The Tax Relief for American Families and Workers Act of 2024

This legislation has made its way through the House and is now being considered by the Senate.  It may be passed in the near future, with immediate significant effects, including: What does this mean to you? We will continue to work on your tax returns under the current laws. If these potential law changes could affect your tax liability you may want…

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Federal Tax Refund Myth Sends Wrong Message

Despite the tax filing deadline not being for another couple of weeks (May 17, 2021), many taxpayers have already filed and have heard some buzz around refunds and next year’s returns. Federal Tax Myth:Getting a refund this year means there’s no need to adjust withholding for 2021. Taxpayers should make any changes now to prepare… Read more »

Tax Credits Available for Small Employers Offering Paid Leave to Employees for COVID Vaccine

The American Rescue Plan brings additional tax credits to the forefront for employers during tax season in a pandemic. The IRS and US Treasury Department announced that tax credits are available to help small businesses in their time of need. The specific tax credit announced allows relief for businesses providing paid leave to their employees… Read more »

Understanding the Food/Beverage Tax Deduction

The IRS set out the guidelines of what is and what is not considered a restaurant, for the purposes of the 100% food and beverages deduction for certain businesses that ordered through a restaurant in 2021 and 2022. Normally, this deduction is not allowed; however, a new regulation states that this disallowance under Code Sec.… Read more »

IRS Extends Additional Tax Deadlines

After several states declared a tax filing extension, the IRS announced other tax deadline extension to be pushed to the same May 17, 2021 date. According to the IRS, the following areas with the original 4/15 deadline have been affected: Contributions to IRAs and Health Savings Accounts (HSAs) 2017 Unclaimed Refunds Foreign Trusts and Estates… Read more »

Recovery Rebate Credit Won’t Be Applied to Past-due Federal Income Tax Debts

IRS announced that the 2020 Recovery Rebate Credit (RRC) amount will no longer be applied to past due federal income tax debts. This announcement, however, does not apply to debts owed to other federal government or state agencies. Background:IRS “may credit… [an] overpayment, including any interest allowed thereon, against any liability in respect of an… Read more »

President Biden Signs PPP Loan Extension Act

“…small businesses is the backbone of our economy…” -President Joe Biden President Biden has signed the PPP Extension Act of 2021, providing some flexibility for small businesses in applying for this loan program. The Paycheck Protection Program (PPP) was created by the Small Business Administration (SBA) to alleviate at least some financial pressures off of… Read more »