Income Tax
Latest News
Understanding Employees’ Preferences: The Key to CPA Firms Attracting Top Talent in 2025
2025 Tax Refund Date Estimator – And Last Minute Tax Tips for 2024
IRS Will Phase in $600 1099-K Reporting Threshold in 2026
Review of HubSync – The Accounting Technology Lab Podcast – Nov. 2024
Emergency Financial Aid Grants to College Students are Not Taxable, Says IRS
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 – March 31, 2021
The Tax Blotter is a round-up of recent income tax news.
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 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.