Tax News

  • The Employee Retention Credit Covered in New IRS Notice

    Congress bookended 2020 with two taxpayer relief packages aimed at mitigating the financial strain caused by the ongoing coronavirus pandemic. The Coronavirus Aid, Relief, and Economic Securities Act and Taxpayer Certainty and Disaster Tax Relief Act of 2020 include a number of provisions that either create or modify tax relief for individual taxpayers and businesses.…

  • Farmers and Fishers Face March 1 Tax Deadline

    Taxpayers with income from farming or fishing face a March 1 deadline for filing their income taxes. But the IRS reminds them they can avoid making any estimated tax payments by filing and paying their entire tax due on or before the deadline. The rule generally applies if farming or fishing income amounted to at…

  • Qualifying Low-Income California Residents to Get Additional Stimulus from State

    Unemployment claims may have fallen since the initial months of the pandemic, but millions of Americans continue to struggle with long-term joblessness and medical bills caused by the coronavirus. While a third round of federal Economic Impact Payments is expected this year, qualifying Californians will also receive a separate, state-issued payment: The Golden State Stimulus.…

  • Internal Revenue Bulletin Update Provides Interest Rates, Other Guidance

    An upcoming issue of the IRS’ Internal Revenue Bulletin (IRB) gives tax professionals updated guidance on federal interest rates in a number of areas. IRB 2021-10 will come out in March and spotlights Revenue Ruling 2021-05 and Notice 2021-16. Revenue Ruling 2021-05 Revenue Ruling 2021-05 sets out the various prescribed rates for federal income tax…

  • Want Faster Filing and Rapid Refunds? Go Digital

    Filing season is finally here and for many tax professionals, the watchwords are speed and accuracy. The Internal Revenue Service says it can help with both. The IRS is urging tax pros—and taxpayers—to take the simple steps needed to help ensure their returns are accurate, to speed up refunds and so avoid a number of…

  • IRS Highlights Info About the Credit for Other Dependents

    Today marks the official start of filing season, meaning millions of taxpayers across the country are starting to gather tax-related documents ahead of a visit with their tax preparer. For their part, the Internal Revenue Service is hard at work providing helpful tips about necessary forms and tax credits. One of the latest IRS reminders…

  • IRS Unveils New Self-Employed Sick Leave and Family Leave Form

    Taxpayers may be aware that the Families First Coronavirus Response Act (FFCRA) includes a refundable tax credit for eligible employers who provide COVID-related sick and family leave. What some might not know is that this credit is also available for self-employed individuals, and a new form from the Internal Revenue Service makes claiming it straightforward.…

  • IRS Warns About Preparers Who Don’t Sign Their Works

    The Internal Revenue Service is reminding taxpayers that the best tax professionals are those who always sign the returns they’ve prepared. These so-called “ghost preparers” refuse to sign the returns they prepare—whether physically or digitally—getting the taxpayer to sign the return while the preparer remains anonymous. The IRS notes that, regardless of who prepares the…

  • Identity Thieves Targeting Unemployment Benefits, Warns IRS

    The nation has been weathering nearly one million weekly initial unemployment claims since the beginning of the pandemic. For many qualifying Americans, unemployment insurance benefits are the only thing preventing food insecurity and homelessness while trying to find a new job. Unfortunately, some still have not received their benefits. The Internal Revenue Service warns that…

  • COVID and Retirement Funds: Options and Strategies

    The COVID-19 pandemic has caused significant financial strain for millions of taxpayers. From job losses and business closures to medical bills and lost revenue, unexpected costs and hardships have threatened to sink American families’ finances. While unemployment benefits, paid sick leave, Payroll Protection Program loans, and stimulus money have helped some stay afloat, many have…