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…
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 » 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 » 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 » 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 » 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 » 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 » 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 » 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 » 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 »Child Tax Credit to Be Paid in Advance
Federal Tax Refund Myth Sends Wrong Message
Tax Credits Available for Small Employers Offering Paid Leave to Employees for COVID Vaccine
Understanding the Food/Beverage Tax Deduction
IRS Extends Additional Tax Deadlines
Special Tax Credit Available for Those Who Adopted, Began Process in 2020
Face Masks, Other PPE to Prevent Spread of COVID-19 Are Tax Deductible
IRS, NYS Change Tax Deadline
IRS Releases Update on Tax Deadline