn’t receive forgiveness on their Paycheck Protection Program loans can now claim a tax credit instead, thanks to a provision in last month’s coronavirus stimulus package.