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, …
What Made the Cut in the New COVID Stimulus Bill?
After months of debate, the next COVID-19 stimulus bill has been finalized. President Biden signed the bill into law on Thursday. One very conspicuous absence is the measure to increase …
All Economic Impact Payments Have Been Issued. Eligible Filers Can Claim Their Recovery Rebate Credit
The IRS announced that, as required by law, all legally permitted first and second round of Economic Impact Payments have been issued and the IRS now turns its full attention …
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 …
Annual Tax Extenders – Keep Your Money in Your Pocket!
The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted on December 27, 2020, deals with the annual tax extenders. Congress made some of them permanent, while others got …
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 …
Important Updates and Reminders for Your 2020 Tax Return
After an unpredictable year with many changes and challenges, the IRS shared important reminders for taxpayers who are about to file their 2020 federal tax returns. Navigating these changes can …
2021 Tax Filing Season Begins February 12th!
The IRS has announced that the nation’s tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns. There …
Don’t Miss Your Chance to Get a PPP Loan
Did you miss out on the first two opportunities to receive your tax-free Paycheck Protection Program (PPP) cash? Many did miss out. Why? One reason: the word “loan.” Who wants …