Income Tax
Latest News
AICPA & CIMA Launch Global Women to Watch Recognition to Celebrate and Honor Women in the Profession
PCAOB Debuts ‘Audit Focus’ Series for Auditors of Small Public Companies
Taxbit Unveils New Global Tax Reporting Platform
April Launches New Tax Filing Solution to Tackle Complex Financial Situations
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 ...
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.
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.
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.
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 […]
New York State Legalizes Recreational Marijuana
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.
IRS Says Taxpayers Should Not File Amended Tax Returns Due to Stimulus Law
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.
College Students Warned of IRS Scam
Taxpayers who believe they may have provided identity thieves with this information should consider immediately obtaining an Identity Protection PIN. This is a voluntary opt-in program. An IP PIN is a six-digit number that helps prevent identity ...