Tax

The rapid spread of COVID-19 across the globe has created large-scale economic distress and halted the mechanisms of exchange and business activity–leaving an extensive trail of damage to the world’s economic infrastructure. Governments and legislators reacted immediately with relief packages. They likely will continue to make additional economic adjustments to stabilize the weakening economy by […]

Bloomberg Tax & Accounting today announced a new series of webinars to help tax and accounting professionals navigate the implications of Covid-19 on an increasingly complicated tax landscape. These webinars are free and open to the public.

The Department of the Treasury (Treasury) announced on April 1 that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an economic impact payment.

In response to the Internal Revenue Service’s (IRS’s) recent announcements concerning temporary closures of its Practitioner Priority Service line, e-Services, Filing Information Return Electronically, and Affordable Care Act Information Returns ...

The Internal Revenue Service is warning taxpayers to be on the lookout for a surge of calls and email phishing attempts about the Coronavirus, or COVID-19. These contacts can lead to tax-related fraud and identity theft.

The IRS has extended the deadline for members of the public to apply for membership on the Taxpayer Advocacy Panel for 2021. Individuals may submit a TAP application online at www.improveirs.org through April 20, 2020.

The amount of the credit is 50% of qualifying wages paid up to $10,000 in total. Wages paid after March 12, 2020, and before Jan. 1, 2021, are eligible for the credit. Wages taken into account are not limited to cash payments, but also include a ...

With continual improvements and affordable pricing, Americans are increasingly turning to DIY tax preparation software like TurboTax and H&R Block. In addition, the IRS also offers the ability to file taxes for free, given that a taxpayer fits certain ...