IRS

President Biden has signed into law the new economic relief package passed by the House of Representatives and Senate on Wednesday. The American Rescue Plan (ARP) Act provides a wide array of tax-related benefits for individuals. Following is a brief ...

Corvee, a software and solutions company serving tax and accounting firms, is offering a webinar to help tax and accounting professionals navigate the latest COVID-19 Stimulus Relief Bill (American Rescue Plan). The webinar aims to provide insight and ...

The closing letter is issued to an executor of a decedent’s estate for which a Form 706, U.S. Estate (and Generation-Skipping Transfer) Tax Return, or Form 706-NA, United States Estate (and Generation-Skipping Transfer) Tax Return ...

For 2020, the employee retention credit can be claimed by employers who paid qualified wages after March 12, 2020, and before January 1, 2021, and who experienced a full or partial suspension of their operations or a significant decline in gross receipts.

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 […]

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 ...

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.

Amid recent requests by the AICPA and National Association of Tax Professionals that the IRS extend the 2021 income tax filing season, millions of Americans are still challenged by a backlog at the IRS of income tax returns from last year.