Important Reminder! Anyone with an Employer Identification Number (EIN) Must Update their Responsible Party Information Within 60 Days of Any Change!

Calling it a key security issue, the IRS urges any entities with Employer Identification Numbers (EINs) to update their applications if there has been a change in the responsible party or contact information. IRS regulations require EIN holders to update

Business vs Personal Days While Traveling: Are You Missing Out on Tax Deductions?

The rules also affect your costs during the day. When you have an overnight business travel day, you generally deduct your costs of sustaining life for the day, such as breakfast, lunch, dinner, snacks, drinks, lodging, and taxis. Business days

The IRS Finished the Filing Season with Over 35 Million Tax Returns Awaiting Manual Reviews

National Taxpayer Advocate Erin M. Collins today released her statutorily mandated mid-year report to Congress. The report presents an assessment of the 2021 filing season, identifies key objectives the Taxpayer Advocate Service (TAS) will pursue during the upcoming fiscal year,

IRS Begins Correcting Tax Returns for Unemployment Compensation Income Exclusion

From irs.gov: The Internal Revenue Service will begin issuing refunds this week to eligible taxpayers who paid taxes on 2020 unemployment compensation that the recently-enacted American Rescue Plan later excluded from taxable income. The IRS identified over 10 million taxpayers

Coronavirus Tax Relief: Dependent Care Assistance Programs for 2021 & 2022

The IRS issued guidance on the taxability of dependent care assistance programs for 2021 and 2022, clarifying that amounts attributable to carryovers or an extended period for incurring claims generally are not taxable. The guidance also illustrates the interaction of

Tax Credits are Available to Small Employers to Provide Paid Leave to Employees Receiving COVID-19 Vaccines

The Internal Revenue Service and the Treasury Department announced 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. Eligible employers, such as businesses and tax-exempt

There’s Less than a Month Left Before Your 2020 Income Taxes are Due. Don’t Miss Out on these Tax Credits!

For tax year 2021, Congress is giving away billions of dollars in additional tax credits on your Form 1040 individual tax return. These temporarily expanded tax credits include the child tax credit, the dependent care credit, and the health insurance

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