March 30, 2021
The Tax Blotter – March 31, 2021
The Tax Blotter is a round-up of recent income tax news.
March 30, 2021
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
March 29, 2021
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 ...
March 29, 2021
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 ...
March 29, 2021
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 ...
March 28, 2021
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.
March 25, 2021
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.
March 18, 2021
What Do You Hear When You Listen to Your Clients?
It’s tax time and, be it virtually or in person, we’re meeting with many of our clients. In some cases, it’s the only time all year we will hear from them. We need to gather the appropriate financial information so that we can prepare their tax ...
March 18, 2021
Accounting Firm Helps Youth Who Age Out of Foster Care
Foster Nation helps former foster youth overcome the challenges associated with ‘aging out’ of the foster-care system. The goal is to help these young adults become self-sufficient and have the same opportunities for success as other youth.
March 18, 2021
Many Taxpayers Won’t Benefit From Delayed Tax Season
Failure to include estimated payments nullifies any benefit of a postponement since the tax return work has to be done to calculate estimated payments. More than 9.5 million individual returns filed in for the 2018 tax year included estimated payments.
March 17, 2021
IRS Makes it Official: Tax Deadline Delayed to May 17, 2021
The Treasury Department and Internal Revenue Service have officially announced that the federal income tax filing due date for individuals will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance ...
March 17, 2021
IRS Delays 2021 Income Tax Filing Deadline to May 17
April 15 is not the tax filing deadline for 2021. The Internal Revenue Service and the U.S. Department of the Treasury have announced the 2021 income tax filing and payment deadline is now May 17, 2021.