Tax

The Internal Revenue Service says that interest rates will remain the same for the calendar quarter beginning April 1, 2021. The rates will be: 3% for overpayments [2%t in the case of a corporation]; 0.5%for the portion of a corporate overpayment exceeding $10,000; 3% for underpayments; and 5% for large corporate underpayments. Under the Internal […]

The pandemic has impacted many influential tax rules. At the same time, the new presidential administration has implemented additional changes, making tax planning even more challenging.

In a letter sent earlier last month, the AICPA called attention to the hardship that millions of taxpayers and tax practitioners are facing while making good faith efforts to comply with their tax obligations. The AICPA called for relief from ...

To help businesses prepare and file reports, the IRS created a video on How to Complete Form 8300 – Part I, Part II. The short video points out sections of Form 8300 for which the IRS commonly finds mistakes and explains how to accurately complete ...

IRS officials have issued an alert concerning amended returns and claims for the Domestic Production Activities Deduction. This provision of tax law was repealed as part of the Tax Cuts and Jobs Act for taxable years after Dec. 31, 2017. In the wake of...

While an economic downturn had long been anticipated, no one expected a pandemic would plunge the globe into economic chaos with such exacting scope and speed. When Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in ...

The House passed a $1.9-trillion COVID-19 relief package early Saturday, pushing forward the aid millions of Americans have waited for as the country continues to grapple with the pandemic that has killed half a million Americans and crippled the economy.

Good news for small business owners! The Consolidated Appropriations Act, signed into law on December 27, 2020, has expanded and clarified CARES Act benefits for employers.