IRS Issues Guidance on Taxability of Dependent Care Assistance Programs for 2021, 2022
The IRS recently issued Notice 2021-26, providing guidance on the taxability of dependent care assistance programs for 2021 and 2022.
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All Featured (37) For the Public (149) Tax News (544) Accounting & Auditing (252) Business & Industry News (142) Regulatory News (120) Legislative News (62) Chapter News (49) Young CPAs (91) Students (108) TSCPA Press Releases (104)Showing : 431–440 of 544
American Rescue Plan Tax Credits Available to Small Employers to Provide Paid Leave to Employees Receiving COVID-19 Vaccines
The 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 MoreTennessee Department of Revenue Provides Updates to Excise Tax Deductions and Guidance on Payments Received Under Tennessee Business Relief Program and Supplemental Employer Grant Program
The 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 MoreBill to Postpone Estimated Tax Due Date to be Introduced in Congress
Rep. 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 MoreIRS Suspends Requirement to Repay Excess Advance Payments of the 2020 Premium Tax Credit
The 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 MoreIRS Issues Guidance Clarifying Temporary 100 Percent Expense Deduction for Meals
The 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.
View MoreIRS Issues Employee Retention Credit Guidance for 2021 Q1/Q2
The IRS recently issued guidance for employers claiming the Employee Retention Credit under the Coronavirus Aid, Relief, and Economic Security Act modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020.
View MoreTennessee Representatives Fleischmann, Kustoff and Cohen Fighting for Tax Extensions for All
On March 31, 60 Congressional Representatives signed on to a letter, led by Representative Lloyd Smucker, requesting IRS Commissioner Rettig extend the federal tax filing deadline for first quarter estimated tax payments to May 17, 2021.
View MoreIRS to Recalculate Taxes on Unemployment Benefits; Refunds to Start in May
The IRS recently announced it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan.
View MoreIRS 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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