Income Tax
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KPMG Integrates AI Into Its Global Audit Platform
Over Three in Four Adults Want Overhaul to U.S. Social Security System, Survey Says
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Homeless Americans Can Get Coronavirus Stimulus Payments
Homeless Americans who don’t have a permanent address or a bank account may still qualify for the Coronavirus stimulus payments, also known as Economic Impact Payments, and other tax benefits, according to the IRS.
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161 Million Americans Have Received Covid Stimulus Payments
The sixth batch of payments began processing on Friday, April 16, with an official payment date of April 21, with some people receiving direct payments in their accounts earlier as provisional or pending deposits. Here is additional information on this...
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IRS Gives Safe Harbor to SMBs to Claim Deductions for PPP Loans
With the Dec. 27, 2020, enactment of the Consolidated Appropriations Act, 2021, businesses now may claim these deductions even though they received PPP loans to cover original eligible expenses. These businesses can use the safe harbor provided by this...
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Small Businesses Get Tax Credits for Paid Leave for Covid Vaccinations
Eligible employers, such as businesses and tax-exempt organizations with fewer than 500 employees and certain governmental employers, can receive a tax credit for providing paid time off for each employee receiving the vaccine and for any time needed ...
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Taxpayers Can Still Get a Tax Deduction by Setting Up an IRA Before May 17, 2021
If you qualify and beat the tax return deadline, you can take an above-the-line deduction for an IRA contribution. Thus, the contribution may effectively reduce your 2020 tax liability.
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IRS Has Disbursed $376 Billion in Stimulus Payments to 159 Million Americans
The total value of the stimulus payments is more than $376 billion since these payments began rolling out to Americans in batches as announced on March 12.
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IRS Has Sent Stimulus Payments to More than 130 Million Americans
This brings the total disbursed so far to more than 130 million payments worth approximately $335 billion.
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Accounting Amid COVID: When Will CPAs Get Some Relief?
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 […]