by taxPRO Websites Staff | Apr 24, 2021 | Tax Tips and News
The early bird gets the worm. We’re taught that punctuality and working ahead leads to success. While generally holding true, there are obviously some exceptions—like when Congress passes retroactive tax law changes a month after Americans start filing their returns....
by taxPRO Websites Staff | Apr 23, 2021 | Tax Tips and News
The American Rescue Plan Act of 2021 (ARP) allows small and midsize employers—even certain governmental employers—to claim tax credits that reimburse the cost of providing paid sick and family leave related to COVID-19 to their workers. The refundable credits can...
by taxPRO Websites Staff | Apr 21, 2021 | Tax Tips and News
The Internal Revenue Service has issued guidance aimed at employers who claim the employee retention credit (ERC). The ERC was created by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), but its terms were changed by subsequent legislation. The...
by taxPRO Websites Staff | Apr 20, 2021 | Tax Tips and News
The nation’s Taxpayer Advocate wants taxpayers to know there’s a downside to having too much of a good thing. In this case, it refers to making excessive or improper claims to qualify for a number of tax credits. The downside is that the IRS has the ability to ban a...
by taxPRO Websites Staff | Apr 17, 2021 | Tax Tips and News
The Internal Revenue Service continues to send out Economic Impact Payments (EIPs), aimed at helping Americans though these tough economic times. But how can the agency fulfill its mission if the citizens who need the help most—the homeless and the rural poor—don’t...
