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The IRS recently issued Notice 2021-31 providing guidance on tax breaks under the American Rescue Plan Act of 2021 for continuation health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985.
View MoreThe IRS and Treasury Department recently announced that the first monthly payment of the expanded and newly-advanceable Child Tax Credit from the American Rescue Plan will be made on July 15.
View MoreFollowing the recent disaster declaration issued by the Federal Emergency Management Agency, the IRS announced that victims of severe storms, straight-line winds, tornadoes and flooding that began March 25, 2021 now have until Aug. 2, 2021 to file various individual and business tax returns and make tax payments.
View MoreIn response to disruptions of the fuel supply chain, the IRS recently announced it will not impose a penalty when dyed diesel fuel is sold for use or used on the highway in Alabama, Delaware, Georgia, Florida, Louisiana, Maryland, Mississippi, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia and the District of Columbia.
View MoreThe IRS recently issued Notice 2021-26, providing guidance on the taxability of dependent care assistance programs for 2021 and 2022.
View MoreThe IRS and Treasury Department recently announced further details of tax credits available under the American Rescue Plan Act of 2021 to help small businesses, including providing paid leave for employees receiving COVID-19 vaccinations.
View MoreThe Tennessee Department of Revenue recently provided an update to excise tax deductions as well as updated guidance on payments received under the Tennessee Business Relief Program and the Supplemental Employer Grant Program.
View MoreRep. Lloyd Smucker, R.-Pa., recently announced he will introduce a bill that would postpone the due date for first quarter 2021 estimated tax payments from April 15, 2021, to May 17, 2021.
View MoreThe IRS recently announced that taxpayers with excess advance payments of the Premium Tax Credit for 2020 are not required to file Form 8962, Premium Tax Credit, or report an excess advance Premium Tax Credit repayment on their 2020 Form 1040 or Form 1040-SR, Schedule 2, Line 2, when they file.
View MoreThe IRS recently released Notice 2021-25 clarifying when the temporary 100 percent deduction for restaurant meals is available and when the 50 percent limitation on the deduction for food and beverages applies.
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