Taxpayers should hang up if tax season scammers come calling IRS Tax Tip 2023-02, January 9, 2023 The tax filing season is a popular time for scammers to call and try to dupe unsuspecting taxpayers. These thieves often make threatening or alarming calls posing as the IRS to try to steal taxpayer money or personal [...]
IR-2023-02, January 6, 2023 WASHINGTON — The Internal Revenue Service recently completed the final corrections of tax year 2020 accounts for taxpayers who overpaid their taxes on unemployment compensation they received in 2020. The American Rescue Plan Act of 2021, which became law in March 2021, excluded up to $10,200 in 2020 unemployment compensation from [...]
The Ohio House on May 26 approved two OSCPA-supported bills that would make needed adjustments to municipal tax collection. The first – House Bill 157 – would address employer withholding changes made in response to the pandemic. The bill allows employers to continue (but does not require) withholding municipal income taxes based on where the employer is located through the end of 2021 but beginning in 2022 the normal [...]
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 [...]
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 [...]
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 [...]
Connect With Parms