IRS Issues Guidance on Tax Deadline Postponement
The IRS recently issued Notice 2021-21 providing details on its postponement of the April 15 tax deadline for individuals to May 17, 2021.
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IRS Clarifies Personal Protective Equipment to Prevent the Spread of COVID-19 is Tax Deductible
The IRS recently issued Announcement 2021-7 clarifying that purchases of personal protective equipment for the primary purpose of preventing the spread of coronavirus are deductible medical expenses.
View MoreLimited Tax Extensions Result in Call to Action
After the IRS announced the postponement of the tax deadline for all individual tax returns for the 2021 tax season from April 15 to May 17, many CPAs across the country voiced their disappointment that the relief excluded estimated tax payments that remained due on April 15.
View MoreIRS Issues Statement Regarding CAF Processing Times
The IRS Wage & Investment Division recently apologized for processing delays and stated they are currently working to reduce their Centralized Authorization File inventory.
View MoreIRS Provides Guidance for Employers Claiming the Employee Retention Credit for 2020, Including Eligibility Rules for PPP Borrowers
The IRS recently issued Notice 2021-20, providing guidance for employers claiming the employee retention credit under the CARES Act, as modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020, for calendar quarters in 2020.
View MoreIRS Provides Additional Flexibility for Health FSAs and Dependent Care Assistance Programs
The IRS recently released Notice 2021-15, allowing greater flexibility to employee benefit plans offering health flexible spending arrangements or dependent care assistance programs.
View MoreUPDATE: IRS Updates FAQs on Paid Sick and Family Leave Credits
The IRS recently posted updated FAQs about recent legislation that extended and amended tax relief to certain small- and mid-sized employers under the Families First Coronavirus Response Act.
View MoreIRS Announces Educators Can Deduct Out-of-Pocket Expenses for COVID-19 Protective Items
The IRS recently stated that eligible educators can deduct unreimbursed expenses for COVID-19 protective items to stop the spread of COVID-19 in the classroom.
View MoreNew COVID-19 Tax Law...Discovering Some Hidden Gems!
As we start the new year, hopefully fresh from all the tax drama, we can at least take a deep breath and rejoice about some COVID-19 tax relief. On Sunday, Dec. 27, 2020, the president signed into law what is called the Consolidated Appropriations Act (CAA), a combination of COVID-19 relief along with many other provisions amongst the 5,593 pages.
View MoreIRS Expands on Deduction Limit Increase for Disaster Relief Corporate Cash Contributions
The IRS recently explained how corporations may qualify for the new 100 percent limit for disaster relief contributions and offered a temporary waiver of the recordkeeping requirement for corporations otherwise qualifying for the increased limit.
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