IRS.gov Issue Number: IR-2022-183 WASHINGTON -- The Internal Revenue Service today warned employers to be wary of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify. Some third parties are taking improper positions related to taxpayer eligibility for and computation of the [...]
Source: IRS.gov IR-2022-155, August 24, 2022 WASHINGTON — To help struggling taxpayers affected by the COVID-19 pandemic, the Internal Revenue Service today issued Notice 2022-36PDF, which provides penalty relief to most people and businesses who file certain 2019 or 2020 returns late. The IRS is also taking an additional step to [...]
The following information reviews the Consolidated Appropriations Act, 2021 (CAA) and the American Rescue Plan Act of 2021 (ARP Act), passed to assist in dealing with the economic impacts of COVID-19. Source of Articles: NATPtax.com INDIVIDUAL TAXPAYERS: Economic Impact Payments The ARP Act provided a third economic impact payment [...]
Source: irs.gov - Issue Number: IR-2021-79 Treasury, IRS provide guidance on tax relief for deductions for food or beverages from restaurants Businesses can temporarily deduct 100% beginning Jan. 1, 2021 WASHINGTON – The Treasury Department and the Internal Revenue Service today issued Notice 2021-25 providing guidance under the Taxpayer Certainty and [...]
The IRS announced they will begin accepting electronically filed tax returns on February 12th 2021. Here are some important reminders before you file. Source: IRS.gov Issue Number: IR-2021-23 Important reminders before filing 2020 tax returns WASHINGTON — Following an unpredictable year with many changes and challenges, the Internal Revenue Service today [...]
COVID-Related Tax Relief Acts On December 23, 2020, Congress passed the $900 Billion COVID-Related Tax Relief Act of 2020 (“COVIDTRA” or “the Act”) as part of the Consolidated Appropriations Act of 2021, on December 21, 2020. COVIDTRA extends and modifies several provisions first enacted in the Coronavirus Aid, Relief, and Economic Security [...]
IRS.gov IR-2020-185, August 18, 2020 WASHINGTON — With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today reminded people receiving unemployment compensation that they can have tax withheld from their benefits now to help avoid owing taxes on this income [...]
Issue Number: IR-2020-180 IRS.gov IRS takes new steps to ensure people with children receive $500 [...]
Source: Tax Tip 2020-98: Here’s what taxpayers need to know about the home office deduction www.irs.gov Here’s what taxpayers need to know about the home office deduction The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home [...]
The PPP Forgiveness Application With the latest changes to the program rules was released today. There is an EZ version and a standard version. Both are half of the length of the original application. Here is an article outlining some of the details. Explanations regarding forgiveness dates and some gray [...]
