IRS to Automatically Adjust Prior Filed 2020 Returns with Unemployment Income

IRS to Automatically Adjust Prior Filed 2020 Returns with Unemployment Income

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Article Highlights Prior Filed Returns with Unemployment Income American Rescue Plan’s $10,200 Exclusion IRS Automatic Adjustment Refund Application When an Amended Return Might Be Required The IRS announced on March 31,…
Dont Miss Out on Tax Credits

Don’t Miss Out on Tax Credits

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Article Highlights: Non-refundable vs. Refundable Credit Childcare Credit Earned Income Tax Credit Child & Dependent Tax Credit Saver’s Credit Vehicle Tax Credits Adoption Credit Residential Energy-Efficient…
Great-News-Child-Care-Tax-Credit-Expanded-for-2021

Great News, Child Care Tax Credit Expanded for 2021

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Article Highlights: American Rescue Plan Expanded One-Year-Only Change Refundability Child Care Expenses Credit Percentage Maximum Credit Credit Phaseout Employer-Provided Dependent Care Assistance Great news if…
IRS Extends Individual Return Filing Date

IRS Extends Individual Return Filing Date

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Article Highlights:   IRS Announcement Limited to Individual Tax Returns Tax Due Payments Further Extensions 2021 Estimated Tax Payments Not Extended The IRS has announced they are extending the filing due date for 2020…
Tax Court Decision Holds Potential Impact for Travel Deductions

Tax Court Decision Holds Potential Impact for Travel Deductions

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  There are many professions that require taxpayers to travel extensively and spend significant amounts of time in paid lodging. These expenses are traditionally claimed as travel deductions. However, a case recently heard by the Tax…

Individuals Have a New Opportunity to Receive $500 Economic Impact Payments for Their Children

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Article Highlights:   $500 Per Child Stimulus Payment Non-Filer Tool Those Who Have Already Used the Non-Filer Tool Those Who Haven’t Used Non-Filer Tool How Payment Will be Made Get My Payment Tool Non-Filers The…

How States are Reshaping Nexus Laws for Remote Employees Due to COVID-19

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Ever since the coronavirus pandemic began impacting the United States, businesses around the country have responded by instituting work-from-home policies. While it is unclear how much longer the nation will be in the grips of the crisis, social…

IRS makes Form 1040-X amended tax returns available for e-filing

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From   Michael Cohn, Editor-in-chief @ Accounting Today The Internal Revenue Service is now letting taxpayers submit Form 1040-X electronically when they want to file an amended tax return through commercial tax software, in what the agency…
Tax Changes For 2019

Tax Changes For 2019

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As the end of the year approaches, now is a good time to review the various changes that impact 2019 tax returns. Some of the changes are likely to apply to your tax situation. In addition, be aware that various tax-related bills currently in…
June Estimated Tax Payments Are Just Around the Corner

June Estimated Tax Payments Are Just Around the Corner

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June 15th falls on the weekend this year, so the due date for the second installment of estimated taxes is the next business day, June 17, which is just around the corner. So, it is time to determine if your estimated tax payment should be lowered…