The IRS announced that crucial changes have been made to the Child Tax Credit (CTC) under the American Rescue Plan of 2021 (ARPA) that will help many families receive advance payments, beginning as soon as this summer. ARPA expands the CTC for tax year 2021 only. The IRS has started sending letters to more than… Read more »
Tag: tax filing
Federal Tax Refund Myth Sends Wrong Message
Posted by Kaitlyn Affuso & filed under In the News.
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 »
Understanding the Food/Beverage Tax Deduction
Posted by Kaitlyn Affuso & filed under In the News.
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
Posted by Kaitlyn Affuso & filed under In the News.
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 »
Face Masks, Other PPE to Prevent Spread of COVID-19 Are Tax Deductible
Posted by Kaitlyn Affuso & filed under COVID-19, In the News.
The IRS announced that the purchase of personal protective equipment (PPE), such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of COVID-19 are considered deductible medical expenses. The amounts paid for PPE are also eligible to be paid or reimbursed under health flexible spending arrangements (health FSAs), Archer… Read more »
IRS Releases New COVID-19 Employer Tax Credits
Posted by Kaitlyn Affuso & filed under COVID-19, In the News.
The IRS has revealed new COVID-19 tax credits for employers of any size, including those that are tax-exempt organizations. For wages paid from March 13, 2020 through December 31, 2020, an employer can receive a refundable tax credit of 50% up to $10,000 in qualified wages paid to an employee. It also includes related and… Read more »
CTBK Face Value: How to Use SafeSend Returns
Posted by Kaitlyn Affuso & filed under Face Value.