by taxPRO Websites Staff | Apr 7, 2021 | Tax Tips and News
Employees of three federal agencies are keeping very busy these days, sending out the millions of Economic Impact Payments (EIPs) to Americans in need. The Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service have...
by taxPRO Websites Staff | Apr 3, 2021 | Tax Tips and News
Major tax legislation usually causes a period of confusion as taxpayers and tax professionals wait for official guidance on complex provisions. The American Rescue Plan Act of 2021 is no different. The Internal Revenue Service this week announced they will...
by taxPRO Websites Staff | Apr 1, 2021 | Tax Tips and News
Taxpayers are getting more time to meet some tax deadlines that would normally fall on April 15, such as making IRA contributions and filling certain claims for a refund. The deadline shift is outlined in Notice 2021-21, which pushes those deadlines to May 17, 2021....
by taxPRO Websites Staff | Apr 1, 2021 | Tax Tips and News
Students and their higher-education institutions are getting a clearer picture of how to report pandemic-related emergency financial aid grants. Or not. The big news is that the IRS considers aid to students due to the COVID-19 pandemic to be non-taxable. The Internal...
by taxPRO Websites Staff | Mar 30, 2021 | Tax Tips and News
A new announcement from the Internal Revenue Service should come as welcome news to front-line health care workers nationwide. Announcement 2021-7 clarifies existing language to assure taxpayers that the purchase of personal protective equipment (PPE) can be...
