2020 Recovery Rebate Credit

2021-04-28T18:48:18-04:00

The first two rounds of Economic Impact Payments were advance payments of the 2020 Recovery Rebate Credit. Most eligible people already received the payments and won't include this information on their 2020 tax return. Who May Be Eligible to Claim the 2020 Recovery Rebate Credit? If you didn't get a first and second Economic Impact [...]

2020 Recovery Rebate Credit2021-04-28T18:48:18-04:00

The IRS extended the federal tax deadline. Here’s when state returns are due

2021-04-05T12:45:07-04:00

The tax season might be a little more complicated for filers in certain states. The recent move by the IRS to extend the filing season to May 17 from April 15 only applies to federal income tax returns. That deadline doesn’t always align with due dates for state income taxes. Most states have followed the IRS [...]

The IRS extended the federal tax deadline. Here’s when state returns are due2021-04-05T12:45:07-04:00

IRS Warns Taxpayers of “Ghost” Return Preparers

2021-03-30T11:15:43-04:00

The IRS has reminded taxpayers to avoid "ghost" tax return preparers whose refusal to sign returns can cause an array of problems. Filing a valid and accurate tax return is important because the taxpayer is ultimately responsible for it. Ghost preparers get their name because they do not sign tax returns they prepare. Like a [...]

IRS Warns Taxpayers of “Ghost” Return Preparers2021-03-30T11:15:43-04:00

Educators Can Now Deduct out-of-pocket Expenses for COVID-19 Protective Items

2021-03-12T13:44:37-05:00

Eligible educators can deduct unreimbursed expenses for COVID-19 protective items to stop the spread of COVID-19 in the classroom. COVID-19 protective items include, but are not limited to:   *   Face masks   *   Disinfectant for use against COVID-19   *   Hand soap   *   Hand sanitizer   *   Disposable gloves   *   Tape, paint or chalk to guide social distancing   *   [...]

Educators Can Now Deduct out-of-pocket Expenses for COVID-19 Protective Items2021-03-12T13:44:37-05:00

Taxpayer Certainty and Disaster Tax Relief Act of 2020

2021-02-08T22:16:22-05:00

Charitable Contribution Extensions The CARES Act included temporary changes to the limitation on charitable contributions in order to encourage taxpayers to support charities, hopefully lessening the impact of the pandemic on those in need. For individuals, the limitation on charitable contributions was increased from 60 percent of the contribution base to 100 percent for 2020. [...]

Taxpayer Certainty and Disaster Tax Relief Act of 20202021-02-08T22:16:22-05:00

No Surprises Act

2021-02-08T22:15:38-05:00

The omnibus package also includes the No Surprises Act, the highlight of which is a prohibition on surprise medical bills, where a patient receives a separate, and sizable, medical bill from an out-of-network health provider while receiving treatment at an in-network facility. Due to the peculiarities of healthcare-related legislation, largely due to the Affordable Care [...]

No Surprises Act2021-02-08T22:15:38-05:00

Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues

2021-02-08T22:19:38-05:00

The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act is largely related to the extension and enhancement of the popular Paycheck Protection Program. The significant majority of this section of the act does not have a direct tax effect. However, because the PPP does provide for the exclusion from income of forgiven PPP [...]

Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues2021-02-08T22:19:38-05:00

President Signs Year-End Agreement on Pandemic Relief, Stimulus, and Extenders

2021-02-08T22:13:51-05:00

Late in the day on December 20, 2020, leaders in Congress announced that they had reached an agreement on a new round of relief for the ongoing COVID-19 pandemic and economic stimulus. The Consolidated Appropriations Act, 2021 finally took shape after several days of negotiations between the Democrats and GOP on Capitol Hill. The passage [...]

President Signs Year-End Agreement on Pandemic Relief, Stimulus, and Extenders2021-02-08T22:13:51-05:00

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