Benefits

From the April 2021 Issue. When did collaboration become a “must have?” While many milestone releases of products could be shown as the starting line, working simultaneously together on the same file is an attitude. It is different this decade than it was at any time before. While I still despise getting large documents via […]

By Taxfyle co-founder, CEO Richard Laviña, CPA When the IRS announced in 2020 that it would extend the filing deadline to July 15, the industry breathed a collective sigh of relief, thankful for three extra months to meet deadlines, while also managing the unprecedented circumstances of the COVID-19 pandemic that brought so much disruption to […]

Because a change in the taxability of unemployment benefits was made into law after some people filed their taxes, the IRS will automatically calculate the amount those taxpayers should be refunded, starting in May.

The IRS will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan.

Adults over 21 will also be allowed to grow marijuana at home. It will be a while before legal sales begin or plants are allowed to grow as the newly-created Office of Cannabis Management is formed and finalizes rules and regulations.

The IRS is strongly urging taxpayers to not file amended returns related to the new provisions in ARPA or take other unnecessary steps at this time.

The Internal Revenue Service has issued frequently asked questions on how students and higher education institutions should report pandemic-related emergency financial aid grants.

The Tax Blotter is a round-up of recent income tax news.