The Tax Blotter – March 31, 2021
The Tax Blotter is a round-up of recent income tax news.
Tax
Where’s My Stimulus Payment? IRS Says Social Security and Other Program Recipients Will Receive Theirs Soon
Payments will begin to be issued this weekend to Social Security recipients and other federal beneficiaries who do not normally file a tax return, with the projection that the majority of these payments would be sent electronically and received on April 7
IRS Says Face Masks and PPE are Tax Deductible
The Internal Revenue Service has issued Announcement 2021-7 PDF to clarify that the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are ...
Another Look at the Tax Effects of the American Rescue Plan of 2021
The good news is the first $10,200 that most taxpayers received in unemployment benefits of up to $10,200 are not taxable for 2020. If you have already filed your tax return for 2020 the IRS is asking you to not file an amendment, as they will take ...
Tax Deductions: IRA Contributions Can Be Made Until May 17, 2021
Contributions to a traditional IRA are usually tax deductible, and distributions are generally taxable. There is still time to make contributions that count for a 2020 tax return, if they are made by April 17, 2021. Taxpayers can file their return ...
IRS Extends More 2021 Tax Deadlines, But Estimated Payments Still Due April 15, 2021
The IRS says individuals also now have until May 17, 2021 to meet certain deadlines that would normally fall on April 15, such as making IRA contributions, but the estimated tax payment deadline is still April 15, 2021.
IRS Ramps Up Covid Fraud Investigations
To learn more about COVID-19 scams and other financial schemes visit IRS.gov. Official IRS information about COVID-19 and Economic Impact Payments can be found on the Coronavirus Tax Relief page, which is updated frequently.
Congress Considers $15,000 First Time Homebuyer Credit
A refundable, advanceable tax credit of up to $15,000 for first time homebuyers, being considered in future tax and economic stimulus legislation, could catapult millions of renter households into first-time homeownership, a new Zillow analysis suggests.