Tag: tax season

Federal Tax Refund Myth Sends Wrong Message

Posted by & 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 »

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

Posted by & filed under COVID-19, In the News.

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

Posted by & 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 & 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 »

Special Tax Credit Available for Those Who Adopted, Began Process in 2020

Posted by & filed under In the News.

The adoption tax credit is offered to help offset some of the expensive costs that occur during the adoption process. Taxpayers who adopted or started the adoption process in 2020 should take note of the rules that are paired with the adoption tax credit. According to the IRS (irs.gov/newsroom), this special tax credit is a… Read more »

Face Masks, Other PPE to Prevent Spread of COVID-19 Are Tax Deductible

Posted by & 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, NYS Change Tax Deadline

Posted by & filed under COVID-19, In the News.

This past week, the Internal Revenue Service (IRS) announced that the federal personal income tax filing and payment deadline for individuals during the 2020 tax year will be extended from April 15, 2021 to May 17, 2021. This extension is applied automatically for all federal income individual tax filings. On Friday, New York State followed… Read more »

IRS Releases Update on Tax Deadline

Posted by & filed under In the News, Uncategorized.

No plans to extend tax season beyond April 15 In a February 23 testimony before the House Appropriations Committee Financial Services Subcommittee, IRS Commissioner Charles Rettig said that IRS is not planning to extend the April 15 filing deadline despite requests from several House Democrats. Rettig also noted that a final decision on the matter hasn’t… Read more »