Some Tax Refunds are Being Delayed by the IRS.
The IRS is holding nearly 30 million tax refunds for manual processing. Recent COVID-19 relief legislation passed by Congress threw a monkey wrench into an already complicated year. Additionally, the …
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 …
The Earned Income Tax Credit is Higher than Ever Before!
The earned income tax credit (EITC) has been around for years. But for some folks, it’s never been worth as much as it will be for 2021. That’s thanks to …
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 …
Face Masks and other PPE to Prevent COVID-19 are Tax Deductible!
The IRS issued guidance clarifying that the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus …
The IRS Officially Delays the 2020 Income Tax Filing and Payment Deadline to May 17, 2021
From the IRS: 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 …
The IRS Will Delay the 2021 Income Tax Filing Deadline to Mid-May
The Internal Revenue Service is extending the tax deadline by a month. According to a breaking news story from USA Today: “While the IRS has not confirmed the date yet, …
PPP Loan Recipients: Take Advantage of the Employee Retention Credit Retroactively!
Before the December 27, 2020, enactment of the new COVID-19 relief law, you may have chosen the Paycheck Protection Program (PPP) loan and given no thought to the employee retention …
Educators: Out-of-Pocket Expenses for COVID-19 Protective Items are Tax Deductible
Eligible educators can now deduct unreimbursed expenses for COVID-19 protective items to stop the spread of COVID-19 in the classroom. COVID-19 protective items include, but are not limited to: face …
IRS Penalty Relief – Learn Your Options Before You File Your Taxes!
The IRS can waive penalties it assessed against you or your business if there was “reasonable cause” for your actions. The IRS permits reasonable cause penalty relief for penalties arising …